The Consumer Financial Protection Bureau currently shares an inspector general with the Federal Reserve. The current inspector general is appointed by the Federal Reserve chairman. A new bill introduced in Congress wants to create a position to oversee the CFPB that would be appointed by the president and confirmed by the Senate.
While a previous attempt at legislation in December 2013 did not move forward, lawmakers feel the broad authority of the agency needs oversight. Congress currently has no oversight of the agency and its spending.
Read more at ACA International