IB 

Union Calendar No. 255 

113TH CONGRESS 

2D SESSION H. R. 2446 

[Report No. 113–345] 

To replace the Director of the Bureau of Consumer Financial Protection 

with a five person Commission. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 20, 2013 

Mr. BACHUS introduced the following bill; which was referred to the 

Committee on Financial Services 

FEBRUARY 6, 2014 

Additional sponsors: Mr. ROYCE, Mr. COTTON, Mr. FINCHER, Mr. KING of 

New York, Mr. MULVANEY, Mr. BROOKS of Alabama, Mr. BONNER, Mr. 

GARY G. MILLER of California, Mr. STIVERS, Ms. JENKINS, Mr. KLINE, 

Mr. YODER, Mr. SCHWEIKERT, Mr. ROTHFUS, and Mrs. WAGNER

FEBRUARY 6, 2014 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on June 20, 2013] 


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A BILL 

To replace the Director of the Bureau of Consumer Financial 

Protection with a five person Commission. 


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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 ‘‘Responsible Consumer 

5 Financial Protection Regulations Act of 2013’’. 

6 SEC. 2. ESTABLISHMENT OF THE COMMISSION. 

7 Section 1011 of the Consumer Financial Protection 

8 Act of 2010 is amended— 

9 (1) by striking subsections (b), (c), and (d); 

10 (2) by redesignating subsection (e) as subsection 

11 (j); and 

12 (3) by inserting after subsection (a) the following 

13 new subsections: 

14 ‘‘(b) ESTABLISHMENT OF THE COMMISSION.— 

15 ‘‘(1) IN GENERAL.—There is hereby established a 

16 commission (hereinafter referred to in this section as 

17 the ‘Commission’) that shall serve as the head of the 

18 Bureau. 

19 ‘‘(2) AUTHORITY TO PRESCRIBE REGULATIONS.— 

20 The Commission may prescribe such regulations and 

21 issue such orders in accordance with this title as the 

22 Commission may determine to be necessary for car23 rying out this title and all other laws within the 

24 Commission’s jurisdiction and shall exercise any auVerDate Mar 15 2010 22:12 Feb 06, 2014 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6203 E:\BILLS\H2446.RH H2446

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1 thorities granted under this title and all other laws 

2 within the Commission’s jurisdiction. 

3 ‘‘(c) COMPOSITION OF THE COMMISSION.— 

4 ‘‘(1) IN GENERAL.—The Commission shall be 

5 composed of the Vice Chairman for Supervision of the 

6 Federal Reserve System and 4 additional members 

7 who shall be appointed by the President, by and with 

8 the advice and consent of the Senate, from among in9 dividuals who— 

10 ‘‘(A) are citizens of the United States; and 

11 ‘‘(B) have strong competencies and experi12 ences related to consumer financial protection. 

13 ‘‘(2) STAGGERING.—The members of the Com14 mission appointed under paragraph (1) shall serve 

15 staggered terms, which initially shall be established by 

16 the President for terms of 1, 2, 4, and 5 years, respec17 tively. 

18 ‘‘(3) TERMS.— 

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

20 Commission appointed under paragraph (1), in21 cluding the Chair, shall serve for a term of 5 

22 years. 

23 ‘‘(B) REMOVAL.—The President may re24 move any member of the Commission appointed 

25 under paragraph (1). 


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1 ‘‘(C) VACANCIES.—Any member of the Com2 mission appointed under paragraph (1) ap3 pointed to fill a vacancy occurring before the ex4 piration of the term to which that member’s 

5 predecessor was appointed (including the Chair) 

6 shall be appointed only for the remainder of the 

7 term. 

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

9 member of the Commission appointed under 

10 paragraph (1) may continue to serve after the 

11 expiration of the term of office to which that 

12 member was appointed until a successor has been 

13 appointed by the President and confirmed by the 

14 Senate, except that a member may not continue 

15 to serve more than 1 year after the date on which 

16 that member’s term would otherwise expire. 

17 ‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 

18 No member of the Commission appointed under 

19 paragraph (1) shall engage in any other busi20 ness, vocation, or employment. 

21 ‘‘(d) AFFILIATION.—With respect to members ap22 pointed pursuant to subsection (c)(1), not more than 2 shall 

23 be members of any one political party. 

24 ‘‘(e) CHAIR OF THE COMMISSION.— 


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1 ‘‘(1) APPOINTMENT.—The Chair of the Commis2 sion shall be appointed by the President from among 

3 the members of the Commission appointed under sub4 section (c)(1). 

5 ‘‘(2) AUTHORITY.—The Chair shall be the prin6 cipal executive officer of the Bureau, and shall exer7 cise all of the executive and administrative functions 

8 of the Bureau, including with respect to— 

9 ‘‘(A) the appointment and supervision of 

10 personnel employed under the Bureau (other 

11 than personnel employed regularly and full time 

12 in the immediate offices of members of the Com13 mission other than the Chair); 

14 ‘‘(B) the distribution of business among per15 sonnel appointed and supervised by the Chair 

16 and among administrative units of the Bureau; 

17 and 

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

19 ‘‘(3) LIMITATION.—In carrying out any of the 

20 Chair’s functions under the provisions of this sub21 section the Chair shall be governed by general policies 

22 of the Commission and by such regulatory decisions, 

23 findings, and determinations as the Commission may 

24 by law be authorized to make. 


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1 ‘‘(4) REQUESTS OR ESTIMATES RELATED TO AP2 PROPRIATIONS.—Requests or estimates for regular, 

3 supplemental, or deficiency appropriations on behalf 

4 of the Commission may not be submitted by the Chair 

5 without the prior approval of the Commission. 

6 ‘‘(f) NO IMPAIRMENT BY REASON OF VACANCIES.—No 

7 vacancy in the members of the Commission shall impair 

8 the right of the remaining members of the Commission to 

9 exercise all the powers of the Commission. Three members 

10 of the Commission shall constitute a quorum for the trans11 action of business, except that if there are only 3 members 

12 serving on the Commission because of vacancies in the Com13 mission, 2 members of the Commission shall constitute a 

14 quorum for the transaction of business. If there are only 

15 2 members serving on the Commission because of vacancies 

16 in the Commission, 2 members shall constitute a quorum 

17 for the 6-month period beginning on the date of the vacancy 

18 which caused the number of Commission members to decline 

19 to 2. 

20 ‘‘(g) SEAL.—The Commission shall have an official 

21 seal. 

22 ‘‘(h) COMPENSATION.— 

23 ‘‘(1) CHAIR.—The Chair shall receive compensa24 tion at the rate prescribed for level I of the Executive 


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1 Schedule under section 5313 of title 5, United States 

2 Code. 

3 ‘‘(2) OTHER MEMBERS OF THE COMMISSION.— 

4 The 3 other members of the Commission appointed 

5 under subsection (c)(1) shall each receive compensa6 tion at the rate prescribed for level II of the Executive 

7 Schedule under section 5314 of title 5, United States 

8 Code. 

9 ‘‘(i) INITIAL QUORUM ESTABLISHED.—During any 

10 time period prior to the confirmation of at least two mem11 bers of the Commission, one member of the Commission 

12 shall constitute a quorum for the transaction of business. 

13 Following the confirmation of at least 2 additional commis14 sioners, the quorum requirements of subsection (f) shall 

15 apply.’’. 

16 SEC. 3. CONFORMING AMENDMENTS. 

17 (a) CONSUMER FINANCIAL PROTECTION ACT OF

18 2010.— 

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

20 paragraph (2), the Consumer Financial Protection 

21 Act of 2010 is amended— 

22 (A) by striking ‘‘Director of the’’ each place 

23 such term appears, other than where such term 

24 is used to refer to a Director other than the DiVerDate Mar 15 2010 22:12 Feb 06, 2014 Jkt 039200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6203 E:\BILLS\H2446.RH H2446

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1 rector of the Bureau of Consumer Financial Pro2 tection; 

3 (B) by striking ‘‘Director’’ each place such 

4 term appears and inserting ‘‘Bureau’’, other 

5 than where such term is used to refer to a Direc6 tor other than the Director of the Bureau of Con7 sumer Financial Protection; and 

8 (C) in section 1002, by striking paragraph 

9 (10). 

10 (2) EXCEPTIONS.—The Consumer Financial Pro11 tection Act of 2010 is amended— 

12 (A) in section 1012(c)(4), by striking ‘‘Di13 rector’’ each place such term appears and insert14 ing ‘‘Commission of the Bureau’’; 

15 (B) in section 1013(c)(3)— 

16 (i) by striking ‘‘Assistant Director of 

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

18 Office of’’; and 

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

20 ‘‘Assistant Director’’ and inserting ‘‘Head 

21 of the Office’’; 

22 (C) in section 1013(g)(2)— 

23 (i) by striking ‘‘ASSISTANT DIRECTOR’’ 

24 and inserting ‘‘HEAD OF THE OFFICE’’; and 


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

2 and inserting ‘‘a Head of the Office of Fi3 nancial Protection for Older Americans’’; 

4 (D) in section 1016(a), by striking ‘‘Direc5 tor of the Bureau’’ and inserting ‘‘Chair of the 

6 Commission’’; and 

7 (E) in section 1066(a), by striking ‘‘Direc8 tor of the Bureau is’’ and inserting ‘‘first mem9 ber of the Commission is’’. 

10 (b) DODD-FRANK WALL STREET REFORM AND CON11 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

12 Reform and Consumer Protection Act is amended— 

13 (1) in section 111(b)(1)(D), by striking ‘‘Direc14 tor’’ and inserting ‘‘Chair of the Commission’’; and 

15 (2) in section 1447, by striking ‘‘Director of the 

16 Bureau’’ each place such term appears and inserting 

17 ‘‘Bureau’’. 

18 (c) ELECTRONIC FUND TRANSFER ACT.—Section 

19 920(a)(4)(C) of the Electronic Fund Transfer Act, as added 

20 by section 1075(a)(2) of the Consumer Financial Protection 

21 Act of 2010, is amended by striking ‘‘Director of the Bureau 

22 of Consumer Financial Protection’’ and inserting ‘‘Bureau 

23 of Consumer Financial Protection’’. 

24 (d) EXPEDITED FUNDS AVAILABILITY ACT.—The Ex25 pedited Funds Availability Act, as amended by section 1086 


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1 of the Consumer Financial Protection Act of 2010, is 

2 amended by striking ‘‘Director of the Bureau’’ each place 

3 such term appears and inserting ‘‘Bureau’’. 

4 (e) FEDERAL DEPOSIT INSURANCE ACT.—Section 2 of 

5 the Federal Deposit Insurance Act, as amended by section 

6 336(a) of the Dodd-Frank Wall Street Reform and Con7 sumer Protection Act, is amended by striking ‘‘Director of 

8 the Consumer Financial Protection Bureau’’ each place 

9 such term appears and inserting ‘‘Chair of the Commission 

10 of the Bureau of Consumer Financial Protection’’. 

11 (f) FEDERAL FINANCIAL INSTITUTIONS EXAMINATION

12 COUNCIL ACT OF 1978.—Section 1004(a)(4) of the Federal 

13 Financial Institutions Examination Council Act of 1978 

14 (12 U.S.C. 3303(a)(4)), as amended by section 1091 of the 

15 Consumer Financial Protection Act of 2010, is amended by 

16 striking ‘‘Director of the Consumer Financial Protection 

17 Bureau’’ and inserting ‘‘Chair of the Commission of the Bu18 reau of Consumer Financial Protection’’. 

19 (g) FINANCIAL LITERACY AND EDUCATION IMPROVE20 MENT ACT.—Section 513 of the Financial Literacy and 

21 Education Improvement Act, as amended by section 

22 1013(d)(5) of the Consumer Financial Protection Act of 

23 2010, is amended by striking ‘‘Director’’ each place such 

24 term appears and inserting ‘‘Chair of the Commission’’. 


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

2 Section 307 of the Home Mortgage Disclosure Act of 1975, 

3 as amended by section 1094(6) of the Consumer Financial 

4 Protection Act of 2010, is amended by striking ‘‘Director 

5 of the Bureau of Consumer Financial Protection’’ each 

6 place such term appears and inserting ‘‘Bureau of Con7 sumer Financial Protection’’. 

8 (i) INTERSTATE LAND SALES FULL DISCLOSURE

9 ACT.—The Interstate Land Sales Full Disclosure Act, as 

10 amended by section 1098A of the Consumer Financial Pro11 tection Act of 2010, is amended— 

12 (1) by amending section 1402(1) to read as fol13 lows: 

14 ‘‘(1) ‘Chair’ means the Chair of the Commission 

15 of the Bureau of Consumer Financial Protection;’’; 

16 and 

17 (2) in section 1416(a), by striking ‘‘Director of 

18 the Bureau of Consumer Financial Protection’’ and 

19 inserting ‘‘Chair’’. 

20 (j) REAL ESTATE SETTLEMENT PROCEDURES ACT OF

21 1974.—Section 5 of the Real Estate Settlement Procedures 

22 Act of 1974, as amended by section 1450 of the Dodd-Frank 

23 Wall Street Reform and Consumer Protection Act, is 

24 amended— 


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

2 Consumer Financial Protection (hereafter in this sec3 tion referred to as the ‘Director’)’’ and inserting ‘‘The 

4 Bureau of Consumer Financial Protection’’; and 

5 (2) by striking ‘‘Director’’ each place such term 

6 appears and inserting ‘‘Bureau’’. 

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

8 The S.A.F.E. Mortgage Licensing Act of 2008, as amended 

9 by section 1100 of the Consumer Financial Protection Act 

10 of 2010, is amended— 

11 (1) by striking ‘‘Director’’ each place such term 

12 appears in headings and text, other than where such 

13 term is used in the context of the Director of the Of14 fice of Thrift Supervision, and inserting ‘‘Bureau’’; 

15 and 

16 (2) in section 1503, by striking paragraph (10). 

17 (l) TITLE 44, UNITED STATES CODE.—Section 3513(c) 

18 of title 44, United States Code, as amended by section 

19 1100D(b) of the Consumer Financial Protection Act of 

20 2010, is amended by striking ‘‘Director of the Bureau’’ and 

21 inserting ‘‘Bureau’’. 


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Union Calendar No. 255 

113TH CONGRESS 

2D SESSION H. R. 2446 

[Report No. 113–345] 

A BILL 

To replace the Director of the Bureau of Consumer 

sion. Financial Protection with a five person CommisFEBRUARY 6, 2014 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


emcdonald on DSK67QTVN1PROD with BILLS