To replace the Director of the Bureau of Consumer Financial Protection with a five person Commission.

Summary: Responsible Consumer Financial Protection Regulations Act of 2011 - Amends the Consumer Financial Protection Act of 2010, (title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act), to replace the position of Director of the Bureau of Consumer Financial Protection with a five-member Commission composed of the Vice Chairman for Supervision of the Federal Reserve System and four additional members appointed by the President, with the advice and consent of the Senate, from among individuals who should want to protect service members and their families who are sacrificing their lives for this country from abusive financial practices.

Prohibits Commission members from engaging in any other business, vocation, or employment.

 Requires one member of the Commission to exercise primary responsibility for the Bureau's oversight activities pertaining to protecting consumers, with a focus on consumers who are older, minorities, youth, or veterans, from unfair, deceptive, and abusive lending practices.

Prohibits the Chair of the Commission from making requests for estimates related to appropriations without prior Commission approval.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Responsible Consumer Financial 
Protection Regulations Act of 2011''.

SEC. 2. ESTABLISHMENT OF THE COMMISSION.

    Section 1011 of the Consumer Financial Protection Act of 2010 is 
amended--
            (1) by striking subsections (b), (c), and (d);
            (2) by redesignating subsection (e) as subsection (j); and
            (3) by inserting after subsection (a) the following new 
        subsections:
    ``(b) Establishment of the Commission.--
            ``(1) In general.--There is hereby established a commission 
        (hereinafter referred to in this section as the `Commission') 
        that shall serve as the head of the Bureau.
            ``(2) Authority to prescribe regulations.--The Commission 
        may prescribe such regulations and issue such orders in 
        accordance with this title as the Commission may determine to 
        be necessary for carrying out this title and all other laws 
        within the Commission's jurisdiction and shall exercise any 
        authorities granted under this title and all other laws within 
        the Commission's jurisdiction.
    ``(c) Composition of the Commission.--
            ``(1) In general.--The Commission shall be composed of the 
        Vice Chairman for Supervision of the Federal Reserve System and 
        4 additional members who shall be appointed by the President, 
        by and with the advice and consent of the Senate, from among 
        individuals who--
                    ``(A) are citizens of the United States;
                    ``(B) have strong competencies and experiences 
                related to consumer financial protection; and
                    ``(C) should want to protect service members and 
                their families who are sacrificing their lives for this 
                country from abusive financial practices.
            ``(2) Staggering.--The members of the Commission appointed 
        under paragraph (1) shall serve staggered terms, which 
        initially shall be established by the President for terms of 1, 
        2, 4, and 5 years, respectively.
            ``(3) Terms.--
                    ``(A) In general.--Each member of the Commission 
                appointed under paragraph (1), including the Chair, 
                shall serve for a term of 5 years.
                    ``(B) Removal for cause.--The President may remove 
                any member of the Commission appointed under paragraph 
                (1) only for inefficiency, neglect of duty, or 
                malfeasance in office.
                    ``(C) Vacancies.--Any member of the Commission 
                appointed under paragraph (1) appointed to fill a 
                vacancy occurring before the expiration of the term to 
                which that member's predecessor was appointed 
                (including the Chair) shall be appointed only for the 
                remainder of the term.
                    ``(D) Continuation of service.--Each member of the 
                Commission appointed under paragraph (1) may continue 
                to serve after the expiration of the term of office to 
                which that member was appointed until a successor has 
                been appointed by the President and confirmed by the 
                Senate, except that a member may not continue to serve 
                more than 1 year after the date on which that member's 
                term would otherwise expire.
                    ``(E) Other employment prohibited.--No member of 
                the Commission appointed under paragraph (1) shall 
                engage in any other business, vocation, or employment.
            ``(4) Roles and responsibilities of commissioners.--One 
        member of the Commission shall have as their primary 
        responsibility the oversight of the Bureau's activities 
        pertaining to protecting consumers, with a focus on consumers 
        who are older, minorities, youth, or veterans, from unfair, 
        deceptive, and abusive lending practices. The designated 
        commissioner shall be responsible for--
                    ``(A) ensuring the Bureau conducts regular outreach 
                to consumers regarding industry lending activities;
                    ``(B) researching and reporting to the full 
                Commission, on a regular basis, the impact of new loan 
                and credit products and services on consumers; and
                    ``(C) ensuring the Bureau coordinates with State-
                level consumer protection agencies on enforcement 
                measures that protect consumers from unfair, deceptive, 
                and abusive lending practices.
    ``(d) Affiliation.--With respect to members appointed pursuant to 
subsection (c)(1), not more than 2 shall be members of any one 
political party.
    ``(e) Chair of the Commission.--
            ``(1) Appointment.--The Chair of the Commission shall be 
        appointed by the President from among the members of the 
        Commission appointed under paragraph (1).
            ``(2) Authority.--The Chair shall be the principal 
        executive officer of the Bureau, and shall exercise all of the 
        executive and administrative functions of the Bureau, including 
        with respect to--
                    ``(A) the appointment and supervision of personnel 
                employed under the Bureau (other than personnel 
                employed regularly and full time in the immediate 
                offices of members of the Commission other than the 
                Chair);
                    ``(B) the distribution of business among personnel 
                appointed and supervised by the Chair and among 
                administrative units of the Bureau; and
                    ``(C) the use and expenditure of funds.
            ``(3) Limitation.--In carrying out any of the Chair's 
        functions under the provisions of this subsection the Chair 
        shall be governed by general policies of the Commission and by 
        such regulatory decisions, findings, and determinations as the 
        Commission may by law be authorized to make.
            ``(4) Requests or estimates related to appropriations.--
        Requests or estimates for regular, supplemental, or deficiency 
        appropriations on behalf of the Commission may not be submitted 
        by the Chair without the prior approval of the Commission.
    ``(f) No Impairment by Reason of Vacancies.--No vacancy in the 
members of the Commission shall impair the right of the remaining 
members of the Commission to exercise all the powers of the Commission. 
Three members of the Commission shall constitute a quorum for the 
transaction of business, except that if there are only 3 members 
serving on the Commission because of vacancies in the Commission, 2 
members of the Commission shall constitute a quorum for the transaction 
of business. If there are only 2 members serving on the Commission 
because of vacancies in the Commission, 2 members shall constitute a 
quorum for the 6-month period beginning on the date of the vacancy 
which caused the number of Commission members to decline to 2.
    ``(g) Seal.--The Commission shall have an official seal.
    ``(h) Compensation.--
            ``(1) Chair.--The Chair shall receive compensation at the 
        rate prescribed for level I of the Executive Schedule under 
        section 5313 of title 5, United States Code.
            ``(2) Other members of the commission.--The 3 other members 
        of the Commission appointed under subsection (c)(1) shall each 
        receive compensation at the rate prescribed for level II of the 
        Executive Schedule under section 5314 of title 5, United States 
        Code.
    ``(i) Initial Quorum Established.--During any time period prior to 
the confirmation of at least two members of the Commission, one member 
of the Commission shall constitute a quorum for the transaction of 
business. Following the confirmation of at least 2 additional 
commissioners, the quorum requirements of subsection (f) shall 
apply.''.

SEC. 3. CONFORMING AMENDMENTS.

    (a) Consumer Financial Protection Act of 2010.--
            (1) In general.--The Consumer Financial Protection Act of 
        2010 is amended--
                    (A) in section 1002, by striking paragraph (10);
                    (B) in section 1012(c)(4), by striking ``Director'' 
                each place such term appears and inserting ``Commission 
                of the Bureau'';
                    (C) in section 1013(c)(3)--
                            (i) by striking ``Assistant Director of the 
                        Bureau for'' and inserting ``Head of the Office 
                        of''; and
                            (ii) in subparagraph (B), by striking 
                        ``Assistant Director'' and inserting ``Head of 
                        the Office'';
                    (D) in section 1013(g)(2)--
                            (i) by striking ``Assistant director'' and 
                        inserting ``Head of the office''; and
                            (ii) by striking ``an assistant director'' 
                        and inserting ``a Head of the Office of 
                        Financial Protection for Older Americans'';
                    (E) in section 1016(a), by striking ``Director of 
                the Bureau'' and inserting ``Chair of the Commission'';
                    (F) in section 1017(c)(1), by striking ``Director 
                and other employees'' and inserting ``members of the 
                Commission and other employees'';
                    (G) in section 1027(l)(1), by striking ``Director 
                and the''; and
                    (H) in section 1066(a), by striking ``Director of 
                the Bureau is'' and inserting ``first member of the 
                Commission is''.
            (2) Global amendments.--The Consumer Financial Protection 
        Act of 2010 is amended--
                    (A) by striking ``Director of the'' each place such 
                term appears, other than in--
                            (i) subparagraphs (A) and (E) of section 
                        1017(4);
                            (ii) section 1043;
                            (iii) section 1061(b)(3);
                            (iv) section 1062;
                            (v) section 1063(f);
                            (vi) subparagraphs (E) and (G) of section 
                        1064(i)(2); and
                            (vii) section 1065(a); and
                    (B) by striking ``Director'' each place such term 
                appears and inserting ``Bureau'', other than in--
                            (i) section 1063(f)(2); and
                            (ii) section 1065(a).
    (b) Dodd-Frank Wall Street Reform and Consumer Protection Act.--The 
Dodd-Frank Wall Street Reform and Consumer Protection Act is amended--
            (1) in section 111(b)(1)(D), by striking ``Director'' and 
        inserting ``Chair of the Commission''; and
            (2) in section 1447, by striking ``Director of the Bureau'' 
        each place such term appears and inserting ``Bureau''.
    (c) Electronic Fund Transfer Act.--Section 921(a)(4)(C) of the 
Electronic Fund Transfer Act, as added by section 1075(a)(2) of the 
Consumer Financial Protection Act of 2010, is amended by striking 
``Director of the Bureau of Consumer Financial Protection'' and 
inserting ``Bureau of Consumer Financial Protection''.
    (d) Expedited Funds Availability Act.--The Expedited Funds 
Availability Act, as amended by section 1086 of the Consumer Financial 
Protection Act of 2010, is amended by striking ``Director of the 
Bureau'' each place such term appears and inserting ``Bureau''.
    (e) Federal Deposit Insurance Act.--Section 2 of the Federal 
Deposit Insurance Act, as amended by section 336(a) of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, is amended by striking 
``Director of the Consumer Financial Protection Bureau'' each place 
such term appears and inserting ``Chair of the Commission of the Bureau 
of Consumer Financial Protection''.
    (f) Federal Financial Institutions Examination Council Act of 
1978.--Section 1004(a)(4) of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3303(a)(4)), as amended by 
section 1091 of the Consumer Financial Protection Act of 2010, is 
amended by striking ``Director of the Consumer Financial Protection 
Bureau'' and inserting ``Chair of the Commission of the Bureau of 
Consumer Financial Protection''.
    (g) Financial Literacy and Education Improvement Act.--Section 513 
of the Financial Literacy and Education Improvement Act, as amended by 
section 1013(d) of the Consumer Financial Protection Act of 2010, is 
amended by striking ``Director'' each place such term appears and 
inserting ``Chair of the Commission''.
    (h) Home Mortgage Disclosure Act of 1975.--Section 307 of the Home 
Mortgage Disclosure Act of 1975, as amended by section 1094(6) of the 
Consumer Financial Protection Act of 2010, is amended by striking 
``Director of the Bureau of Consumer Financial Protection'' each place 
such term appears and inserting ``Bureau of Consumer Financial 
Protection''.
    (i) Interstate Land Sales Full Disclosure Act.--The Interstate Land 
Sales Full Disclosure Act, as amended by section 1098A of the Consumer 
Financial Protection Act of 2010, is amended--
            (1) by amending section 1402(1) to read as follows:
    ``(1) `Chair' means the Chair of the Commission of the Bureau of 
Consumer Financial Protection;'';
            (2) in section 1416(a), by striking ``Director of the 
        Bureau of Consumer Financial Protection'' and inserting 
        ``Chair''; and
            (3) by striking ``Director'' each place such term appears 
        and inserting ``Bureau''.
    (j) Real Estate Settlement Procedures Act of 1974.--Section 5 of 
the Real Estate Settlement Procedures Act of 1974, as amended by 
section 1450 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, is amended--
            (1) by striking ``The Director of the Bureau of Consumer 
        Financial Protection (hereafter in this section referred to as 
        the `Director')'' and inserting ``The Bureau of Consumer 
        Financial Protection''; and
            (2) by striking ``Director'' each place such term appears 
        and inserting ``Bureau''.
    (k) S.A.F.E. Mortgage Licensing Act of 2008.--The S.A.F.E. Mortgage 
Licensing Act of 2008, as amended by section 1100 of the Consumer 
Financial Protection Act of 2010, is amended--
            (1) by striking ``Director'' each place such term appears 
        in headings and text and inserting ``Bureau''; and
            (2) in section 1503, by striking paragraph (10).
    (l) Title 44, United States Code.--Section 3513(c) of title 44, 
United States Code, as amended by section 1100D(b) of the Consumer 
Financial Protection Act of 2010, is amended by striking ``Director of 
the Bureau'' and inserting ``Bureau''.