This story appeared in Bank Digest.
Representative Steve Stivers (R-Ohio), along with Rep. Tim Walz (D-Minn), has reintroduced the Bureau of Consumer Financial Protection-Inspector General Act, which would create an independent inspector general at the Consumer Financial Protection Bureau. The position would be appointed by the President and confirmed with the advice and consent of the Senate.
The CFPB currently shares an inspector general with the Federal Reserve Board, an unconfirmed position appointed by the Fed's chairman, according to Stivers's press release. Stivers said, "This legislation will allow for increased oversight of an agency that has been given broad authority--and often overreaches that authority."