Requirements for the Inspector General for the Bureau of Consumer Financial Protection

(a) Establishment Section 1011 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5491) is amended— (1) in subsection (b)— (A) in the subsection heading, by striking and Deputy Director and inserting, Deputy Director, and Inspector General; and (B) by inserting after paragraph (5) the following: (6) Inspector General There is established the position of the Inspector General.; and (2) in subsection (d), by striking or Deputy Director each place it appears and inserting, Deputy Director, or Inspector General. (b) Hearings Section 1016 of such Act is amended by inserting after subsection (c) the following: (d) Additional Requirement for Inspector General On a separate occasion from that described in subsection (a), the Inspector General of the Bureau shall appear, upon invitation, before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services and the Committee on Energy and Commerce of the House of Representatives at semiannual hearings regarding the reports required under subsection (b) and the reports required under section 405 of title 5, United States Code.. (c) Funding for Office of Inspector General Section 1017(a)(2) of such Act is amended— (1) by redesignating subparagraph (C) as subparagraph (D); and (2) by inserting after subparagraph (B) the following: (C) Funding for Office of Inspector General Each fiscal year, the Bureau shall dedicate 2 percent of the funds transferred pursuant to paragraph (1) to the Office of the Inspector General.. (d) 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: (J) The Bureau of Consumer Financial Protection.. (e) 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.