Responsible Consumer Financial Protection Regulations Act of 2013

Summary: Responsible Consumer Financial Protection Regulations Act of 2013 - 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 Consumer Financial Protection Bureau (CFPB) with a five-member Commission whose members are appointed by the President, by and with the advice and consent of the Senate. Prohibits the Chair of the Commission from making requests for estimates related to appropriations without the prior approval of the Commission. Revises procedures for funding the CFPB. Eliminates the Consumer Financial Protection Fund and the requirement that the Board of Governors of the Federal Reserve System transfer funds to the CFPB from the combined earnings of the Federal Reserve System. Authorizes appropriations for FY2013-FY2014. Directs the CFPB, in prescribing a rule under the federal consumer financial laws, to consider the rule's impact on the financial safety or soundness of an insured depository institution.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Responsible Consumer Financial 
Protection Regulations Act of 2013''.

SEC. 2. ESTABLISHMENT OF THE COMMISSION.

    Section 1011 of the Consumer Financial Protection Act of 2010 (12 
U.S.C. 5491) 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 
        (hereafter in this title referred to 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 jurisdiction of the Commission, and shall exercise 
        any authorities granted under this title and all other laws 
        within the jurisdiction of the Commission.
    ``(c) Composition of the Commission.--
            ``(1) In general.--The Commission shall be composed of 5 
        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; and
                    ``(B) have strong competencies and experiences 
                related to consumer financial protection.
            ``(2) Staggering.--The members of the Commission shall 
        serve staggered terms, which initially shall be established by 
        the President for terms of 1, 2, 3, 4, and 5 years, 
        respectively.
            ``(3) Terms.--
                    ``(A) In general.--Each member of the Commission, 
                including the Chair, shall serve for a term of 5 years.
                    ``(B) Removal for cause.--The President may remove 
                any member of the Commission only for inefficiency, 
                neglect of duty, or malfeasance in office.
                    ``(C) Vacancies.--Any member of the Commission 
                appointed to fill a vacancy occurring before the 
                expiration of the term to which the predecessor of that 
                member was appointed (including the Chair) shall be 
                appointed only for the remainder of the term.
                    ``(D) Continuation of service.--Each member of the 
                Commission 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 the term of that member would 
                otherwise expire.
                    ``(E) Other employment prohibited.--No member of 
                the Commission shall engage in any other business, 
                vocation, or employment during the term of service of 
                that member on the Commission.
    ``(d) Affiliation.--With respect to members appointed pursuant to 
subsection (c), not more than 3 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.
            ``(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 functions of 
        the Chair under 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 
membership 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 membership of 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 membership of 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 4 members of 
        the Commission other than the Chair 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 date of confirmation of at least 2 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. BRINGING THE BUREAU INTO THE REGULAR APPROPRIATIONS PROCESS.

    Section 1017 of the Consumer Financial Protection Act of 2010 (12 
U.S.C. 5497) is amended--
            (1) in subsection (a)--
                    (A) by amending the heading of such subsection to 
                read as follows: ``Budget, Financial Management, and 
                Audit.--'';
                    (B) by striking paragraphs (1), (2), and (3);
                    (C) by redesignating paragraphs (4) and (5) as 
                paragraphs (1) and (2), respectively; and
                    (D) by striking subparagraphs (E) and (F) of 
                paragraph (1), as so redesignated;
            (2) by striking subsections (b), (c), and (d);
            (3) by redesignating subsection (e) as subsection (b); and
            (4) in subsection (b), as so redesignated--
                    (A) by striking paragraphs (1), (2), and (3) and 
                inserting the following:
            ``(1) Authorization of appropriations.--There is authorized 
        to be appropriated to the Bureau, to carry out this title--
                    ``(A) not more than $143,000,000 for fiscal year 
                2013; and
                    ``(B) not more than $329,000,000 for fiscal year 
                2014.''; and
                    (B) by redesignating paragraph (4) as paragraph 
                (2).

SEC. 4. SAFETY AND SOUNDNESS CHECK.

    Section 1022(b)(2)(A) of the Consumer Financial Protection Act of 
2010 (12 U.S.C. 5497(b)(2)(A)) is amended--
            (1) in clause (i), by striking ``and'' at the end;
            (2) in clause (ii), by inserting ``and'' at the end; and
            (3) by adding at the end the following:
                            ``(iii) the impact of such rule on the 
                        financial safety or soundness of an insured 
                        depository institution;''.

SEC. 5. CONFORMING AMENDMENTS.

    (a) Consumer Financial Protection Act of 2010.--
            (1) In general.--Except as provided under paragraph (1), 
        the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 
        et seq.) is amended--
                    (A) by striking ``Director of the'' each place such 
                term appears, other than where such term is used to 
                refer to a Director other than the Director of the 
                Bureau of Consumer Financial Protection;
                    (B) by striking ``Director'' each place such term 
                appears, other than where such term is used to refer to 
                a Director other than the Director of the Bureau of 
                Consumer Financial Protection, and inserting 
                ``Bureau''; and
                    (C) in section 1002, by striking paragraph (10) and 
                inserting the following:
            ``(10) [Reserved].''.
            (2) Exceptions.--The Consumer Financial Protection Act of 
        2010 (12 U.S.C. 5481 et seq.) is amended--
                    (A) in section 1012(c)(4) (12 U.S.C. 5492(c)(4)), 
                by striking ``Director'' each place such term appears 
                and inserting ``Commission of the Bureau'';
                    (B) in section 1013(c)(3) (12 U.S.C. 5493(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'';
                    (C) in section 1013(g)(2) (12 U.S.C. 5493(g)(2))--
                            (i) in the paragraph heading, 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'';
                    (D) in section 1016(a) (12 U.S.C. 5496(a)), by 
                striking ``Director of the Bureau'' and inserting 
                ``Chair of the Commission''; and
                    (E) in section 1066(a) (12 U.S.C. 5586(a)), by 
                striking ``Director of the Bureau is'' and inserting 
                ``first member of the Commission is''.
    (b) Dodd-Frank Wall Street Reform and Consumer Protection Act.--The 
Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 
111-203) is amended--
            (1) in section 111(b)(1)(D) (12 U.S.C. 5321), by striking 
        ``Director'' and inserting ``Chair of the Commission''; and
            (2) in section 1447 (12 U.S.C. 1701p-2), by striking 
        ``Director of the Bureau'' each place such term appears and 
        inserting ``Bureau''.
    (c) Electronic Fund Transfer Act.--Section 920(a)(4)(C) of the 
Electronic Fund Transfer Act (15 U.S.C. 1693o-2(a)(4)(C)), 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 (12 U.S.C. 4001 et seq.), 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 (12 U.S.C. 1812), 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 (20 U.S.C. 
9702), 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 (12 U.S.C. 2806), 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 (15 U.S.C. 1701 et seq.), as amended by 
section 1098A of the Consumer Financial Protection Act of 2010, is 
amended--
            (1) in section 1402, by striking paragraph (1) and 
        inserting the following:
    ``(1) `Chair' means the Chair of the Commission of the Bureau of 
Consumer Financial Protection;''; and
            (2) in section 1416(a), by striking ``Director of the 
        Bureau of Consumer Financial Protection'' and inserting 
        ``Chair''.
    (j) Real Estate Settlement Procedures Act of 1974.--Section 5 of 
the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2604), 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 (12 U.S.C. 5101), as amended by section 1100 of 
the Consumer Financial Protection Act of 2010, is amended--
            (1) by striking ``Director'' each place such term appears, 
        other than where such term is used in the context of the 
        Director of the Office of Thrift Supervision, 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''.