II 

117TH CONGRESS 

2D SESSION S. 5280 

To amend the Consumer Financial Protection Act of 2010 to subject the 

Bureau of Consumer Financial Protection to the regular appropriations 

process, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 15, 2022 

Mr. TOOMEY (for himself and Mr. HAGERTY) introduced the following bill; 

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To amend the Consumer Financial Protection Act of 2010 

to subject the Bureau of Consumer Financial Protection 

to the regular appropriations process, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘CFPB Stability Act 

5 of 2022’’. 

6 SEC. 2. MAKING THE BUREAU A COMMISSION. 

7 (a) IN GENERAL.—The Consumer Financial Protec8 tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 


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1 (1) in section 1011— 

2 (A) in subsection (a), by striking ‘‘in the 

3 Federal Reserve System,’’; 

4 (B) by striking subsections (b), (c), and 

5 (d); 

6 (C) by redesignating subsection (e) as sub7 section (j); 

8 (D) in subsection (j), as so redesignated, 

9 by striking ‘‘, including in cities in which the 

10 Federal reserve banks, or branches of such 

11 banks, are located,’’; and 

12 (E) by inserting after subsection (a) the 

13 following: 

14 ‘‘(b) AUTHORITY TO PRESCRIBE REGULATIONS.— 

15 The Bureau may prescribe such regulations and issue such 

16 orders in accordance with this title as the Bureau may 

17 determine to be necessary for carrying out this title and 

18 all other laws within the Bureau’s jurisdiction and shall 

19 exercise any authorities granted under this title and all 

20 other laws within the Bureau’s jurisdiction. 

21 ‘‘(c) COMPOSITION OF THE BUREAU.— 

22 ‘‘(1) IN GENERAL.—The Bureau shall be com23 posed of 5 members who shall be appointed by the 

24 President, by and with the advice and consent of the 

25 Senate. 


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1 ‘‘(2) STAGGERING.—The members of the Bu2 reau shall serve staggered terms, which initially shall 

3 be established by the President for terms of 1, 2, 3, 

4 4, and 5 years, respectively. 

5 ‘‘(3) TERMS.— 

6 ‘‘(A) IN GENERAL.—Each member of the 

7 Bureau, including the Chair, shall serve for a 

8 term of 5 years. 

9 ‘‘(B) REMOVAL.—The President may re10 move any member of the Bureau for ineffi11 ciency, neglect of duty, or malfeasance in office. 

12 ‘‘(C) VACANCIES.—Any member of the Bu13 reau appointed to fill a vacancy occurring be14 fore the expiration of the term to which that 

15 member’s predecessor was appointed (including 

16 the Chair) shall be appointed only for the re17 mainder of the term. 

18 ‘‘(D) CONTINUATION OF SERVICE.—Each 

19 member of the Bureau may continue to serve 

20 after the expiration of the term of office to 

21 which that member was appointed until a suc22 cessor has been appointed by the President and 

23 confirmed by the Senate, except that a member 

24 may not continue to serve more than 1 year 


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1 after the date on which that member’s term 

2 would otherwise expire. 

3 ‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 

4 No member of the Bureau shall engage in any 

5 other business, vocation, or employment. 

6 ‘‘(d) AFFILIATION.—Not more than 3 members of 

7 the Bureau shall be members of any one political party. 

8 ‘‘(e) CHAIR OF THE BUREAU.— 

9 ‘‘(1) INITIAL CHAIR.—The first member and 

10 Chair of the Bureau shall be the individual serving 

11 as Chair of the Bureau of Consumer Financial Pro12 tection on the day before the date of the enactment 

13 of this subsection. 

14 ‘‘(2) SUBSEQUENT CHAIR.—Of the 5 members 

15 appointed in accordance with subsection (c), the 

16 President shall appoint 1 member to serve as the 

17 subsequent Chair of the Bureau. 

18 ‘‘(3) AUTHORITY.—The Chair shall be the prin19 cipal executive officer of the Bureau, and shall exer20 cise all of the executive and administrative functions 

21 of the Bureau, including with respect to— 

22 ‘‘(A) the appointment and supervision of 

23 personnel employed under the Bureau (other 

24 than personnel employed regularly and full time 


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1 in the immediate offices of members of the Bu2 reau other than the Chair); 

3 ‘‘(B) the distribution of business among 

4 personnel appointed and supervised by the 

5 Chair and among administrative units of the 

6 Bureau; and 

7 ‘‘(C) the use and expenditure of funds. 

8 ‘‘(4) LIMITATION.—In carrying out any of the 

9 Chair’s functions under the provisions of this sub10 section the Chair shall be governed by general poli11 cies of the Bureau and by such regulatory decisions, 

12 findings, and determinations as the Bureau may by 

13 law be authorized to make. 

14 ‘‘(5) REQUESTS OR ESTIMATES RELATED TO

15 APPROPRIATIONS.—Requests or estimates for reg16 ular, supplemental, or deficiency appropriations on 

17 behalf of the Bureau may not be submitted by the 

18 Chair without the prior approval of the Bureau. 

19 ‘‘(6) TERM.—The term of each Chair serving 

20 under this subsection shall expire on the earlier of— 

21 ‘‘(A) the date that is 5 years after the date 

22 on which the Chair began serving; and 

23 ‘‘(B) the date on which the individual who 

24 was President while the Chair was serving 

25 leaves office. 


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1 ‘‘(f) INITIAL QUORUM ESTABLISHED.—The first 

2 member and Chair of the Bureau described under sub3 section (e)(1) shall constitute a quorum for the trans4 action of business until the President has appointed all 

5 5 members of the Bureau in accordance with subsection 

6 (c). Following such appointment of 5 members, the 

7 quorum requirements of subsection (g) shall apply. 

8 ‘‘(g) NO IMPAIRMENT BY REASON OF VACANCIES.— 

9 No vacancy in the members of the Bureau after the estab10 lishment of an initial quorum under subsection (f) shall 

11 impair the right of the remaining members of the Bureau 

12 to exercise all the powers of the Bureau. Three members 

13 of the Bureau shall constitute a quorum for the trans14 action of business, except that if there are only 3 members 

15 serving on the Bureau because of vacancies in the Bureau, 

16 2 members of the Bureau shall constitute a quorum for 

17 the transaction of business. If there are only 2 members 

18 serving on the Bureau because of vacancies in the Bureau, 

19 2 members shall constitute a quorum for the 6-month pe20 riod beginning on the date of the vacancy which caused 

21 the number of Bureau members to decline to 2. 

22 ‘‘(h) SEAL.—The Bureau shall have an official seal. 

23 ‘‘(i) COMPENSATION.— 

24 ‘‘(1) CHAIR.—The Chair shall receive com25 pensation at the rate prescribed for level I of the 


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1 Executive Schedule under section 5313 of title 5, 

2 United States Code. 

3 ‘‘(2) OTHER MEMBERS OF THE BUREAU.—The 

4 4 other members of the Bureau shall each receive 

5 compensation at the rate prescribed for level II of 

6 the Executive Schedule under section 5314 of title 

7 5, United States Code.’’; 

8 (2) in section 1012(c), by striking paragraphs 

9 (2), (3), (4), and (5); 

10 (3) in section 1013(a), by striking paragraph 

11 (2) and inserting the following: 

12 ‘‘(2) COMPENSATION.—Notwithstanding any 

13 otherwise applicable provision of title 5, United 

14 States Code, concerning compensation, including the 

15 provisions of chapter 51 and chapter 53, the rates 

16 of basic pay for all employees of the Bureau may be 

17 set and adjusted by the Chair.’’; and 

18 (4) in section 1014(b), by striking ‘‘Not fewer 

19 than 6 members shall be appointed upon the rec20 ommendation of the regional Federal Reserve Bank 

21 Presidents, on a rotating basis.’’. 

22 (b) PRESIDENTIAL APPOINTMENT OF INSPECTOR

23 GENERAL OF THE FINANCIAL PRODUCT SAFETY BU24 REAU.—The Inspector General Act of 1978 (5 U.S.C. 

25 App.) is amended— 


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1 (1) in section 8G— 

2 (A) in subsection (a)(2), by striking ‘‘and 

3 the Bureau of Consumer Financial Protection’’; 

4 (B) in subsection (c), by striking ‘‘For the 

5 purposes of implementing this section’’ and all 

6 that follows through the end of the subsection; 

7 and 

8 (C) in subsection (g)(3), by striking ‘‘and 

9 the Bureau of Consumer Financial Protection’’; 

10 and 

11 (2) in section 12— 

12 (A) in paragraph (1), by inserting ‘‘the 

13 Chair of the Bureau of Consumer Financial 

14 Protection;’’ after ‘‘the President of the Export15 Import Bank;’’; and 

16 (B) in paragraph (2), by inserting ‘‘the 

17 Bureau of Consumer Financial Protection,’’ 

18 after ‘‘the Export-Import Bank,’’. 

19 SEC. 3. SUBJECTING THE BUREAU OF CONSUMER FINAN20 CIAL PROTECTION TO THE REGULAR APPRO21 PRIATIONS PROCESS. 

22 (a) IN GENERAL.—Section 1017 of the Consumer Fi23 nancial Protection Act of 2010 (12 U.S.C. 5497) is 

24 amended— 

25 (1) in subsection (a)— 


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1 (A) in the subsection heading, by striking 

2 ‘‘TRANSFER OF FUNDS FROM BOARD OF GOV3 ERNORS.—’’ and inserting ‘‘BUDGET AND FI4 NANCIAL MANAGEMENT.—’’; 

5 (B) by striking paragraphs (1) through 

6 (3); 

7 (C) by redesignating paragraphs (4) and 

8 (5) as paragraphs (1) and (2), respectively; and 

9 (D) in paragraph (1), as so redesignated— 

10 (i) in the paragraph heading, by strik11 ing ‘‘BUDGET AND FINANCIAL MANAGE12 MENT.—’’ and inserting ‘‘IN GENERAL.—’’; 

13 (ii) by striking subparagraph (E); and 

14 (iii) by redesignating subparagraph 

15 (F) as subparagraph (E); 

16 (2) by striking subsections (b) and (c); 

17 (3) by redesignating subsections (d) and (e) as 

18 subsections (b) and (c), respectively; 

19 (4) in subsection (b), as so redesignated— 

20 (A) in paragraph (2)— 

21 (i) in the first sentence, by inserting 

22 ‘‘direct’’ before ‘‘victims’’; and 

23 (ii) by striking the second sentence; 

24 and 

25 (B) by adding at the end the following: 


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1 ‘‘(3) TREATMENT OF EXCESS AMOUNTS.—If, 

2 after the Bureau obtains a civil penalty in a judicial 

3 or administrative action under Federal consumer fi4 nancial laws, deposits that civil penalty into the Civil 

5 Penalty Fund under paragraph (1), and, under 

6 paragraph (2), makes payments to all of the direct 

7 victims of activities for which that civil penalty was 

8 imposed, amounts remain in the Civil Penalty Fund 

9 with respect to that civil penalty, the Bureau shall 

10 transfer those excess amounts to the general fund of 

11 the Treasury.’’; and 

12 (5) in subsection (c), as so redesignated— 

13 (A) by striking paragraphs (1) through (3) 

14 and inserting the following: 

15 ‘‘(1) AUTHORIZATION OF APPROPRIATIONS.— 

16 There is authorized to be appropriated such funds as 

17 may be necessary to carry out this title for fiscal 

18 year 2024.’’; and 

19 (B) by redesignating paragraph (4) as 

20 paragraph (2). 

21 (b) EFFECTIVE DATE.—The amendments made by 

22 this section shall take effect on October 1, 2023. 

23 SEC. 4. CONFORMING AMENDMENTS. 

24 (a) CONSUMER FINANCIAL PROTECTION ACT OF

25 2010.— 


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1 (1) IN GENERAL.—Except as provided under 

2 paragraph (2), the Consumer Financial Protection 

3 Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 

4 (A) by striking ‘‘Director of the Bureau’’ 

5 each place the term appears, other than where 

6 the term is used to refer to a Director other 

7 than the Director of the Bureau of Consumer 

8 Financial Protection, and inserting ‘‘Chair of 

9 the Bureau’’; 

10 (B) by striking ‘‘Director’’ each place the 

11 term appears and inserting ‘‘Chair’’, other than 

12 where the term is used to refer to a Director 

13 other than the Director of the Bureau of Con14 sumer Financial Protection; and 

15 (C) in section 1002, by striking paragraph 

16 (10). 

17 (2) EXCEPTIONS.—The Consumer Financial 

18 Protection Act of 2010 (12 U.S.C. 5481 et seq.) is 

19 amended— 

20 (A) in section 1013(c)(3)— 

21 (i) in the matter preceding subpara22 graph (A), by striking ‘‘Assistant Director 

23 of the Bureau for’’ and inserting ‘‘Head of 

24 the Office of’’; and 


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1 (ii) in subparagraph (B), by striking 

2 ‘‘Assistant Director’’ and inserting ‘‘Head 

3 of the Office’’; and 

4 (B) in section 1013(g)(2)— 

5 (i) by striking ‘‘ASSISTANT DIREC6 TOR’’ and inserting ‘‘HEAD OF THE OF7 FICE’’; and 

8 (ii) by striking ‘‘an assistant director’’ 

9 and inserting ‘‘a Head of the Office of Fi10 nancial Protection for Older Americans’’. 

11 (b) DODD-FRANK WALL STREET REFORM AND CON12 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

13 Reform and Consumer Protection Act (12 U.S.C. 5301 

14 et seq.) is amended— 

15 (1) in section 111(b)(1)(D), by striking ‘‘Direc16 tor’’ and inserting ‘‘Chair’’; and 

17 (2) in section 1447, by striking ‘‘Director’’ each 

18 place the term appears and inserting ‘‘Chair’’. 

19 (c) ELECTRONIC FUND TRANSFER ACT.—Section 

20 920(a)(4)(C) of the Electronic Fund Transfer Act (15 

21 U.S.C. 1693o–2(a)(4)(C)), as added by section 1075(a)(2) 

22 of the Consumer Financial Protection Act of 2010, is 

23 amended by striking ‘‘Director of the Bureau of Consumer 

24 Financial Protection’’ and inserting ‘‘Chair of the Bureau 

25 of Consumer Financial Protection’’. 


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1 (d) EXPEDITED FUNDS AVAILABILITY ACT.—The 

2 Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) 

3 is amended by striking ‘‘Director of the Bureau’’ each 

4 place the term appears and inserting ‘‘Chair of the Bu5 reau’’. 

6 (e) FEDERAL DEPOSIT INSURANCE ACT.—Section 2 

7 of the Federal Deposit Insurance Act (12 U.S.C. 1812) 

8 is amended by striking ‘‘Director of the Consumer Finan9 cial Protection Bureau’’ each place the term appears and 

10 inserting ‘‘Chair of the Consumer Financial Protection 

11 Bureau’’. 

12 (f) FEDERAL FINANCIAL INSTITUTIONS EXAMINA13 TION COUNCIL ACT OF 1978.—Section 1004(a)(4) of the 

14 Federal Financial Institutions Examination Council Act of 

15 1978 (12 U.S.C. 3303(a)(4)) is amended by striking ‘‘Di16 rector of the Consumer Financial Protection Bureau’’ and 

17 inserting ‘‘Chair of the Consumer Financial Protection 

18 Bureau’’. 

19 (g) FINANCIAL LITERACY AND EDUCATION IM20 PROVEMENT ACT.—Section 513 of the Financial Literacy 

21 and Education Improvement Act (20 U.S.C. 9702) is 

22 amended by striking ‘‘Director’’ each place the term ap23 pears and inserting ‘‘Chair’’. 

24 (h) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 

25 Section 307 of the Home Mortgage Disclosure Act of 1975 


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1 (12 U.S.C. 2806) is amended by striking ‘‘Director of the 

2 Bureau of Consumer Financial Protection’’ each place the 

3 term appears and inserting ‘‘Chair of the Bureau of Con4 sumer Financial Protection’’. 

5 (i) INTERSTATE LAND SALES FULL DISCLOSURE

6 ACT.—The Interstate Land Sales Full Disclosure Act (15 

7 U.S.C. 1701 et seq.) is amended— 

8 (1) in section 1402 (15 U.S.C. 1701), by strik9 ing paragraph (1) and inserting the following: 

10 ‘‘(1) ‘Chair’ means the Chair of the Bureau of 

11 Consumer Financial Protection;’’; and 

12 (2) by striking ‘‘Director’’ each place the term 

13 appears and inserting ‘‘Chair’’. 

14 (j) REAL ESTATE SETTLEMENT PROCEDURES ACT

15 OF 1974.—Section 5 of the Real Estate Settlement Proce16 dures Act of 1974 (12 U.S.C. 2604) is amended— 

17 (1) by striking ‘‘The Director of the Bureau of 

18 Consumer Financial Protection (hereafter in this 

19 section referred to as the ‘Director’)’’ and inserting 

20 ‘‘The Chair of the Bureau of Consumer Financial 

21 Protection (hereafter in this section referred to as 

22 the ‘Chair’)’’; and 

23 (2) by striking ‘‘Director’’ each place the term 

24 appears and inserting ‘‘Chair’’. 


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1 (k) S.A.F.E. MORTGAGE LICENSING ACT OF 2008.— 

2 The S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 

3 5101 et seq.) is amended— 

4 (1) by striking ‘‘Director’’ each place the term 

5 appears in headings and text, other than where the 

6 term is used in the context of the Director of the Of7 fice of Thrift Supervision, and inserting ‘‘Chair’’; 

8 and 

9 (2) in section 1503 (12 U.S.C. 5102), by strik10 ing paragraph (10) and inserting the following: 

11 ‘‘(10) CHAIR.—The term ‘Chair’ means the Di12 rector of the Bureau of Consumer Financial Protec13 tion.’’. 

14 (l) TITLE 44, UNITED STATES CODE.—Section 

15 3513(c) of title 44, United States Code is amended by 

16 striking ‘‘Director of the Bureau of Consumer Financial 

17 Protection’’ and inserting ‘‘Chair of the Bureau of Con18 sumer Financial Protection’’. 

Æ 


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