H.R. 2513 — CFPB–IG Reform Act of 2025

This section establishes an independent Inspector General for the Bureau of Consumer Financial Protection (CFPB) appointed by the CFPB Director (previously, the Federal Reserve Chairman appointed a shared Inspector General for the Board of Governors of the Federal Reserve System and CFPB). It achieves this by (1) adding the CFPB to the list of establishments requiring an Inspector General and specifying the CFPB Director as the appointing official under IG Act section 401; and (2) removing CFPB references from IG Act section 415, including provisions treating CFPB as part of the Federal Reserve Board for Inspector General purposes. (Thus, the CFPB—a Dodd-Frank Act agency that regulates consumer financial products and services—will have dedicated oversight independent from the Federal Reserve.)

This section establishes the position of Inspector General for the Bureau of Consumer Financial Protection (CFPB)—an independent agency that regulates consumer financial products and services—by (1) amending the CFPB's organic statute to create the position, update the relevant subsection heading, and extend service restrictions to the Inspector General; (2) requiring the Inspector General to appear at semiannual congressional hearings before the Senate Banking Committee and House Financial Services and Energy and Commerce Committees on required reports; (3) directing the CFPB to dedicate 2% of its annual transferred funds to the Office of the Inspector General; (4) adding the CFPB to the Council of Inspectors General on Financial Oversight; and (5) requiring the President to appoint an Inspector General within 60 days of enactment in accordance with the Inspector General Act of 1978 (5 U.S.C. 403).

This section sets the effective date for the Act's amendments as the date of Senate confirmation of the first Inspector General (IG) of the Bureau of Consumer Financial Protection (CFPB). It authorizes the President to appoint and the Senate to confirm such an IG prior to that date and provides that, upon confirmation, the existing IG of the Board of Governors of the Federal Reserve System and CFPB becomes IG solely for the Board of Governors.