IB 

Union Calendar No. 35 

116TH CONGRESS 

1ST SESSION H. R. 1500 

[Report No. 116–57, Part I] 

To require the Consumer Financial Protection Bureau to meet its statutory 

purpose, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 5, 2019 

Ms. WATERS (for herself, Mrs. CAROLYN B. MALONEY of New York, Ms. 

VELA ́ZQUEZ, Mr. SHERMAN, Mr. MEEKS, Mr. CLAY, Mr. DAVID SCOTT

of Georgia, Mr. GREEN of Texas, Mr. CLEAVER, Mr. PERLMUTTER, Mr. 

HIMES, Mr. FOSTER, Mrs. BEATTY, Mr. HECK, Mr. VARGAS, Mr. GONZALEZ of Texas, Mr. LAWSON of Florida, Mr. SAN NICOLAS, Ms. TLAIB, 

Ms. PORTER, Mrs. AXNE, Ms. PRESSLEY, Ms. OCASIO-CORTEZ, Ms. 

WEXTON, Mr. LYNCH, Ms. GABBARD, Ms. ADAMS, Ms. DEAN, Mr. 

GARCI ́A of Illinois, and Ms. GARCIA of Texas) introduced the following 

bill; which was referred to the Committee on Financial Services, and in 

addition to the Committee on Education and Labor, for a period to be 

subsequently determined by the Speaker, in each case for consideration 

of such provisions as fall within the jurisdiction of the committee concerned 

MAY 10, 2019 

Reported from the Committee on Financial Services with an amendment 

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

MAY 10, 2019 

Committee on Education and Labor discharged; committed to the Committee 

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

[For text of introduced bill, see copy of bill as introduced on March 5, 2019] 


pamtmann on DSKBFK8HB2PROD with BILLS
2 

•HR 1500 RH

A BILL 

To require the Consumer Financial Protection Bureau to 

meet its statutory purpose, and for other purposes. 


pamtmann on DSKBFK8HB2PROD with BILLS
3 

•HR 1500 RH

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; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Consumers First Act’’. 

6 (b) TABLE OF CONTENTS.—The table of contents for 

7 this Act is as follows: 

Sec. 1. Short title; table of contents. 

Sec. 2. Findings; sense of Congress. 

Sec. 3. Consumer Financial Protection Bureau. 

Sec. 4. Conforming amendments. 

Sec. 5. Executive and administration powers. 

Sec. 6. Offices of the Consumer Financial Protection Bureau. 

Sec. 7. Consumer Advisory Board reforms. 

Sec. 8. Effective date. 

8 SEC. 2. FINDINGS; SENSE OF CONGRESS. 

9 (a) FINDINGS.—The Congress finds the following: 

10 (1) The Dodd-Frank Wall Street Reform and 

11 Consumer Protection Act (Public Law 111–203) 

12 (‘‘Dodd-Frank’’), was signed into law on July 21, 

13 2010, in order to, among other things, advance the 

14 goals of protecting consumers from predatory finan15 cial services practices and products that led to the 

16 2007–2009 financial crisis. 

17 (2) Title X of Dodd-Frank established a new 

18 Federal independent watchdog, known as the Con19 sumer Financial Protection Bureau (‘‘Consumer Bu20 reau’’), with broad authority to ensure that all hard21 working consumers are given clear, accurate informaVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
4 

•HR 1500 RH

1 tion that they need to shop for mortgages, credit 

2 cards, and other consumer financial products or serv3 ices and to protect consumers from hidden fees, abu4 sive terms, and other unfair, deceptive, or abusive 

5 acts or practices through strong implementation and 

6 enforcement of Federal consumer financial laws. 

7 (3) Before the Consumer Bureau was established, 

8 Federal financial regulators were tasked with the dual 

9 responsibilities of supervising institutions for safety 

10 and soundness and compliance with consumer protec11 tions under Federal consumer financial laws. These 

12 agencies often prioritized the profitability of their reg13 ulated entities over the protection of consumers, even 

14 when institutions were found to have engaged in 

15 practices detrimental to their own customers’ finan16 cial well-being. 

17 (4) Congress purposefully created the inde18 pendent Consumer Bureau within the Federal Reserve 

19 System to address past regulatory gaps in our coun20 try’s financial regulatory regime—gaps that resulted 

21 in the most severe global financial crisis since the 

22 Great Depression. Among other things, Federal finan23 cial regulators were too reluctant to exercise their 

24 rulemaking, supervisory, and enforcement authorities 

25 to protect consumers from the misdeeds of the ConVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
5 

•HR 1500 RH

1 sumer Bureau’s regulated entities. In creating the 

2 Consumer Bureau, Congress explicitly laid out in 

3 statute the Consumer Bureau’s purpose, five objec4 tives, and six primary functions. Specifically: 

5 (A) Section 1021(a) of Dodd-Frank states 

6 that the Consumer Bureau, ‘‘shall seek to imple7 ment and, where applicable, enforce Federal con8 sumer financial law consistently for the purpose 

9 of ensuring that all consumers have access to 

10 markets for consumer financial products and 

11 services and that markets for consumer financial 

12 products and services are fair, transparent, and 

13 competitive’’. 

14 (B) Section 1021(b) of Dodd-Frank author15 izes the Consumer Bureau, ‘‘to exercise its au16 thorities under Federal consumer financial law 

17 for the purposes of ensuring that, with respect to 

18 consumer financial products and services—(1) 

19 consumers are provided with timely and under20 standable information to make responsible deci21 sions about financial transactions; (2) consumers 

22 are protected from unfair, deceptive, or abusive 

23 acts and practices and from discrimination; (3) 

24 outdated, unnecessary, or unduly burdensome 

25 regulations are regularly identified and adVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
6 

•HR 1500 RH

1 dressed in order to reduce unwarranted regu2 latory burdens; (4) Federal consumer financial 

3 law is enforced consistently, without regard to 

4 the status of a person as a depository institution, 

5 in order to promote fair competition; and (5) 

6 markets for consumer financial products and 

7 services operate transparently and efficiently to 

8 facilitate access and innovation.’’. 

9 (C) Section 1021(c) of Dodd-Frank estab10 lishes the primary functions of the Consumer 

11 Bureau to be, ‘‘(1) conducting financial edu12 cation programs; (2) collecting, investigating, 

13 and responding to consumer complaints; (3) col14 lecting, researching, monitoring, and publishing 

15 information relevant to the functioning of mar16 kets for consumer financial products and services 

17 to identify risks to consumers and the proper 

18 functioning of such markets; (4) subject to sec19 tions 1024 through 1026, supervising covered 

20 persons for compliance with Federal consumer fi21 nancial law, and taking appropriate enforcement 

22 action to address violations of Federal consumer 

23 financial law; (5) issuing rules, orders, and 

24 guidance implementing Federal consumer finan25 cial law; and (6) performing such support acVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
7 

•HR 1500 RH

1 tivities as may be necessary or useful to facili2 tate the other functions of the Bureau.’’. 

3 (5) In doing so, Congress explicitly laid out these 

4 consumer-focused purpose, objectives, and primary 

5 functions for the Consumer Bureau to ensure that all 

6 consumers and all communities are protected. This is 

7 of extreme importance to communities of color who 

8 have been disproportionately impacted by the inequi9 ties of the financial system, resulting in an extreme 

10 racial wealth divide. Decades of segregation and dis11 crimination have prevented consumers of colors from 

12 amassing wealth equal to their white counterparts, 

13 while predatory financial practices of have stripped 

14 consumers of color of their nominal existing wealth. 

15 For example, over the past 30 years, the average 

16 wealth of White families has grown by 84 percent— 

17 1.2 times the rate of growth for the Latino population 

18 and three times the rate of growth for the Black popu19 lation. In light of historical practices and current-day 

20 disparities in banking and lending practices, the Con21 sumer Bureau plays a key role in protecting commu22 nities of color from wealth-stripping financial prod23 ucts and ensuring their right to wealth building op24 portunities. The agency’s enforcement actions in auto 

25 lending, mortgages, and credit cards, and its ruleVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
8 

•HR 1500 RH

1 making efforts have sought to address the predatory 

2 financial products such as payday loans and prepaid 

3 cards that are prolific in communities of color. The 

4 Consumer Bureau is essential in protecting vulnerable 

5 communities from discriminatory financial practices 

6 that has both perpetuated and exacerbated the racial 

7 wealth gap. 

8 (6) Under Dodd-Frank, the Deputy Director of 

9 the Consumer Bureau shall serve as the Acting Direc10 tor in the absence or unavailability of the Director, 

11 until the President appoints and the Senate confirms 

12 a new Director. Despite the plain letter of the law es13 tablishing a succession order to fill a vacancy in the 

14 Director’s position and the clear legislative history 

15 underscoring the importance of having an inde16 pendent Federal consumer-focused agency, when the 

17 Consumer Bureau Director Richard Cordray resigned 

18 in November 2017, President Trump refused to recog19 nize the Deputy Director as the rightful head of the 

20 agency and instead installed Mr. Mick Mulvaney, the 

21 Director of the White House Office of Management 

22 and Budget, to serve as the Consumer Bureau’s Act23 ing Director. This appointment of a White House 

24 cabinet official to run the Consumer Bureau raises 


pamtmann on DSKBFK8HB2PROD with BILLS
9 

•HR 1500 RH

1 profound conflict of interest questions and under2 mines the vital independent nature of the agency. 

3 (7) Additionally, the position of Acting Director 

4 is, by its nature, intended to be a temporary assign5 ment to maintain the status quo at an agency and to 

6 ensure the agency is fulfilling its statutory purpose 

7 and mandates, until the President appoints, and the 

8 Senate confirms a permanent Director. Nevertheless, 

9 during his tenure, Mr. Mulvaney instituted drastic 

10 and severe changes to the Consumer Bureau’s daily 

11 operations and priorities contrary to the agency’s 

12 statutory purpose and mandates. 

13 (8) The daily operations of a Federal agency are 

14 guided by its official mission contained in its long15 term strategic plan. The Consumer Bureau’s mission 

16 should embrace both the spirit and plain letter of the 

17 law by fully recognizing the agency’s statutory pur18 pose, objectives, and functions. It is troubling that the 

19 Consumer Bureau, under Mr. Mulvaney, issued a 

20 Strategic Plan for Fiscal Year (‘‘FY’’) 2018–FY 2022 

21 that appears to deemphasize the Consumer Bureau’s 

22 core mandate under section 1021(a) of Dodd-Frank 

23 to, ‘‘enforce Federal consumer financial law consist24 ently for the purpose of ensuring that all consumers 

25 have access to markets for consumer financial prodVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
10 

•HR 1500 RH

1 ucts and services’’, by not referencing the importance 

2 of enforcement in its mission. Instead, it emphasizes 

3 financial education by stating that the agency’s new 

4 mission is, ‘‘[t]o regulate the offering and provision 

5 of consumer financial products or services under the 

6 Federal consumer financial laws and to educate and 

7 empower consumers to make better informed financial 

8 decisions’’. This is in stark contrast from the Con9 sumer Bureau’s Strategic Plan for FY 2013–FY 2017, 

10 which stated that the agency’s mission is helping, 

11 ‘‘consumer finance markets work by making rules 

12 more effective, by consistently and fairly enforcing 

13 those rules, and by empowering consumers to take 

14 more control over their economic lives’’ (emphasis 

15 added). 

16 (9) Mr. Mulvaney has been praised by the White 

17 House for his efforts to undermine the Consumer Bu18 reau, with one anonymous advisor acknowledging in 

19 a July 24, 2018, Politico article that, ‘‘His mission 

20 was to blow that up, which he has. He is very well21 suited to the chaos.’’. Mr. Mulvaney’s misguided ac22 tions have included, among other things— 

23 (A) stopping payments from the Civil Pen24 alty Fund to harmed consumers; 


pamtmann on DSKBFK8HB2PROD with BILLS
11 

•HR 1500 RH

1 (B) trying to reduce the Consumer Bureau’s 

2 funding and staffing by initially requesting $0 

3 be transferred from the Federal Reserve Board of 

4 Governors to carry out the agency’s work, impos5 ing a freeze on hiring professional career staff, 

6 and by arbitrarily directing staff to cut the 

agency’s budget by 1 7 ⁄5; 

8 (C) politicizing the work of the Consumer 

9 Bureau by making unusual efforts to fill the 

10 independent agency with political appointees; 

11 (D) reducing the Consumer Bureau’s en12 forcement work, including taking only six en13 forcement actions in the first three quarters of 

14 2018 (compared with 54 enforcement actions 

15 taken by the agency in 2015, 42 enforcement ac16 tions in 2016 and 36 enforcement actions in 

17 2017), and dropping existing lawsuits and inves18 tigations into predatory payday lenders; 

19 (E) taking steps that would undermine ef20 forts to promote fair lending and combat dis21 criminatory practices, including by hiring, and 

22 later refusing to remove, a political appointee 

23 with a history of racist written commentary to 

24 oversee the Office of Supervision, Enforcement, 

25 and Fair Lending, stripping away the enforceVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
12 

•HR 1500 RH

1 ment powers of the Office of Fair Lending and 

2 Equal Opportunity, seeking to curb the Con3 sumer Bureau’s data collection under the Home 

4 Mortgage Disclosure Act, and indicating the 

5 Consumer Bureau would reconsider its approach 

6 toward enforcing the Equal Credit Opportunity 

7 Act; 

8 (F) changing the role of the Office of Stu9 dents and Young Consumers and, according to 

10 an August 27, 2018, resignation letter from Seth 

11 Frotman, the Consumer Bureau’s former Assist12 ant Director and Student Loan Ombudsman, 

13 ‘‘when new evidence came to light showing that 

14 the nation’s largest banks were ripping off stu15 dents on campuses across the country by sad16 dling them with legally dubious account fees, Bu17 reau leadership suppressed the publication of a 

18 report prepared by Bureau staff’’; 

19 (G) abandoning the accepted and efficient 

20 practice of having its examiners review, as part 

21 of their routine examinations, creditors’ compli22 ance with the Military Lending Act in order to 

23 ensure the detection and assessment of risky ac24 tivities that could jeopardize vital protections 


pamtmann on DSKBFK8HB2PROD with BILLS
13 

•HR 1500 RH

1 provided to active-duty servicemembers and their 

2 families; 

3 (H) creating an Office of Cost Benefit Anal4 ysis that prioritizes businesses’ expenses over 

5 harm caused to consumers, and unduly con6 strains oversight of the Consumer Bureau’s regu7 lated entities; 

8 (I) freezing data collection to the detriment 

9 of supervision and enforcement; 

10 (J) seeking to block the publication of the 

11 nature of consumers’ complaints and how enti12 ties resolved them in the publicly available and 

13 transparent Consumer Complaint Database; 

14 (K) restricting key input and feedback from 

15 a wide range of external stakeholders by effec16 tively terminating members’ positions on three 

17 advisory boards, including the statutorily man18 dated Consumer Advisory Board; 

19 (L) proposing policies, including those re20 garding no-action letters, model disclosure pilot 

21 projects, and product sandboxes, that could put 

22 many kinds of financial institutions in an en23 forcement-free zone, letting bad actors that harm 

24 consumers off the hook entirely from enforcement, 

25 and allowing them to ignore the law; and 


pamtmann on DSKBFK8HB2PROD with BILLS
14 

•HR 1500 RH

1 (M) neglecting to impose promptly any civil 

2 money penalty on a bank when it was found to 

3 be, among other things, improperly obtaining 

4 consumer reports and furnishing to consumer re5 porting agencies inaccurate information about 

6 consumers’ credit. 

7 (10) The repeated efforts under Mr. Mulvaney’s 

8 leadership to hamstring the good work, passion, com9 mitment, and the capacity of dedicated professional, 

10 career Consumer Bureau staff to fulfill the agency’s 

11 statutory mission has likely contributed to low em12 ployee morale. According to a government-wide an13 nual survey published in December 2018 that was 

14 conducted by the nonprofit, nonpartisan Partnership 

15 for Public Service, the Consumer Bureau experienced 

16 the largest decline in employee morale for a govern17 ment agency of its size. A workplace with low morale 

18 undermines, among other things, the agency’s ability 

19 to hold bad actors accountable when they harm con20 sumers, and if unaddressed, will distort the func21 tioning of fair and competitive consumer market22 places. 

23 (11) Despite the fact that the agency has been re24 ferred to as the Consumer Financial Protection Bu25 reau since it was created in 2010, Mr. Mulvaney 


pamtmann on DSKBFK8HB2PROD with BILLS
15 

•HR 1500 RH

1 opted to change the agency’s well-known name. Al2 though this decision is supposedly intended to ensure 

3 that the agency is in compliance with Dodd-Frank, 

4 when this change is viewed in conjunction with the 

5 other detrimental actions to undermine the effective6 ness of the agency, it can only be interpreted as an 

7 attempt to reduce the public’s awareness of, and sig8 nificant support for, the agency’s role as the top Fed9 eral consumer cop as well as to obscure the public’s 

10 ability to easily identify the appropriate Federal 

11 agency to contact when faced with predatory behavior 

12 by financial actors. As such, while some may view 

13 this particular decision as minor, the action served as 

14 an important symbolic and literal maneuver by the 

15 Trump Administration, through its appointment of 

16 Mr. Mulvaney, to diminish and undermine the con17 sumer-focused mission of the Consumer Bureau. Di18 rector Kathy Kraninger, who was duly nominated by 

19 the President and confirmed by the Senate, an20 nounced plans in an email to staff on December 19, 

21 2018, to reverse course and return to utilizing the 

22 agency’s well-known name. However, questions re23 main regarding how this change will be implemented 

24 and to what extent the agency may continue to utilize 


pamtmann on DSKBFK8HB2PROD with BILLS
16 

•HR 1500 RH

1 Mr. Mulvaney’s preferred name in certain cir2 cumstances. 

3 (12) During Mr. Mulvaney’s more than 12- 

4 month tenure running the agency, he only appeared 

5 once before the House Financial Services Committee 

6 to discuss his activities at the Consumer Bureau. This 

7 is despite the fact that the law requires, at a min8 imum, the Director’s testimony before the Committee 

9 semi-annually. This weak congressional oversight 

10 under the direction of the previous Republican Major11 ity pales in comparison to their oversight of the Con12 sumer Bureau during former Director Richard 

13 Cordray’s tenure. During Director Cordray’s tenure, 

14 he and other senior Consumer Bureau officials testi15 fied before Congress more than 60 times; the agency 

16 was compelled to produce more than 200,000 pages of 

17 documents in response to over 90 letters of inquiry; 

18 more than 20 subpoenas were sent to the Consumer 

19 Bureau; and several of the Consumer Bureau’s former 

20 and current employees were compelled to sit for depo21 sitions over 21 days, that lasted 136 hours, and pro22 duced 3,194 pages of transcripts. 

23 (13) Dodd-Frank gives the Director of the Con24 sumer Bureau broad administrative and executive 

25 powers to, among other things: fix the number of, and 


pamtmann on DSKBFK8HB2PROD with BILLS
17 

•HR 1500 RH

1 appoint and direct, all employees of the agency; direct 

2 the establishment and maintenance of divisions or 

3 other offices within the agency; determine the char4 acter of, and the necessity for, the obligations and ex5 penditure of funds; and the use and expenditure of 

6 funds. These powers, however, are required to be exer7 cised in a manner consistent with carrying out the 

8 responsibilities under Title X of Dodd-Frank, which 

9 includes complying with the enumerated Federal con10 sumer financial laws under the Title, and satisfying 

11 the obligations in other applicable laws. Mr. 

12 Mulvaney’s destructive actions have demonstrated the 

13 need for legislation to reorient the Director’s discre14 tionary authority to ensure the maintenance of all 

15 statutorily mandated policies, functions, and offices of 

16 the Consumer Bureau regardless of who is leading the 

17 agency. 

18 (b) SENSE OF CONGRESS.—The following is the sense 

19 of Congress: 

20 (1) The Consumer Financial Protection Bureau 

21 should meet its statutory purpose in a transparent 

22 and accountable manner by operating in a way that 

23 is consistent with both the spirit and plain letter of 

24 the law. This includes the agency fully carrying out 

25 the agency’s statutory purpose, objectives, and funcVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
18 

•HR 1500 RH

1 tions, and the agency being transparent, timely, and 

2 responsive to all requests from Congress. 

3 (2) Dodd-Frank underscores that the agency is 

4 designed to serve as an independent Federal agency 

5 that is primarily focused on the protection of all con6 sumers, without any undue influence of partisan 

7 whims and special industry interests, in carrying out 

8 its responsibilities and duties. 

9 (3) The official name of the agency should be 

10 consistent with this mandate, and the agency should, 

11 figuratively and literally, put ‘‘Consumers’’ first by 

12 using its better-known name as the ‘‘Consumer Fi13 nancial Protection Bureau’’. Thus, any remaining 

14 utilization by the agency of the name, ‘‘Bureau of 

15 Consumer Financial Protection’’, or the acronym 

16 ‘‘BCFP’’, should cease in all forms. 

17 (4) The statute establishing the Consumer Bu18 reau has been grossly misinterpreted under Mr. 

19 Mulvaney’s leadership, in a manner that is incon20 sistent with the agency’s statutory purpose, objectives, 

21 and functions. One example of this was Mr. 

22 Mulvaney’s inane suggestion that the statutory re23 quirement for the Director to appear before relevant 

24 Congressional Committees to discuss its semi-annual 

25 reports could be interpreted as requiring the Director 


pamtmann on DSKBFK8HB2PROD with BILLS
19 

•HR 1500 RH

1 merely to attend a hearing and not answer questions, 

2 despite the well-established interpretation of a similar 

3 statutory requirement for the Chair of the Federal Re4 serve Board of Governors to appear before the House 

5 Financial Services Committee and the Senate Bank6 ing, Housing, and Urban Affairs Committee on a 

7 semi-annual basis about the monetary policy report, 

8 as required by the Humphrey-Hawkins Full Employ9 ment Act. In the face of such blatant and disrespectful 

10 attempts to warp the authorizing and oversight role 

11 of the first branch of the Federal Government—the 

12 United States Congress—by the Trump Administra13 tion, Congress must, in this instance, now refine the 

14 Consumer Bureau’s authority to ensure that the vital 

15 role that the Consumer Bureau should be playing 

16 within the country’s financial regulatory regime is 

17 not effectively destroyed by the agency’s current lead18 ership. 

19 (5) The Consumer Bureau, now under a new Di20 rector, should promptly reverse all anti-consumer ac21 tions taken during Mr. Mulvaney’s tenure, including 

22 the actions identified by this legislation, to ensure 

23 that the agency is fully complying with its statutory 

24 purpose, objectives, and functions to protect all con25 sumers, including communities of color and vulnerVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00019 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
20 

•HR 1500 RH

1 able populations. One important action is for the 

2 Consumer Bureau to resume robust fair lending en3 forcement to ensure that every consumer has fair and 

4 equal access to affordable financial products and serv5 ices. Another demonstration of this would be for the 

6 Consumer Bureau to immediately resume supervision 

7 of its regulated entities for compliance with the Mili8 tary Lending Act to ensure for the most robust and 

9 efficient protection of active-duty servicemembers and 

10 their families. Other examples include the Consumer 

11 Bureau significantly revising its strategic plan to 

12 align it with its statutory purpose, objectives and 

13 functions, and for the agency to immediately resume 

14 coordinating closely with other Federal agencies, such 

15 as the Department of Education and the Department 

16 of Defense, and State regulators, as is required by sec17 tion 1015 of Dodd-Frank to, ‘‘promote consistent reg18 ulatory treatment of consumer financial and invest19 ment products and services.’’ 

20 (6) While the legislation is a direct response to 

21 address many of the misguided decisions that have 

22 been orchestrated under Mr. Mulvaney’s leadership at 

23 the Consumer Bureau that have been exposed to the 

24 public, as of the date of the bill’s introduction, and 

25 sharply criticized by numerous Federal and State ofVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00020 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
21 

•HR 1500 RH

1 ficials, including law enforcement, as well as organi2 zations representing servicemembers, senior citizens, 

3 and other vulnerable consumer populations, this legis4 lation should not be viewed as an exhaustive list to 

5 fix all the damaging actions that may have occurred 

6 at this agency since the departure of former Director 

7 Cordray in November 2017, particularly since de8 tailed information revealing the full scope, nature, 

9 and extent of the current flawed operation of the 

10 agency, and the adverse impact resulting from these 

11 actions, may not yet be publicly available. Rather, 

12 this legislation should be interpreted as an attempt to 

13 highlight and resolve a small sample of the publicly 

14 known egregious statements, decisions, and actions 

15 that have occurred since November 2017. 

16 SEC. 3. CONSUMER FINANCIAL PROTECTION BUREAU. 

17 (a) IN GENERAL.—Section 1011(a) of the Consumer 

18 Financial Protection Act of 2010 (12 U.S.C. 5491(a)) is 

19 amended by striking ‘‘Bureau of Consumer Financial Pro20 tection’’ and inserting ‘‘Consumer Financial Protection Bu21 reau’’. 

22 (b) DEEMING OF NAME.—Any reference in any law, 

23 regulation, document, record, or other paper of the United 

24 States to the ‘‘Bureau of Consumer Financial Protection’’ 


pamtmann on DSKBFK8HB2PROD with BILLS
22 

•HR 1500 RH

1 shall be deemed a reference to the ‘‘Consumer Financial 

2 Protection Bureau’’. 

3 (c) NAME USE REQUIREMENT.—Section 1011 of the 

4 Consumer Financial Protection Act of 2010 (12 U.S.C. 

5 5491) is amended by adding at the end the following: 

6 ‘‘(f) NAME USE REQUIREMENT.—The Consumer Fi7 nancial Protection Bureau shall refer to itself in any public 

8 communication, including on any website, as the ‘Con9 sumer Financial Protection Bureau’ or the ‘CFPB’.’’. 

10 SEC. 4. CONFORMING AMENDMENTS. 

11 (a) IN GENERAL.—The Acts and provisions described 

12 under subsection (b) are amended by striking ‘‘Bureau of 

13 Consumer Financial Protection’’ each place such term ap14 pears (including in headings and items in table of contents) 

15 and inserting ‘‘Consumer Financial Protection Bureau’’. 

16 (b) ACTS TO CONFORM.—The Acts and provisions de17 scribed in this subsection are as follows: 

18 (1) The Alternative Mortgage Transaction Parity 

19 Act of 1982 (12 U.S.C. 3801 et seq.). 

20 (2) The Consumer Credit Protection Act (15 

21 U.S.C. 1601 et seq.). 

22 (3) The Dodd-Frank Wall Street Reform and 

23 Consumer Protection Act (12 U.S.C. 5301 et seq.). 

24 (4) The Expedited Funds Availability Act (12 

25 U.S.C. 4001 et seq.). 


pamtmann on DSKBFK8HB2PROD with BILLS
23 

•HR 1500 RH

1 (5) The Federal Deposit Insurance Act (12 

2 U.S.C. 1811 et seq.). 

3 (6) The Federal Financial Institutions Exam4 ination Council Act of 1978 (12 U.S.C. 3201 et seq.). 

5 (7) The Financial Institutions Reform, Recovery, 

6 and Enforcement Act of 1989 (12 U.S.C. 1811 note 

7 et seq.). 

8 (8) The Financial Literacy and Education Im9 provement Act (20 U.S.C. 9701 et seq.). 

10 (9) Section 626 of the Financial Services and 

11 General Government Appropriations Act, 2009 (Divi12 sion D of Public Law 111–8; 12 U.S.C. 5538). 

13 (10) The Gramm-Leach-Bliley Act (12 U.S.C. 

14 1811 note et seq.). 

15 (11) The Home Mortgage Disclosure Act of 1975 

16 (12 U.S.C. 2801 et seq.). 

17 (12) Section 10(a)(4) of the Homeowners Protec18 tion Act of 1998 (12 U.S.C. 4901 et seq.). 

19 (13) The Inspector General Act of 1978 (5 U.S.C. 

20 App 2). 

21 (14) The Interstate Land Sales Full Disclosure 

22 Act (15 U.S.C. 1701 et seq.). 

23 (15) The Real Estate Settlement Procedures Act 

24 of 1974 (12 U.S.C. 2601 et seq.). 


pamtmann on DSKBFK8HB2PROD with BILLS
24 

•HR 1500 RH

1 (16) Title LXII of the Revised Statutes of the 

2 United States (12 U.S.C. 21 et seq.). 

3 (17) The Right to Financial Privacy Act of 1978 

4 (12 U.S.C. 3401 et seq.). 

5 (18) The S.A.F.E. Mortgage Licensing Act of 

6 2008 (12 U.S.C. 5101 et seq.). 

7 (19) The Telemarketing and Consumer Fraud 

8 and Abuse Prevention Act (15 U.S.C. 6101 et seq.). 

9 (20) Sections 552a(w) and 3132(a)(1)(D) of title 

10 5, United States Code. 

11 (21) Section 987(g)(3)(E) of title 10, United 

12 States Code. 

13 (22) Sections 3502(5) and 3513(c) of title 44, 

14 United States Code. 

15 SEC. 5. EXECUTIVE AND ADMINISTRATION POWERS. 

16 (a) OFFICE RESPONSIBILITIES.—Section 1012 of the 

17 Consumer Financial Protection Act of 2010 (12 U.S.C. 

18 5492) is amended— 

19 (1) by redesignating subsection (c) as subsection 

20 (d); and 

21 (2) by inserting after subsection (b) the fol22 lowing: 

23 ‘‘(c) OFFICE RESPONSIBILITIES.—Notwithstanding 

24 subsections (a) and (b), section 1013(a), and any other pro25 vision of law, with respect to the specific functional units 


pamtmann on DSKBFK8HB2PROD with BILLS
25 

•HR 1500 RH

1 and offices described under subsections (b), (c), (d), (e), (g), 

2 and (h) of section 1013 and the advisory boards described 

3 under section 1014, the Director— 

4 ‘‘(1) shall ensure that such functional units, of5 fices, and boards perform the functions, duties, and 

6 coordination assigned to them under the applicable 

7 provision of section 1013 or 1014; and 

8 ‘‘(2) may not reorganize or rename such units, 

9 offices, and boards in a manner not provided for 

10 under the applicable provision of section 1013 or 

11 1014.’’. 

12 (b) DUTY TO PROVIDE ADEQUATE STAFFING.—Sec13 tion 1013(a)(1) of the Consumer Financial Protection Act 

14 of 2010 (12 U.S.C. 5493(a)(1)) is amended by adding at 

15 the end the following: 

16 ‘‘(D) DUTY TO PROVIDE ADEQUATE STAFF17 ING.—The Director shall ensure that the specific 

18 functional units and offices described under sub19 sections (b), (c), (d), (e), (g), and (h) of section 

20 1013, as well as other units and offices with su21 pervisory and enforcement duties, are provided 

22 with sufficient staff to carry out the functions, 

23 duties, and coordination of those units and of24 fices.’’. 


pamtmann on DSKBFK8HB2PROD with BILLS
26 

•HR 1500 RH

1 (c) LIMITATION ON POLITICAL APPOINTEES.—Section 

2 1013(a)(1) of the Consumer Financial Protection Act of 

3 2010 (12 U.S.C. 5493(a)(1)) is amended by adding at the 

4 end the following: 

5 ‘‘(E) LIMITATION ON POLITICAL AP6 POINTEES.— 

7 ‘‘(i) IN GENERAL.—In appointing em8 ployees of the Bureau who are political ap9 pointees, the Director shall ensure that the 

10 number and duties of such political ap11 pointees are as similar as possible to those 

12 of the other Federal primary financial regu13 latory agencies. 

14 ‘‘(ii) POLITICAL APPOINTEES DE15 FINED.—For purposes of this subparagraph, 

16 the term ‘political appointee’ means an em17 ployee who holds— 

18 ‘‘(I) a position which has been ex19 cepted from the competitive service by 

20 reason of its confidential, policy-deter21 mining, policy-making, or policy-advo22 cating character; 

23 ‘‘(II) a position in the Senior Ex24 ecutive Service as a noncareer ap25 pointee (as such term is defined in secVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00026 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
27 

•HR 1500 RH

1 tion 3132(a) of title 5, United States 

2 Code); or 

3 ‘‘(III) a position under the Execu4 tive Schedule (subchapter II of chapter 

5 53 of title 5, United States Code).’’. 

6 (d) PUBLIC AVAILABILITY OF COMPLAINT INFORMA7 TION.— 

8 (1) IN GENERAL.—Section 1013(b)(3) of the Con9 sumer Financial Protection Act of 2010 (12 U.S.C. 

10 5493(b)(3)) is amended— 

11 (A) in subparagraph (A)— 

12 (i) by inserting ‘‘publicly available’’ 

13 before ‘‘website’’; 

14 (ii) by inserting ‘‘publicly available’’ 

15 before ‘‘database’’, each place such term ap16 pears; and 

17 (iii) by adding at the end the fol18 lowing: ‘‘The Director shall ensure that the 

19 landing page of the main website of the Bu20 reau contains a clear and conspicuous 

21 hyperlink to the consumer complaint data22 base described in this subparagraph and 

23 shall ensure that such database is user24 friendly and in plain writing (as such term 

25 is defined in the Plain Writing Act of 


pamtmann on DSKBFK8HB2PROD with BILLS
28 

•HR 1500 RH

1 2010). The Director shall ensure that all in2 formation on the website or the database 

3 that explains how to file a complaint with 

4 the Bureau, as well as all reports of the Bu5 reau with respect to information contained 

6 in the database, shall be provided in each of 

7 the 5 most commonly spoken languages, 

8 other than English, in the United States, as 

9 determined by the Bureau of the Census on 

10 an ongoing basis, and in formats accessible 

11 to individuals with hearing or vision im12 pairments.’’; and 

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

14 ‘‘(E) PUBLIC AVAILABILITY OF INFORMA15 TION.— 

16 ‘‘(i) IN GENERAL.—The Director 

17 shall— 

18 ‘‘(I) make all consumer com19 plaints available to the public on a 

20 website of the Bureau; 

21 ‘‘(II) place a clear and con22 spicuous hyperlink on the landing page 

23 of the main website of the Bureau to 

24 the website described under subclause 

25 (I); and 


pamtmann on DSKBFK8HB2PROD with BILLS
29 

•HR 1500 RH

1 ‘‘(III) ensure that such website— 

2 ‘‘(aa) is searchable and sort3 able by both consumer financial 

4 product or service and by covered 

5 person; and 

6 ‘‘(bb) is user-friendly and 

7 written in plain language. 

8 ‘‘(ii) INCLUSION OF COMPLAINTS SUB9 MITTED WITH INQUIRIES.—For purposes of 

10 clause (i), in addition to all complaints de11 scribed under subparagraph (A), consumer 

12 complaints shall include any complaints 

13 submitted with, or as part of, an inquiry 

14 described under section 1034. 

15 ‘‘(iii) REMOVAL OF PERSONALLY IDEN16 TIFIABLE INFORMATION.—In making the in17 formation described under clause (i) avail18 able to the public, the Director shall remove 

19 all personally identifiable information.’’. 

20 (2) RULE OF CONSTRUCTION.— 

21 (A) IN GENERAL.—The Director of the Con22 sumer Financial Protection Bureau shall en23 sure— 

24 (i) that the database and website de25 scribed under section 1013(b)(3) of the ConVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00029 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
30 

•HR 1500 RH

1 sumer Financial Protection Act of 2010 

2 have, at a minimum, the same availability, 

3 transparency, and functionality that such 

4 database and website had prior to November 

5 24, 2017; and 

6 (ii) that consumers are able, at a min7 imum, to submit complaints to the Bureau 

8 with respect to— 

9 (I) any covered person or service 

10 provider; and 

11 (II) any financial product or 

12 service. 

13 (B) DEFINITIONS.—For purposes of this 

14 paragraph, the terms ‘‘covered person’’, ‘‘finan15 cial product or service’’, and ‘‘service provider’’ 

16 have the meaning given those terms, respectively, 

17 under section 1002 of the Consumer Financial 

18 Protection Act of 2010. 

19 (e) MEMORANDA OF UNDERSTANDING.— 

20 (1) REPORT ON CURRENT MOUS.—Not later than 

21 the end of the 30-day period beginning on the date of 

22 enactment of this Act, the Director of the Consumer 

23 Financial Protection Bureau shall issue a report to 

24 the Committee on Financial Services of the House of 


pamtmann on DSKBFK8HB2PROD with BILLS
31 

•HR 1500 RH

1 Representatives and the Committee on Banking, 

2 Housing, and Urban Affairs of the Senate listing— 

3 (A) each memorandum of understanding in 

4 effect with the Bureau on November 24, 2017; 

5 (B) any changes made to such a memo6 randum of understanding since such date, in7 cluding any memorandum of understanding re8 scinded since such date; and 

9 (C) a justification for each such change or 

10 rescission. 

11 (2) SEMI-ANNUAL REPORT ON MOUS.—Section 

12 1016(c) of the Consumer Financial Protection Act of 

13 2010 (12 U.S.C. 5496(c)) is amended— 

14 (A) in paragraph (8), by striking ‘‘and’’ at 

15 the end; 

16 (B) in paragraph (9), by striking the period 

17 and inserting a semicolon; and 

18 (C) by adding at the end the following: 

19 ‘‘(10) a list of each memorandum of under20 standing in effect with the Bureau, any changes made 

21 to a memorandum of understanding since the last re22 port was made under subsection (b), and a justifica23 tion for each such change;’’. 

24 (f) ADDITIONAL REPORT INFORMATION ON CONSUMER

25 SAVINGS.—Section 1013 of the Consumer Financial ProtecVerDate Sep 11 2014 00:22 May 11, 2019 Jkt 089200 PO 00000 Frm 00031 Fmt 6652 Sfmt 6203 E:\BILLS\H1500.RH H1500

pamtmann on DSKBFK8HB2PROD with BILLS
32 

•HR 1500 RH

1 tion Act of 2010 (12 U.S.C. 5493) is amended by adding 

2 at the end the following: 

3 ‘‘(i) ADDITIONAL REPORT INFORMATION ON CON4 SUMER SAVINGS.—In issuing each report required under 

5 section 502(d) of the Credit CARD Act of 2009, the Bureau 

6 shall include a numerical estimate of the amount that such 

7 Act has saved consumers in fees impacted by such Act, rel8 ative to the level of such fees prior to the enactment of such 

9 Act.’’. 

10 SEC. 6. OFFICES OF THE CONSUMER FINANCIAL PROTEC11 TION BUREAU. 

12 (a) CLARIFICATION OF THE DUTIES OF THE OFFICE

13 OF FAIR LENDING AND EQUAL OPPORTUNITY.—Section 

14 1013(c)(2) of the Consumer Financial Protection Act of 

15 2010 (12 U.S.C. 5493(c)(2)) is amended— 

16 (1) by striking ‘‘Office of Fair Lending and 

17 Equal Opportunity shall have such powers and duties 

18 as the Director may delegate to the Office, including’’ 

19 and inserting ‘‘powers and duties of the Office of Fair 

20 Lending and Equal Opportunity shall include’’; 

21 (2) in subparagraph (C), by striking ‘‘and’’ at 

22 the end; 

23 (3) in subparagraph (D), by striking the period 

24 and inserting a semicolon; and 

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


pamtmann on DSKBFK8HB2PROD with BILLS
33 

•HR 1500 RH

1 ‘‘(E) implementing the Bureau’s enforce2 ment and supervisory authority with respect to 

3 fair lending laws; and 

4 ‘‘(F) such additional powers and duties as 

5 the Director may determine appropriate.’’. 

6 (b) OFFICE OF STUDENTS AND YOUNG CONSUMERS.— 

7 (1) IN GENERAL.—Section 1013 of the Consumer 

8 Financial Protection Act of 2010 (12 U.S.C. 5493), as 

9 amended by section 5(f), is further amended by add10 ing at the end the following: 

11 ‘‘(j) OFFICE OF STUDENTS AND YOUNG CONSUMERS.— 

12 ‘‘(1) IN GENERAL.—The Director shall, not later 

13 than the end of the 60-day period beginning on the 

14 date of enactment of this section, establish an Office 

15 of Students and Young Consumers, which shall work 

16 to empower students, young people, and their families 

17 to make more informed financial decisions about sav18 ing and paying for college, accessing safer and more 

19 affordable financial products and services, all matters 

20 related to private education loans (as defined under 

21 section 1035(e)), and repaying student loan debt, in22 cluding private education loans. 

23 ‘‘(2) HEAD OF THE OFFICE.—The head of the Of24 fice of Students and Young Consumers shall be the 

25 Assistant Director and Student Loan Ombudsman, 


pamtmann on DSKBFK8HB2PROD with BILLS
34 

•HR 1500 RH

1 and the Assistant Director and Student Loan Om2 budsman shall carry out all functions established 

3 under section 1035 through the Office of Students and 

4 Young Consumers. 

5 ‘‘(3) SUPERVISORY, ENFORCEMENT, AND REGU6 LATORY MATTERS.—The Office of Students and Young 

7 Consumers shall assist in all supervisory, enforce8 ment, and regulatory matters of the Bureau related to 

9 the functions of the Office. 

10 ‘‘(4) COORDINATION.—The Director shall enter 

11 into memoranda of understanding and similar agree12 ments with the Department of Education and other 

13 Federal and State agencies, as appropriate, in order 

14 to carry out the business of the Office of Students and 

15 Young Consumers.’’. 

16 (2) RENAMING AND APPOINTMENT CLARIFICA17 TION OF THE PRIVATE EDUCATION LOAN OMBUDS18 MAN.— 

19 (A) IN GENERAL.—Section 1035 of the Con20 sumer Financial Protection Act of 2010 (12 

21 U.S.C. 5535) is amended— 

22 (i) in the heading of the section by 

23 striking ‘‘PRIVATE EDUCATION’’ and in24 serting ‘‘ASSISTANT DIRECTOR AND

25 STUDENT’’; 


pamtmann on DSKBFK8HB2PROD with BILLS
35 

•HR 1500 RH

1 (ii) in subsection (a), by striking ‘‘The 

2 Secretary, in consultation with the Director, 

3 shall designate a Private Education Loan 

4 Ombudsman’’ and inserting ‘‘The Director 

5 shall designate an individual as the Assist6 ant Director and Student Loan Ombuds7 man’’; 

8 (iii) in subsection (b), by striking ‘‘The 

9 Secretary and the Director’’ and inserting 

10 ‘‘The Director’’; and 

11 (iv) in subsection (d)(2), by inserting 

12 ‘‘the Director,’’ before ‘‘the Secretary,’’. 

13 (B) CLERICAL AMENDMENT.—The table of 

14 contents under section 1(b) of the Dodd-Frank 

15 Wall Street Reform and Consumer Protection 

16 Act is amended, in the item relating to section 

17 1035, by striking ‘‘Private education’’ and in18 serting ‘‘Assistant director and student’’. 

19 (C) DEEMING OF NAME.—Any reference in 

20 any law, regulation, document, record, or other 

21 paper of the United States to the ‘‘Private Edu22 cation Loan Ombudsman’’ shall be deemed a ref23 erence to the ‘‘Assistant Director and Student 

24 Loan Ombudsman’’. 


pamtmann on DSKBFK8HB2PROD with BILLS
36 

•HR 1500 RH

1 (c) SEMI-ANNUAL REPORT TO CONGRESS ON CERTAIN

2 OFFICES OF THE BUREAU.—Section 1016(c) of the Con3 sumer Financial Protection Act of 2010 (12 U.S.C. 

4 5496(c)), as amended by section 5(e)(2), is further amended 

5 by adding at the end the following: 

6 ‘‘(11) with respect to each of the specific func7 tional units and offices established under section 

8 1013— 

9 ‘‘(A) a detailed description of the activities 

10 of the unit or office since the last report was 

11 made under subsection (b); and 

12 ‘‘(B) an analysis of the efforts of the Bureau 

13 to achieve the duties of the unit or office; and 

14 ‘‘(12) with respect to each specific functional 

15 units and offices established under section 1013, as 

16 well as each other unit and office with supervisory 

17 and enforcement duties, a break down of the number 

18 of political and professional career staff assigned to 

19 and employed by each unit or office at the end of the 

20 reporting period.’’. 

21 (d) FUNCTION OF ANY UNIT OR OFFICE ESTABLISHED

22 TO CONDUCT COST BENEFIT ANALYSIS.—Any unit or office 

23 established to conduct cost benefit analysis within the Con24 sumer Financial Protection Bureau shall, as its sole func25 tion, carry out the considerations required by section 


pamtmann on DSKBFK8HB2PROD with BILLS
37 

•HR 1500 RH

1 1022(b)(2)(A) of the Consumer Financial Protection Act of 

2 2010 (12 U.S.C. 5512(b)(2)(A)). 

3 SEC. 7. CONSUMER ADVISORY BOARD REFORMS. 

4 (a) IN GENERAL.—Section 1014 of the Consumer Fi5 nancial Protection Act of 2010 (12 U.S.C. 5494) is amend6 ed— 

7 (1) by amending subsection (b) to read as fol8 lows: 

9 ‘‘(b) MEMBERSHIP.— 

10 ‘‘(1) QUALIFICATIONS.—In appointing the mem11 bers of the Consumer Advisory Board, the Director 

12 shall— 

13 ‘‘(A) seek to assemble a diverse and inclu14 sive group of experts in consumer protection, fi15 nancial services, community development, fair 

16 lending and civil rights, and consumer financial 

17 products or services and representatives of depos18 itory institutions that primarily serve under19 served communities, and representatives of com20 munities that have been significantly impacted 

21 by higher-priced mortgage loans, and seek rep22 resentation of the interests of covered persons and 

23 consumers, without regard to party affiliation; 

24 and 


pamtmann on DSKBFK8HB2PROD with BILLS
38 

•HR 1500 RH

‘‘(B) ensure that at least 2 1 ⁄3 of the members 

2 represent the interests of consumers, including 

3 experts in consumer protection, fair lending, 

4 civil rights, and representatives of communities 

5 that have been significantly impacted by higher6 priced mortgage loans and other products that 

7 resulted in consumer harm. 

8 ‘‘(2) NUMBER OF MEMBERS.—The Director shall 

9 appoint not fewer than 25 members to the Consumer 

10 Advisory Board, and not fewer than 6 members shall 

11 be appointed upon the recommendation of the re12 gional Federal Reserve Bank Presidents, on a rotat13 ing basis. 

14 ‘‘(3) MEMBERSHIP RIGHTS AFTER CHARTER

15 CHANGE.—Any change to the charter for the Con16 sumer Advisory Board affecting the membership shall 

17 not preclude prior or current members from applying 

18 for consideration to serve on a reconstituted Con19 sumer Advisory Board.’’; and 

20 (2) in subsection (c)— 

21 (A) by striking ‘‘meet from’’ and inserting 

22 ‘‘meet in person from’’; and 

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

24 ‘‘The Bureau shall provide adequate notice to the 

25 members of the Consumer Advisory Board of the 


pamtmann on DSKBFK8HB2PROD with BILLS
39 

•HR 1500 RH

1 time and date of each meeting, and of any meet2 ing cancellations.’’ 

3 (b) INCLUSION OF THE DIRECTOR IN MEETINGS AND

4 ACCESS TO BUREAU STAFF.—Section 1014 of the Consumer 

5 Financial Protection Act of 2010 (12 U.S.C. 5494) is 

6 amended by adding at the end the following: 

7 ‘‘(e) INCLUSION OF THE DIRECTOR IN MEETINGS AND

8 ACCESS TO BUREAU STAFF.—With respect to each in per9 son meeting of the Consumer Advisory Board— 

10 ‘‘(1) the Director shall attend such meeting in 

11 person; and 

12 ‘‘(2) the Director shall ensure that the members 

13 of the Consumer Advisory Board have an opportunity 

14 to meet and engage in person with all appropriate 

15 staff and office of the Bureau.’’. 

16 (c) TREATMENT OF MEMBERS OF THE CONSUMER AD17 VISORY BOARD.—Notwithstanding any other law— 

18 (1) any member of the Consumer Advisory 

19 Board of the Consumer Financial Protection Bureau 

20 on November 1, 2017, may continue to serve as a 

21 member of such advisory board until March 27, 2020, 

22 and may not be removed from such position without 

23 cause by the Director of the Bureau until such date; 

24 and 


pamtmann on DSKBFK8HB2PROD with BILLS
40 

•HR 1500 RH

1 (2) any member of the Consumer Advisory 

2 Board of the Consumer Financial Protection Bureau 

3 on the date of enactment of this Act, may continue to 

4 serve as a member of such advisory board until March 

5 27, 2020, and may not be removed from such position 

6 without cause by the Director of the Bureau until 

7 such date. 

8 (d) ADDITIONAL REQUIREMENTS FOR ADVISORY COM9 MITTEES.—Section 1013 of the Consumer Financial Protec10 tion Act of 2010 (12 U.S.C. 5493), as amended by section 

11 6(b)(1), is further amended by adding at the end the fol12 lowing: 

13 ‘‘(k) ADVISORY COMMITTEE REQUIREMENTS.— 

14 ‘‘(1) QUALIFICATIONS.—In appointing members 

15 of any advisory committee, other than the Consumer 

16 Advisory Board, the Director shall ensure that at 

least 1 17 ⁄3 of the members represent the interests of con18 sumers, including experts in consumer protection, fair 

19 lending, civil rights, and representatives of commu20 nities that have been significantly impacted by high21 er-priced mortgage loans and other products that re22 sulted in consumer harm. 

23 ‘‘(2) SELECTION OF MEMBERS REPRESENTING

24 MINORITY-OWNED AND WOMEN-OWNED BUSINESSES.— 

25 In appointing members of any advisory committee, 


pamtmann on DSKBFK8HB2PROD with BILLS
41 

•HR 1500 RH

1 the Director shall seek to promote diversity and inclu2 sion in making appointments, including by appoint3 ing individuals who represent minority-owned and 

4 women-owned businesses.’’. 

5 SEC. 8. EFFECTIVE DATE. 

6 This Act and the amendments made by this Act shall 

7 take effect on the date of the enactment of this Act, except 

8 that the Director of the Consumer Financial Protection Bu9 reau shall have 30 days to complete any operational 

10 changes to the Bureau required by this Act or an amend11 ment made by this Act. 


pamtmann on DSKBFK8HB2PROD with BILLS
Union Calendar No. 35 

116TH CONGRESS 

1ST SESSION H. R. 1500 

[Report No. 116–57, Part I] 

A BILL 

To require the Consumer Financial Protection Bupurposes. reau to meet its statutory purpose, and for other 

MAY 10, 2019 

Reported from the Committee on Financial Services with 

M

an amendment 

AY 10, 2019 

Committee on Education and Labor discharged; comState of the Union and ordered to be printed mitted to the Committee of the Whole House on the 


pamtmann on DSKBFK8HB2PROD with BILLS