Collins Joins Senators in Introducing Legislation to Create Inspector General for the CFPB, Improve Transparency & Accountability

Washington, D.C. - U.S. Senator Susan Collins joined a group of eight Senators in introducing legislation to create a dedicated, Senate-confirmed Inspector General (IG) for the Consumer Financial Protection Bureau (CFPB). Under current law, the CFPB has to share an IG with the Federal Reserve. Unlike most major agency IGs, the Federal Reserve IG is a “designated federal entity IG” hired by the Fed Chairman, rather than appointed by the President with the advice and consent of the Senate.

"Offices of Inspectors General provide impartial, independent reviews of federal agencies and are an indispensable tool in the fight against waste, fraud, abuse, and mismanagement,” said Senator Collins. “I have long raised concerns that the Consumer Financial Protection Bureau’s lack of a dedicated, independent Inspector General is a serious impediment to Congress’ oversight of the agency. Our legislation would create a Senate-confirmed watchdog to help ensure that the CFPB is accountable to Congress and the American people.”

Other Senators introducing the legislation with Senator Collins included Rob Portman (R-OH), John Barrasso (R-WY), Roy Blunt (R-MO), Thad Cochran (R-MS), Mike Enzi (R-WY), Dean Heller (R-NV), John Hoeven (R-ND) and Johnny Isakson (R-GA).