II 

113TH CONGRESS 

1ST SESSION S. 205 

To replace the Director of the Bureau of Consumer Financial Protection 

with a 5-person Commission, to bring the Bureau into the regular appropriations process, to provide for a safety and soundness check, and 

for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JANUARY 31, 2013 

Mr. MORAN introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To replace the Director of the Bureau of Consumer Financial 

Protection with a 5-person Commission, to bring the 

Bureau into the regular appropriations process, to provide for a safety and soundness check, 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 ‘‘Responsible Consumer 

5 Financial Protection Regulations Act of 2013’’. 


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1 SEC. 2. ESTABLISHMENT OF THE COMMISSION. 

2 Section 1011 of the Consumer Financial Protection 

3 Act of 2010 (12 U.S.C. 5491) is amended— 

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

5 (2) by redesignating subsection (e) as sub6 section (j); and 

7 (3) by inserting after subsection (a) the fol8 lowing new subsections: 

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

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

11 a commission (hereafter in this title referred to as 

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

13 Bureau. 

14 ‘‘(2) AUTHORITY TO PRESCRIBE REGULA15 TIONS.—The Commission may prescribe such regu16 lations and issue such orders in accordance with this 

17 title as the Commission may determine to be nec18 essary for carrying out this title and all other laws 

19 within the jurisdiction of the Commission, and shall 

20 exercise any authorities granted under this title and 

21 all other laws within the jurisdiction of the Commis22 sion. 

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

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

25 composed of 5 members, who shall be appointed by 


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1 the President, by and with the advice and consent 

2 of the Senate, from among individuals who— 

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

4 ‘‘(B) have strong competencies and experi5 ences related to consumer financial protection. 

6 ‘‘(2) STAGGERING.—The members of the Com7 mission shall serve staggered terms, which initially 

8 shall be established by the President for terms of 1, 

9 2, 3, 4, and 5 years, respectively. 

10 ‘‘(3) TERMS.— 

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

12 Commission, including the Chair, shall serve for 

13 a term of 5 years. 

14 ‘‘(B) REMOVAL FOR CAUSE.—The Presi15 dent may remove any member of the Commis16 sion only for inefficiency, neglect of duty, or 

17 malfeasance in office. 

18 ‘‘(C) VACANCIES.—Any member of the 

19 Commission appointed to fill a vacancy occur20 ring before the expiration of the term to which 

21 the predecessor of that member was appointed 

22 (including the Chair) shall be appointed only 

23 for the remainder of the term. 

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

25 member of the Commission may continue to 


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1 serve after the expiration of the term of office 

2 to which that member was appointed until a 

3 successor has been appointed by the President 

4 and confirmed by the Senate, except that a 

5 member may not continue to serve more than 1 

6 year after the date on which the term of that 

7 member would otherwise expire. 

8 ‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 

9 No member of the Commission shall engage in 

10 any other business, vocation, or employment 

11 during the term of service of that member on 

12 the Commission. 

13 ‘‘(d) AFFILIATION.—With respect to members ap14 pointed pursuant to subsection (c), not more than 3 shall 

15 be members of any one political party. 

16 ‘‘(e) CHAIR OF THE COMMISSION.— 

17 ‘‘(1) APPOINTMENT.—The Chair of the Com18 mission shall be appointed by the President from 

19 among the members of the Commission. 

20 ‘‘(2) AUTHORITY.—The Chair shall be the prin21 cipal executive officer of the Bureau, and shall exer22 cise all of the executive and administrative functions 

23 of the Bureau, including with respect to— 

24 ‘‘(A) the appointment and supervision of 

25 personnel employed under the Bureau (other 


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1 than personnel employed regularly and full time 

2 in the immediate offices of members of the 

3 Commission other than the Chair); 

4 ‘‘(B) the distribution of business among 

5 personnel appointed and supervised by the 

6 Chair and among administrative units of the 

7 Bureau; and 

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

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

10 functions of the Chair under this subsection, the 

11 Chair shall be governed by general policies of the 

12 Commission and by such regulatory decisions, find13 ings, and determinations as the Commission may by 

14 law be authorized to make. 

15 ‘‘(4) REQUESTS OR ESTIMATES RELATED TO

16 APPROPRIATIONS.—Requests or estimates for reg17 ular, supplemental, or deficiency appropriations on 

18 behalf of the Commission may not be submitted by 

19 the Chair without the prior approval of the Commis20 sion. 

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

22 No vacancy in the membership of the Commission shall 

23 impair the right of the remaining members of the Commis24 sion to exercise all the powers of the Commission. Three 

25 members of the Commission shall constitute a quorum for 


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1 the transaction of business, except that if there are only 

2 3 members serving on the Commission because of vacan3 cies in the membership of the Commission, 2 members of 

4 the Commission shall constitute a quorum for the trans5 action of business. If there are only 2 members serving 

6 on the Commission because of vacancies in the member7 ship of the Commission, 2 members shall constitute a 

8 quorum for the 6-month period beginning on the date of 

9 the vacancy which caused the number of Commission 

10 members to decline to 2. 

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

12 seal. 

13 ‘‘(h) COMPENSATION.— 

14 ‘‘(1) CHAIR.—The Chair shall receive com15 pensation at the rate prescribed for level I of the 

16 Executive Schedule under section 5313 of title 5, 

17 United States Code. 

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

19 The 4 members of the Commission other than the 

20 Chair shall each receive compensation at the rate 

21 prescribed for level II of the Executive Schedule 

22 under section 5314 of title 5, United States Code. 

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

24 time period prior to the date of confirmation of at least 

25 2 members of the Commission, one member of the ComVerDate Mar 15 2010 18:38 Feb 08, 2013 Jkt 029200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\S205.IS S205

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1 mission shall constitute a quorum for the transaction of 

2 business. Following the confirmation of at least 2 addi3 tional commissioners, the quorum requirements of sub4 section (f) shall apply.’’. 

5 SEC. 3. BRINGING THE BUREAU INTO THE REGULAR AP6 PROPRIATIONS PROCESS. 

7 Section 1017 of the Consumer Financial Protection 

8 Act of 2010 (12 U.S.C. 5497) is amended— 

9 (1) in subsection (a)— 

10 (A) by amending the heading of such sub11 section to read as follows: ‘‘BUDGET, FINAN12 CIAL MANAGEMENT, AND AUDIT.—’’; 

13 (B) by striking paragraphs (1), (2), and 

14 (3); 

15 (C) by redesignating paragraphs (4) and 

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

17 (D) by striking subparagraphs (E) and (F) 

18 of paragraph (1), as so redesignated; 

19 (2) by striking subsections (b), (c), and (d); 

20 (3) by redesignating subsection (e) as sub21 section (b); and 

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

23 (A) by striking paragraphs (1), (2), and 

24 (3) and inserting the following: 


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1 ‘‘(1) AUTHORIZATION OF APPROPRIATIONS.— 

2 There is authorized to be appropriated to the Bu3 reau, to carry out this title— 

4 ‘‘(A) not more than $143,000,000 for fis5 cal year 2013; and 

6 ‘‘(B) not more than $329,000,000 for fis7 cal year 2014.’’; and 

8 (B) by redesignating paragraph (4) as 

9 paragraph (2). 

10 SEC. 4. SAFETY AND SOUNDNESS CHECK. 

11 Section 1022(b)(2)(A) of the Consumer Financial 

12 Protection Act of 2010 (12 U.S.C. 5497(b)(2)(A)) is 

13 amended— 

14 (1) in clause (i), by striking ‘‘and’’ at the end; 

15 (2) in clause (ii), by inserting ‘‘and’’ at the end; 

16 and 

17 (3) by adding at the end the following: 

18 ‘‘(iii) the impact of such rule on the 

19 financial safety or soundness of an insured 

20 depository institution;’’. 

21 SEC. 5. CONFORMING AMENDMENTS. 

22 (a) CONSUMER FINANCIAL PROTECTION ACT OF

23 2010.— 


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

2 paragraph (1), the Consumer Financial Protection 

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

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

5 place such term appears, other than where such 

6 term is used to refer to a Director other than 

7 the Director of the Bureau of Consumer Finan8 cial Protection; 

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

10 term appears, other than where such term is 

11 used to refer to a Director other than the Di12 rector of the Bureau of Consumer Financial 

13 Protection, and inserting ‘‘Bureau’’; and 

14 (C) in section 1002, by striking paragraph 

15 (10) and inserting the following: 

16 ‘‘(10) [Reserved].’’. 

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 1012(c)(4) (12 U.S.C. 

21 5492(c)(4)), by striking ‘‘Director’’ each place 

22 such term appears and inserting ‘‘Commission 

23 of the Bureau’’; 

24 (B) in section 1013(c)(3) (12 U.S.C. 

25 5493(c)(3))— 


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1 (i) by striking ‘‘Assistant Director of 

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

3 the Office of’’; and 

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

5 ‘‘Assistant Director’’ and inserting ‘‘Head 

6 of the Office’’; 

7 (C) in section 1013(g)(2) (12 U.S.C. 

8 5493(g)(2))— 

9 (i) in the paragraph heading, by strik10 ing ‘‘ASSISTANT DIRECTOR’’ and inserting 

11 ‘‘HEAD OF THE OFFICE’’; and 

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

13 and inserting ‘‘a Head of the Office of Fi14 nancial Protection for Older Americans’’; 

15 (D) in section 1016(a) (12 U.S.C. 

16 5496(a)), by striking ‘‘Director of the Bureau’’ 

17 and inserting ‘‘Chair of the Commission’’; and 

18 (E) in section 1066(a) (12 U.S.C. 

19 5586(a)), by striking ‘‘Director of the Bureau 

20 is’’ and inserting ‘‘first member of the Commis21 sion is’’. 

22 (b) DODD-FRANK WALL STREET REFORM AND CON23 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

24 Reform and Consumer Protection Act (Public Law 111– 

25 203) is amended— 


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1 (1) in section 111(b)(1)(D) (12 U.S.C. 5321), 

2 by striking ‘‘Director’’ and inserting ‘‘Chair of the 

3 Commission’’; and 

4 (2) in section 1447 (12 U.S.C. 1701p–2), by 

5 striking ‘‘Director of the Bureau’’ each place such 

6 term appears and inserting ‘‘Bureau’’. 

7 (c) ELECTRONIC FUND TRANSFER ACT.—Section 

8 920(a)(4)(C) of the Electronic Fund Transfer Act (15 

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

10 of the Consumer Financial Protection Act of 2010, is 

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

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

13 Financial Protection’’. 

14 (d) EXPEDITED FUNDS AVAILABILITY ACT.—The 

15 Expedited Funds Availability Act (12 U.S.C. 4001 et 

16 seq.), as amended by section 1086 of the Consumer Finan17 cial Protection Act of 2010, is amended by striking ‘‘Di18 rector of the Bureau’’ each place such term appears and 

19 inserting ‘‘Bureau’’. 

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

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

22 as amended by section 336(a) of the Dodd-Frank Wall 

23 Street Reform and Consumer Protection Act, is amended 

24 by striking ‘‘Director of the Consumer Financial Protec25 tion Bureau’’ each place such term appears and inserting 


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1 ‘‘Chair of the Commission of the Bureau of Consumer Fi2 nancial Protection’’. 

3 (f) FEDERAL FINANCIAL INSTITUTIONS EXAMINA4 TION COUNCIL ACT OF 1978.—Section 1004(a)(4) of the 

5 Federal Financial Institutions Examination Council Act of 

6 1978 (12 U.S.C. 3303(a)(4)), as amended by section 1091 

7 of the Consumer Financial Protection Act of 2010, is 

8 amended by striking ‘‘Director of the Consumer Financial 

9 Protection Bureau’’ and inserting ‘‘Chair of the Commis10 sion of the Bureau of Consumer Financial Protection’’. 

11 (g) FINANCIAL LITERACY AND EDUCATION IM12 PROVEMENT ACT.—Section 513 of the Financial Literacy 

13 and Education Improvement Act (20 U.S.C. 9702), as 

14 amended by section 1013(d) of the Consumer Financial 

15 Protection Act of 2010, is amended by striking ‘‘Director’’ 

16 each place such term appears and inserting ‘‘Chair of the 

17 Commission’’. 

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

19 Section 307 of the Home Mortgage Disclosure Act of 1975 

20 (12 U.S.C. 2806), as amended by section 1094(6) of the 

21 Consumer Financial Protection Act of 2010, is amended 

22 by striking ‘‘Director of the Bureau of Consumer Finan23 cial Protection’’ each place such term appears and insert24 ing ‘‘Bureau of Consumer Financial Protection’’. 


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1 (i) INTERSTATE LAND SALES FULL DISCLOSURE

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

3 U.S.C. 1701 et seq.), as amended by section 1098A of the 

4 Consumer Financial Protection Act of 2010, is amended— 

5 (1) in section 1402, by striking paragraph (1) 

6 and inserting the following: 

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

8 the Bureau of Consumer Financial Protection;’’; and 

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

10 the Bureau of Consumer Financial Protection’’ and 

11 inserting ‘‘Chair’’. 

12 (j) REAL ESTATE SETTLEMENT PROCEDURES ACT

13 OF 1974.—Section 5 of the Real Estate Settlement Proce14 dures Act of 1974 (12 U.S.C. 2604), as amended by sec15 tion 1450 of the Dodd-Frank Wall Street Reform and 

16 Consumer Protection Act, 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 Bureau of Consumer Financial Protection’’; 

21 and 

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

23 appears and inserting ‘‘Bureau’’. 

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

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


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1 5101), as amended by section 1100 of the Consumer Fi2 nancial Protection Act of 2010, is amended— 

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

4 appears, other than where such term is used in the 

5 context of the Director of the Office of Thrift Super6 vision, and inserting ‘‘Bureau’’; and 

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

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

9 3513(c) of title 44, United States Code, as amended by 

10 section 1100D(b) of the Consumer Financial Protection 

11 Act of 2010, is amended by striking ‘‘Director of the Bu12 reau’’ and inserting ‘‘Bureau’’. 

Æ 


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