Consumer Financial Protection Accountability and Reform Act of 2026

(a) Appointment of Inspector General. Chapter 4 of title 5, United States Code, is amended—

(1) in section 401—

(A) in paragraph (1), by inserting the Bureau of Consumer Financial Protection, after the Export-Import Bank of the United States,; and

(B) in paragraph (3), by inserting the Director of the Bureau of Consumer Financial Protection; after the President of the Export-Import Bank of the United States;; and

(2) in section 415—

(A) in subsection (a)(1), by striking and the Bureau of Consumer Financial Protection;

(B) in subsection (c), by striking For purposes of implementing this section, the Chairman of the Board of Governors of the Federal Reserve System shall appoint the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection. The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall have all of the authorities and responsibilities provided by this Act with respect to the Bureau of Consumer Financial Protection, as if the Bureau were part of the Board of Governors of the Federal Reserve System.; and

(C) in subsection (g)(3), by striking and the Bureau of Consumer Financial Protection.

(b) Requirements for the Inspector General for the Bureau of Consumer Financial Protection

(1) Establishment. Section 1011 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5491) is amended—

(A) in subsection (b)—

(i) in the subsection heading, by striking and Deputy Director and inserting , Deputy Director, and Inspector General; and

(ii) by inserting after paragraph (5) the following:

; and

(B) in subsection (d), by striking or Deputy Director each place it appears and inserting , Deputy Director, or Inspector General.

(2) Hearings. Section 1016 of such Act is amended by inserting after subsection (c) the following:

(3) Participation in the Council of Inspectors General on Financial Oversight. Section 989E(a)(1) of such Act is amended by adding at the end the following:

(4) Deadline for appointment. Not later than 60 days after the date of the enactment of this Act, the President shall appoint an Inspector General for the Bureau of Consumer Financial Protection in accordance with section 403 of title 5, United States Code.

(c) Effective date

(1) In general. The amendments made by this section shall take effect on the date on which the first Inspector General of the Bureau of Consumer Financial Protection is confirmed by the Senate.

(2) Appointment. The President may appoint, and the Senate may confirm, an Inspector General of the Bureau of Consumer Financial Protection before the amendments made by this section take effect.

(3) Transition. The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall, upon the date on which the first Inspector General of the Bureau of Consumer Financial Protection is confirmed by the Senate, become the Inspector General of the Board of Governors of the Federal Reserve System.

(4) Savings provision for pending matters

(A) In general. Any audit, investigation, review, inquiry, subpoena, request for information, or report relating to the Bureau of Consumer Financial Protection that, immediately before the effective date described in paragraph (1), was pending, ongoing, issued, or being conducted by the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall continue without interruption and shall, on and after such effective date, be deemed an action of the Inspector General of the Bureau of Consumer Financial Protection.

(B) Continuing effect. Any subpoena, request, directive, determination, finding, recommendation, or other action described in subparagraph (A) that was validly issued or taken before the effective date described in paragraph (1) shall remain in force and effect according to its terms and need not be reissued, ratified, or otherwise renewed solely by reason of the amendments made by this section.

(C) Transfer of records and authority. All records, evidence, work papers, investigative materials, rights, obligations, authorities, and responsibilities relating to a matter described in subparagraph (A) shall transfer to the Inspector General of the Bureau of Consumer Financial Protection on the effective date described in paragraph (1).