I 

116TH CONGRESS 

1ST SESSION H. R. 1500 

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 

A BILL 

To require the Consumer Financial Protection Bureau to 

meet its statutory purpose, 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; TABLE OF CONTENTS. 

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

5 ‘‘Consumers First Act’’. 


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

2 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. 

3 SEC. 2. FINDINGS; SENSE OF CONGRESS. 

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

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

6 Consumer Protection Act (Public Law 111–203) 

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

8 2010, in order to, among other things, advance the 

9 goals of protecting consumers from predatory finan10 cial services practices and products that led to the 

11 2007–2009 financial crisis. 

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

13 Federal independent watchdog, known as the Con14 sumer Financial Protection Bureau (‘‘Consumer Bu15 reau’’), with broad authority to ensure that all hard16 working consumers are given clear, accurate infor17 mation that they need to shop for mortgages, credit 

18 cards, and other consumer financial products or 

19 services and to protect consumers from hidden fees, 

20 abusive terms, and other unfair, deceptive, or abuVerDate Sep 11 2014 01:31 Mar 19, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1500.IH H1500

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1 sive acts or practices through strong implementation 

2 and enforcement of Federal consumer financial laws. 

3 (3) Before the Consumer Bureau was estab4 lished, Federal financial regulators were tasked with 

5 the dual responsibilities of supervising institutions 

6 for safety and soundness and compliance with con7 sumer protections under Federal consumer financial 

8 laws. These agencies often prioritized the profit9 ability of their regulated entities over the protection 

10 of consumers, even when institutions were found to 

11 have engaged in practices detrimental to their own 

12 customers’ financial well-being. 

13 (4) Congress purposefully created the inde14 pendent Consumer Bureau within the Federal Re15 serve System to address past regulatory gaps in our 

16 country’s financial regulatory regime—gaps that re17 sulted in the most severe global financial crisis since 

18 the Great Depression. Among other things, Federal 

19 financial regulators were too reluctant to exercise 

20 their rulemaking, supervisory, and enforcement au21 thorities to protect consumers from the misdeeds of 

22 the Consumer Bureau’s regulated entities. In cre23 ating the Consumer Bureau, Congress explicitly laid 

24 out in statute the Consumer Bureau’s purpose, five 

25 objectives, and six primary functions. Specifically: 


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

2 that the Consumer Bureau, ‘‘shall seek to im3 plement and, where applicable, enforce Federal 

4 consumer financial law consistently for the pur5 pose of ensuring that all consumers have access 

6 to markets for consumer financial products and 

7 services and that markets for consumer finan8 cial products and services are fair, transparent, 

9 and competitive’’. 

10 (B) Section 1021(b) of Dodd-Frank au11 thorizes the Consumer Bureau, ‘‘to exercise its 

12 authorities under Federal consumer financial 

13 law for the purposes of ensuring that, with re14 spect to consumer financial products and serv15 ices—(1) consumers are provided with timely 

16 and understandable information to make re17 sponsible decisions about financial transactions; 

18 (2) consumers are protected from unfair, decep19 tive, or abusive acts and practices and from dis20 crimination; (3) outdated, unnecessary, or un21 duly burdensome regulations are regularly iden22 tified and addressed in order to reduce unwar23 ranted regulatory burdens; (4) Federal con24 sumer financial law is enforced consistently, 

25 without regard to the status of a person as a 


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1 depository institution, in order to promote fair 

2 competition; and (5) markets for consumer fi3 nancial products and services operate trans4 parently and efficiently to facilitate access and 

5 innovation.’’. 

6 (C) Section 1021(c) of Dodd-Frank estab7 lishes the primary functions of the Consumer 

8 Bureau to be, ‘‘(1) conducting financial edu9 cation programs; (2) collecting, investigating, 

10 and responding to consumer complaints; (3) col11 lecting, researching, monitoring, and publishing 

12 information relevant to the functioning of mar13 kets for consumer financial products and serv14 ices to identify risks to consumers and the 

15 proper functioning of such markets; (4) subject 

16 to sections 1024 through 1026, supervising cov17 ered persons for compliance with Federal con18 sumer financial law, and taking appropriate en19 forcement action to address violations of Fed20 eral consumer financial law; (5) issuing rules, 

21 orders, and guidance implementing Federal con22 sumer financial law; and (6) performing such 

23 support activities as may be necessary or useful 

24 to facilitate the other functions of the Bu25 reau.’’. 


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1 (5) In doing so, Congress explicitly laid out 

2 these consumer-focused purpose, objectives, and pri3 mary functions for the Consumer Bureau to ensure 

4 that all consumers and all communities are pro5 tected. This is of extreme importance to commu6 nities of color who have been disproportionately im7 pacted by the inequities of the financial system, re8 sulting in an extreme racial wealth divide. Decades 

9 of segregation and discrimination have prevented 

10 consumers of colors from amassing wealth equal to 

11 their white counterparts, while predatory financial 

12 practices of have stripped consumers of color of their 

13 nominal existing wealth. For example, over the past 

14 30 years, the average wealth of White families has 

15 grown by 84 percent—1.2 times the rate of growth 

16 for the Latino population and three times the rate 

17 of growth for the Black population. In light of his18 torical practices and current-day disparities in bank19 ing and lending practices, the Consumer Bureau 

20 plays a key role in protecting communities of color 

21 from wealth-stripping financial products and ensur22 ing their right to wealth building opportunities. The 

23 agency’s enforcement actions in auto lending, mort24 gages, and credit cards, and its rulemaking efforts 

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1 ucts such as payday loans and prepaid cards that 

2 are prolific in communities of color. The Consumer 

3 Bureau is essential in protecting vulnerable commu4 nities from discriminatory financial practices that 

5 has both perpetuated and exacerbated the racial 

6 wealth gap. 

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

8 the Consumer Bureau shall serve as the Acting Di9 rector in the absence or unavailability of the Direc10 tor, until the President appoints and the Senate con11 firms a new Director. Despite the plain letter of the 

12 law establishing a succession order to fill a vacancy 

13 in the Director’s position and the clear legislative 

14 history underscoring the importance of having an 

15 independent Federal consumer-focused agency, when 

16 the Consumer Bureau Director Richard Cordray re17 signed in November 2017, President Trump refused 

18 to recognize the Deputy Director as the rightful 

19 head of the agency and instead installed Mr. Mick 

20 Mulvaney, the Director of the White House Office of 

21 Management and Budget, to serve as the Consumer 

22 Bureau’s Acting Director. This appointment of a 

23 White House cabinet official to run the Consumer 

24 Bureau raises profound conflict of interest questions 


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1 and undermines the vital independent nature of the 

2 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 

6 to ensure the agency is fulfilling its statutory pur7 pose and mandates, until the President appoints, 

8 and the Senate confirms a permanent Director. Nev9 ertheless, during his tenure, Mr. Mulvaney instituted 

10 drastic and severe changes to the Consumer Bu11 reau’s daily operations and priorities contrary to the 

12 agency’s statutory purpose and mandates. 

13 (8) The daily operations of a Federal agency 

14 are guided by its official mission contained in its 

15 long-term strategic plan. The Consumer Bureau’s 

16 mission should embrace both the spirit and plain let17 ter of the law by fully recognizing the agency’s stat18 utory purpose, objectives, and functions. It is trou19 bling that the Consumer Bureau, under Mr. 

20 Mulvaney, issued a Strategic Plan for Fiscal Year 

21 (‘‘FY’’) 2018–FY 2022 that appears to deemphasize 

22 the Consumer Bureau’s core mandate under section 

23 1021(a) of Dodd-Frank to, ‘‘enforce Federal con24 sumer financial law consistently for the purpose of 

25 ensuring that all consumers have access to markets 


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1 for consumer financial products and services’’, by 

2 not referencing the importance of enforcement in its 

3 mission. Instead, it emphasizes financial education 

4 by stating that the agency’s new mission is, ‘‘[t]o 

5 regulate the offering and provision of consumer fi6 nancial products or services under the Federal con7 sumer financial laws and to educate and empower 

8 consumers to make better informed financial deci9 sions’’. This is in stark contrast from the Consumer 

10 Bureau’s Strategic Plan for FY 2013–FY 2017, 

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

12 ‘‘consumer finance markets work by making rules 

13 more effective, by consistently and fairly enforcing 

14 those rules, and by empowering consumers to take 

15 more control over their economic lives’’ (emphasis 

16 added). 

17 (9) Mr. Mulvaney has been praised by the 

18 White House for his efforts to undermine the Con19 sumer Bureau, with one anonymous advisor ac20 knowledging in a July 24, 2018, Politico article that, 

21 ‘‘His mission was to blow that up, which he has. He 

22 is very well-suited to the chaos.’’. Mr. Mulvaney’s 

23 misguided actions have included, among other 

24 things— 


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1 (A) stopping payments from the Civil Pen2 alty Fund to harmed consumers; 

3 (B) trying to reduce the Consumer Bu4 reau’s funding and staffing by initially request5 ing $0 be transferred from the Federal Reserve 

6 Board of Governors to carry out the agency’s 

7 work, imposing a freeze on hiring professional 

8 career staff, and by arbitrarily directing staff to 

cut the agency’s budget by 1 9 ⁄5; 

10 (C) politicizing the work of the Consumer 

11 Bureau by making unusual efforts to fill the 

12 independent agency with political appointees; 

13 (D) reducing the Consumer Bureau’s en14 forcement work, including taking only six en15 forcement actions in the first three quarters of 

16 2018 (compared with 54 enforcement actions 

17 taken by the agency in 2015, 42 enforcement 

18 actions in 2016 and 36 enforcement actions in 

19 2017), and dropping existing lawsuits and in20 vestigations into predatory payday lenders; 

21 (E) taking steps that would undermine ef22 forts to promote fair lending and combat dis23 criminatory practices, including by hiring, and 

24 later refusing to remove, a political appointee 

25 with a history of racist written commentary to 


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1 oversee the Office of Supervision, Enforcement, 

2 and Fair Lending, stripping away the enforce3 ment powers of the Office of Fair Lending and 

4 Equal Opportunity, seeking to curb the Con5 sumer Bureau’s data collection under the Home 

6 Mortgage Disclosure Act, and indicating the 

7 Consumer Bureau would reconsider its ap8 proach toward enforcing the Equal Credit Op9 portunity Act; 

10 (F) changing the role of the Office of Stu11 dents and Young Consumers and, according to 

12 an August 27, 2018, resignation letter from 

13 Seth Frotman, the Consumer Bureau’s former 

14 Assistant Director and Student Loan Ombuds15 man, ‘‘when new evidence came to light showing 

16 that the nation’s largest banks were ripping off 

17 students on campuses across the country by 

18 saddling them with legally dubious account fees, 

19 Bureau leadership suppressed the publication of 

20 a report prepared by Bureau staff’’; 

21 (G) abandoning the accepted and efficient 

22 practice of having its examiners review, as part 

23 of their routine examinations, creditors’ compli24 ance with the Military Lending Act in order to 

25 ensure the detection and assessment of risky 


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1 activities that could jeopardize vital protections 

2 provided to active-duty servicemembers and 

3 their families; 

4 (H) creating an Office of Cost Benefit 

5 Analysis that prioritizes businesses’ expenses 

6 over harm caused to consumers, and unduly 

7 constrains oversight of the Consumer Bureau’s 

8 regulated entities; 

9 (I) freezing data collection to the detriment 

10 of supervision and enforcement; 

11 (J) seeking to block the publication of the 

12 nature of consumers’ complaints and how enti13 ties resolved them in the publicly available and 

14 transparent Consumer Complaint Database; 

15 (K) restricting key input and feedback 

16 from a wide range of external stakeholders by 

17 effectively terminating members’ positions on 

18 three advisory boards, including the statutorily 

19 mandated Consumer Advisory Board; 

20 (L) proposing policies, including those re21 garding no-action letters, model disclosure pilot 

22 projects, and product sandboxes, that could put 

23 many kinds of financial institutions in an en24 forcement-free zone, letting bad actors that 

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1 forcement, and allowing them to ignore the law; 

2 and 

3 (M) neglecting to impose promptly any 

4 civil money penalty on a bank when it was 

5 found to be, among other things, improperly ob6 taining consumer reports and furnishing to con7 sumer reporting agencies inaccurate informa8 tion about consumers’ credit. 

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

10 leadership to hamstring the good work, passion, 

11 commitment, and the capacity of dedicated profes12 sional, career Consumer Bureau staff to fulfill the 

13 agency’s statutory mission has likely contributed to 

14 low employee morale. According to a government15 wide annual survey published in December 2018 

16 that was conducted by the nonprofit, nonpartisan 

17 Partnership for Public Service, the Consumer Bu18 reau experienced the largest decline in employee mo19 rale for a government agency of its size. A workplace 

20 with low morale undermines, among other things, 

21 the agency’s ability to hold bad actors accountable 

22 when they harm consumers, and if unaddressed, will 

23 distort the functioning of fair and competitive con24 sumer marketplaces. 


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1 (11) Despite the fact that the agency has been 

2 referred to as the Consumer Financial Protection 

3 Bureau since it was created in 2010, Mr. Mulvaney 

4 opted to change the agency’s well-known name. Al5 though this decision is supposedly intended to ensure 

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

7 when this change is viewed in conjunction with the 

8 other detrimental actions to undermine the effective9 ness of the agency, it can only be interpreted as an 

10 attempt to reduce the public’s awareness of, and sig11 nificant support for, the agency’s role as the top 

12 Federal consumer cop as well as to obscure the 

13 public’s ability to easily identify the appropriate 

14 Federal agency to contact when faced with predatory 

15 behavior by financial actors. As such, while some 

16 may view this particular decision as minor, the ac17 tion served as an important symbolic and literal ma18 neuver by the Trump Administration, through its 

19 appointment of Mr. Mulvaney, to diminish and un20 dermine the consumer-focused mission of the Con21 sumer Bureau. Director Kathy Kraninger, who was 

22 duly nominated by the President and confirmed by 

23 the Senate, announced plans in an email to staff on 

24 December 19, 2018, to reverse course and return to 

25 utilizing the agency’s well-known name. However, 


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1 questions remain regarding how this change will be 

2 implemented and to what extent the agency may 

3 continue to utilize Mr. Mulvaney’s preferred name in 

4 certain circumstances. 

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

6 month tenure running the agency, he only appeared 

7 once before the House Financial Services Committee 

8 to discuss his activities at the Consumer Bureau. 

9 This is despite the fact that the law requires, at a 

10 minimum, the Director’s testimony before the Com11 mittee semi-annually. This weak congressional over12 sight under the direction of the previous Republican 

13 Majority pales in comparison to their oversight of 

14 the Consumer Bureau during former Director Rich15 ard Cordray’s tenure. During Director Cordray’s 

16 tenure, he and other senior Consumer Bureau offi17 cials testified before Congress more than 60 times; 

18 the agency was compelled to produce more than 

19 200,000 pages of documents in response to over 90 

20 letters of inquiry; more than 20 subpoenas were sent 

21 to the Consumer Bureau; and several of the Con22 sumer Bureau’s former and current employees were 

23 compelled to sit for depositions over 21 days, that 

24 lasted 136 hours, and produced 3,194 pages of tran25 scripts. 


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1 (13) Dodd-Frank gives the Director of the Con2 sumer Bureau broad administrative and executive 

3 powers to, among other things: fix the number of, 

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

5 direct the establishment and maintenance of divi6 sions or other offices within the agency; determine 

7 the character of, and the necessity for, the obliga8 tions and expenditure of funds; and the use and ex9 penditure of funds. These powers, however, are re10 quired to be exercised in a manner consistent with 

11 carrying out the responsibilities under Title X of 

12 Dodd-Frank, which includes complying with the enu13 merated Federal consumer financial laws under the 

14 Title, and satisfying the obligations in other applica15 ble laws. Mr. Mulvaney’s destructive actions have 

16 demonstrated the need for legislation to reorient the 

17 Director’s discretionary authority to ensure the 

18 maintenance of all statutorily mandated policies, 

19 functions, and offices of the Consumer Bureau re20 gardless of who is leading the agency. 

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

22 of Congress: 

23 (1) The Consumer Financial Protection Bureau 

24 should meet its statutory purpose in a transparent 

25 and accountable manner by operating in a way that 


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1 is consistent with both the spirit and plain letter of 

2 the law. This includes the agency fully carrying out 

3 the agency’s statutory purpose, objectives, and func4 tions, and the agency being transparent, timely, and 

5 responsive to all requests from Congress. 

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

7 designed to serve as an independent Federal agency 

8 that is primarily focused on the protection of all con9 sumers, without any undue influence of partisan 

10 whims and special industry interests, in carrying out 

11 its responsibilities and duties. 

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

13 consistent with this mandate, and the agency should, 

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

15 using its better-known name as the ‘‘Consumer Fi16 nancial Protection Bureau’’. Thus, any remaining 

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

18 Consumer Financial Protection’’, or the acronym 

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

20 (4) The statute establishing the Consumer Bu21 reau has been grossly misinterpreted under Mr. 

22 Mulvaney’s leadership, in a manner that is incon23 sistent with the agency’s statutory purpose, objec24 tives, and functions. One example of this was Mr. 

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1 quirement for the Director to appear before relevant 

2 Congressional Committees to discuss its semi-annual 

3 reports could be interpreted as requiring the Direc4 tor merely to attend a hearing and not answer ques5 tions, despite the well-established interpretation of a 

6 similar statutory requirement for the Chair of the 

7 Federal Reserve Board of Governors to appear be8 fore the House Financial Services Committee and 

9 the Senate Banking, Housing, and Urban Affairs 

10 Committee on a semi-annual basis about the mone11 tary policy report, as required by the Humphrey12 Hawkins Full Employment Act. In the face of such 

13 blatant and disrespectful attempts to warp the au14 thorizing and oversight role of the first branch of 

15 the Federal Government—the United States Con16 gress—by the Trump Administration, Congress 

17 must, in this instance, now refine the Consumer Bu18 reau’s authority to ensure that the vital role that the 

19 Consumer Bureau should be playing within the 

20 country’s financial regulatory regime is not effec21 tively destroyed by the agency’s current leadership. 

22 (5) The Consumer Bureau, now under a new 

23 Director, should promptly reverse all anti-consumer 

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1 sure that the agency is fully complying with its stat2 utory purpose, objectives, and functions to protect 

3 all consumers, including communities of color and 

4 vulnerable populations. One important action is for 

5 the Consumer Bureau to resume robust fair lending 

6 enforcement to ensure that every consumer has fair 

7 and equal access to affordable financial products and 

8 services. Another demonstration of this would be for 

9 the Consumer Bureau to immediately resume super10 vision of its regulated entities for compliance with 

11 the Military Lending Act to ensure for the most ro12 bust and efficient protection of active-duty 

13 servicemembers and their families. Other examples 

14 include the Consumer Bureau significantly revising 

15 its strategic plan to align it with its statutory pur16 pose, objectives and functions, and for the agency to 

17 immediately resume coordinating closely with other 

18 Federal agencies, such as the Department of Edu19 cation and the Department of Defense, and State 

20 regulators, as is required by section 1015 of Dodd21 Frank to, ‘‘promote consistent regulatory treatment 

22 of consumer financial and investment products and 

23 services.’’ 

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

25 address many of the misguided decisions that have 


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1 been orchestrated under Mr. Mulvaney’s leadership 

2 at the Consumer Bureau that have been exposed to 

3 the public, as of the date of the bill’s introduction, 

4 and sharply criticized by numerous Federal and 

5 State officials, including law enforcement, as well as 

6 organizations representing servicemembers, senior 

7 citizens, and other vulnerable consumer populations, 

8 this legislation should not be viewed as an exhaus9 tive list to fix all the damaging actions that may 

10 have occurred at this agency since the departure of 

11 former Director Cordray in November 2017, particu12 larly since detailed information revealing the full 

13 scope, nature, and extent of the current flawed oper14 ation of the agency, and the adverse impact result15 ing from these actions, may not yet be publicly avail16 able. Rather, this legislation should be interpreted as 

17 an attempt to highlight and resolve a small sample 

18 of the publicly known egregious statements, deci19 sions, and actions that have occurred since Novem20 ber 2017. 

21 SEC. 3. CONSUMER FINANCIAL PROTECTION BUREAU. 

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

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

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1 tection’’ and inserting ‘‘Consumer Financial Protection 

2 Bureau’’. 

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

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

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

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

7 Protection Bureau’’. 

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

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

10 5491) is amended by adding at the end the following: 

11 ‘‘(f) NAME USE REQUIREMENT.—The Consumer Fi12 nancial Protection Bureau shall refer to itself in any pub13 lic communication, including on any website, as the ‘Con14 sumer Financial Protection Bureau’ or the ‘CFPB’.’’. 

15 SEC. 4. CONFORMING AMENDMENTS. 

16 (a) IN GENERAL.—The Acts described under sub17 section (b) are amended by striking ‘‘Bureau of Consumer 

18 Financial Protection’’ each place such term appears and 

19 inserting ‘‘Consumer Financial Protection Bureau’’. 

20 (b) ACTS TO CONFORM.—The Acts described in this 

21 subsection are as follows: 

22 (1) The Alternative Mortgage Transaction Par23 ity Act of 1982 (12 U.S.C. 3801 et seq.). 

24 (2) The Consumer Credit Protection Act (15 

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


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

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

3 (4) The Expedited Funds Availability Act (12 

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

5 (5) The Federal Deposit Insurance Act (12 

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

7 (6) The Federal Financial Institutions Exam8 ination Council Act of 1978 (12 U.S.C. 3201 et 

9 seq.). 

10 (7) The Financial Institutions Reform, Recov11 ery, and Enforcement Act of 1989 (12 U.S.C. 1811 

12 note et seq.). 

13 (8) The Financial Literacy and Education Im14 provement Act (20 U.S.C. 9701 et seq.). 

15 (9) The Gramm-Leach-Bliley Act (12 U.S.C. 

16 1811 note et seq.). 

17 (10) The Home Mortgage Disclosure Act of 

18 1975 (12 U.S.C. 2801 et seq.). 

19 (11) The Homeowners Protection Act of 1998 

20 (12 U.S.C. 4901 et seq.). 

21 (12) The Inspector General Act of 1978 (5 

22 U.S.C. App 2). 

23 (13) The Interstate Land Sales Full Disclosure 

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


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1 (14) The Omnibus Appropriations Act, 2009 

2 (Public Law 111–8). 

3 (15) The Real Estate Settlement Procedures 

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

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

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

7 (17) The Right to Financial Privacy Act of 

8 1978 (12 U.S.C. 3401 et seq.). 

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

10 2008 (12 U.S.C. 5101 et seq.). 

11 (19) The Telemarketing and Consumer Fraud 

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

13 (20) Title 5, United States Code. 

14 (21) Title 10, United States Code. 

15 (22) Title 44, United States Code. 

16 SEC. 5. EXECUTIVE AND ADMINISTRATION POWERS. 

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

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

19 5492) is amended— 

20 (1) by redesignating subsection (c) as sub21 section (d); and 

22 (2) by inserting after subsection (b) the fol23 lowing: 

24 ‘‘(c) OFFICE RESPONSIBILITIES.—Notwithstanding 

25 subsections (a) and (b), section 1013(a), and any other 


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1 provision of law, with respect to the specific functional 

2 units and offices described under subsections (b), (c), (d), 

3 (e), (g), and (h) of section 1013 and the advisory boards 

4 described under section 1014, the Director— 

5 ‘‘(1) shall ensure that such functional units, of6 fices, and boards perform the functions, duties, and 

7 coordination assigned to them under the applicable 

8 provision of section 1013 or 1014; and 

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

10 offices, and boards in a manner not provided for 

11 under the applicable provision of section 1013 or 

12 1014.’’. 

13 (b) DUTY TO PROVIDE ADEQUATE STAFFING.—Sec14 tion 1013(a)(1) of the Consumer Financial Protection Act 

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

16 the end the following: 

17 ‘‘(D) DUTY TO PROVIDE ADEQUATE

18 STAFFING.—The Director shall ensure that the 

19 specific functional units and offices described 

20 under subsections (b), (c), (d), (e), (g), and (h) 

21 of section 1013, as well as other units and of22 fices with supervisory and enforcement duties, 

23 are provided with sufficient staff to carry out 

24 the functions, duties, and coordination of those 

25 units and offices.’’. 


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1 (c) LIMITATION ON POLITICAL APPOINTEES.—Sec2 tion 1013(a)(1) of the Consumer Financial Protection Act 

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

4 the end the following: 

5 ‘‘(D) 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 reg13 ulatory agencies. 

14 ‘‘(ii) POLITICAL APPOINTEES DE15 FINED.—For purposes of this subpara16 graph, the term ‘political appointee’ means 

17 an employee who holds— 

18 ‘‘(I) a position which has been 

19 excepted from the competitive service 

20 by reason of its confidential, policy-de21 termining, policy-making, or policy-ad22 vocating character; 

23 ‘‘(II) a position in the Senior Ex24 ecutive Service as a noncareer ap25 pointee (as such term is defined in 


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1 section 3132(a) of title 5, United 

2 States Code); or 

3 ‘‘(III) a position under the Exec4 utive Schedule (subchapter II of chap5 ter 53 of title 5, United States 

6 Code).’’. 

7 (d) PUBLIC AVAILABILITY OF COMPLAINT INFORMA8 TION.— 

9 (1) IN GENERAL.—Section 1013(b)(3) of the 

10 Consumer Financial Protection Act of 2010 (12 

11 U.S.C. 5493(b)(3)) is amended— 

12 (A) in subparagraph (A)— 

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

14 before ‘‘website’’; 

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

16 before ‘‘database’’, each place such term 

17 appears; and 

18 (iii) by adding at the end the fol19 lowing: ‘‘The Director shall ensure that the 

20 landing page of the main website of the 

21 Bureau contains a clear and conspicuous 

22 hyperlink to the consumer complaint data23 base described in this subparagraph and 

24 shall ensure that such database is user25 friendly and in plain writing (as such term 


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1 is defined in the Plain Writing Act of 

2 2010). The Director shall ensure that all 

3 information on the website or the database 

4 that explains how to file a complaint with 

5 the Bureau, as well as all reports of the 

6 Bureau with respect to information con7 tained in the database, shall be provided in 

8 each of the 5 most commonly spoken lan9 guages, other than English, in the United 

10 States, as determined by the Bureau of the 

11 Census on an ongoing basis, and in for12 mats accessible to individuals with hearing 

13 or vision impairments.’’; and 

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

15 ‘‘(E) PUBLIC AVAILABILITY OF INFORMA16 TION.— 

17 ‘‘(i) IN GENERAL.—The Director 

18 shall— 

19 ‘‘(I) make all consumer com20 plaints available to the public on a 

21 website of the Bureau; 

22 ‘‘(II) place a clear and con23 spicuous hyperlink on the landing 

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1 reau to the website described under 

2 subclause (I); and 

3 ‘‘(III) ensure that such website— 

4 ‘‘(aa) is searchable and sort5 able by both consumer financial 

6 product or service and by covered 

7 person; and 

8 ‘‘(bb) is user-friendly and 

9 written in plain language. 

10 ‘‘(ii) INCLUSION OF COMPLAINTS SUB11 MITTED WITH INQUIRIES.—For purposes 

12 of clause (i), in addition to all complaints 

13 described under subparagraph (A), con14 sumer complaints shall include any com15 plaints submitted with, or as part of, an 

16 inquiry described under section 1034. 

17 ‘‘(iii) REMOVAL OF PERSONALLY

18 IDENTIFIABLE INFORMATION.—In making 

19 the information described under clause (i) 

20 available to the public, the Director shall 

21 remove all personally identifiable informa22 tion.’’. 

23 (2) RULE OF CONSTRUCTION.— 


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1 (A) IN GENERAL.—The Director of the 

2 Consumer Financial Protection Bureau shall 

3 ensure— 

4 (i) that the database and website de5 scribed under section 1013(b)(3) of the 

6 Consumer Financial Protection Act of 

7 2010 have, at a minimum, the same avail8 ability, transparency, and functionality 

9 that such database and website had prior 

10 to November 24, 2017; and 

11 (ii) that consumers are able, at a min12 imum, to submit complaints to the Bureau 

13 with respect to— 

14 (I) any covered person or service 

15 provider; and 

16 (II) any financial product or 

17 service. 

18 (B) DEFINITIONS.—For purposes of this 

19 paragraph, the terms ‘‘covered person’’, ‘‘finan20 cial product or service’’, and ‘‘service provider’’ 

21 have the meaning given those terms, respec22 tively, under section 1002 of the Consumer Fi23 nancial Protection Act of 2010. 

24 (e) MEMORANDA OF UNDERSTANDING.— 


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

2 than the end of the 30-day period beginning on the 

3 date of enactment of this Act, the Director of the 

4 Consumer Financial Protection Bureau shall issue a 

5 report to the Committee on Financial Services of the 

6 House of Representatives and the Committee on 

7 Banking, Housing, and Urban Affairs of the Senate 

8 listing— 

9 (A) each memorandum of understanding in 

10 effect with the Bureau on November 24, 2017; 

11 (B) any changes made to such a memo12 randum of understanding since such date, in13 cluding any memorandum of understanding re14 scinded since such date; and 

15 (C) a justification for each such change or 

16 rescission. 

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

18 1016(c) of the Consumer Financial Protection Act 

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

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

21 the end; 

22 (B) in paragraph (9), by striking the pe23 riod and inserting a semicolon; and 

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


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1 ‘‘(10) a list of each memorandum of under2 standing in effect with the Bureau, any changes 

3 made to a memorandum of understanding since the 

4 last report was made under subsection (b), and a 

5 justification for each such change;’’. 

6 SEC. 6. OFFICES OF THE CONSUMER FINANCIAL PROTEC7 TION BUREAU. 

8 (a) CLARIFICATION OF THE DUTIES OF THE OFFICE

9 OF FAIR LENDING AND EQUAL OPPORTUNITY.—Section 

10 1013(c)(2) of the Consumer Financial Protection Act of 

11 2010 (12 U.S.C. 5493(c)(2)) is amended— 

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

13 Equal Opportunity shall have such powers and du14 ties as the Director may delegate to the Office, in15 cluding’’ and inserting ‘‘powers and duties of the Of16 fice of Fair Lending and Equal Opportunity shall in17 clude’’; 

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

19 the end; 

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

21 and inserting a semicolon; and 

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

23 ‘‘(E) implementing the Bureau’s enforce24 ment and supervisory authority with respect to 

25 fair lending laws; and 


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

2 the Director may determine appropriate.’’. 

3 (b) OFFICE OF STUDENTS AND YOUNG CON4 SUMERS.— 

5 (1) IN GENERAL.—Section 1013 of the Con6 sumer Financial Protection Act of 2010 (12 U.S.C. 

7 5493) is amended— 

8 (A) by redesignating subsection (h) as sub9 section (i); and 

10 (B) by inserting after subsection (g) the 

11 following: 

12 ‘‘(h) OFFICE OF STUDENTS AND YOUNG CON13 SUMERS.— 

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

15 later than the end of the 60-day period beginning on 

16 the date of enactment of this section, establish an 

17 Office of Students and Young Consumers, which 

18 shall work to empower students, young people, and 

19 their families to make more informed financial deci20 sions about saving and paying for college, accessing 

21 safer and more affordable financial products and 

22 services, all matters related to private education 

23 loans (as defined under section 1035(e)), and repay24 ing student loan debt, including private education 

25 loans. 


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1 ‘‘(2) HEAD OF THE OFFICE.—The head of the 

2 Office of Students and Young Consumers shall be 

3 the Assistant Director and Student Loan Ombuds4 man, and the Assistant Director and Student Loan 

5 Ombudsman shall carry out all functions established 

6 under section 1035 through the Office of Students 

7 and Young Consumers. 

8 ‘‘(3) SUPERVISORY, ENFORCEMENT, AND REGU9 LATORY MATTERS.—The Office of Students and 

10 Young Consumers shall assist in all supervisory, en11 forcement, and regulatory matters of the Bureau re12 lated to the functions of the Office. 

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

14 into memoranda of understanding and similar agree15 ments with the Department of Education and other 

16 Federal and State agencies, as appropriate, in order 

17 to carry out the business of the Office of Students 

18 and Young Consumers.’’. 

19 (2) RENAMING AND APPOINTMENT CLARIFICA20 TION OF THE PRIVATE EDUCATION LOAN OMBUDS21 MAN.— 

22 (A) IN GENERAL.—Section 1035 of the 

23 Consumer Financial Protection Act of 2010 (12 

24 U.S.C. 5535) is amended— 


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1 (i) in the heading of the section by 

2 striking ‘‘PRIVATE EDUCATION’’ and in3 serting ‘‘ASSISTANT DIRECTOR AND

4 STUDENT’’; 

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

6 Secretary, in consultation with the Direc7 tor, shall designate a Private Education 

8 Loan Ombudsman’’ and inserting ‘‘The 

9 Director shall designate an individual as 

10 the Assistant Director and Student Loan 

11 Ombudsman’’; 

12 (iii) in subsection (b), by striking 

13 ‘‘The Secretary and the Director’’ and in14 serting ‘‘The Director’’; and 

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

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

17 (B) CLERICAL AMENDMENT.—The table of 

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

19 Wall Street Reform and Consumer Protection 

20 Act is amended, in the item relating to section 

21 1035, by striking ‘‘PRIVATE EDUCATION’’ 

22 and inserting ‘‘ASSISTANT DIRECTOR AND 

23 STUDENT’’. 

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

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


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1 paper of the United States to the ‘‘Private Edu2 cation Loan Ombudsman’’ shall be deemed a 

3 reference to the ‘‘Assistant Director and Stu4 dent Loan Ombudsman’’. 

5 (c) SEMI-ANNUAL REPORT TO CONGRESS ON CER6 TAIN OFFICES OF THE BUREAU.—Section 1016(c) of the 

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

8 5496(c)), as amended by section 5(e)(3), is further 

9 amended by adding at the end the following: 

10 ‘‘(11) with respect to each of the specific func11 tional units and offices established under section 

12 1013— 

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

14 of the unit or office since the last report was 

15 made under subsection (b); and 

16 ‘‘(B) an analysis of the efforts of the Bu17 reau to achieve the duties of the unit or office; 

18 and 

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

20 units and offices established under section 1013, as 

21 well as each other unit and office with supervisory 

22 and enforcement duties, a break down of the number 

23 of political and professional career staff assigned to 

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

25 the reporting period.’’. 


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1 (d) FUNCTION OF ANY UNIT OR OFFICE ESTAB2 LISHED TO CONDUCT COST BENEFIT ANALYSIS.—Any 

3 unit or office established to conduct cost benefit analysis 

4 within the Consumer Financial Protection Bureau shall, 

5 as its sole function, carry out the considerations required 

6 by section 1022(b)(2)(A) of the Consumer Financial Pro7 tection Act of 2010 (12 U.S.C. 5512(b)(2)(A)). 

8 SEC. 7. CONSUMER ADVISORY BOARD REFORMS. 

9 (a) IN GENERAL.—Section 1014 of the Consumer Fi10 nancial Protection Act of 2010 (12 U.S.C. 5494) is 

11 amended— 

12 (1) by amending subsection (b) to read as fol13 lows: 

14 ‘‘(b) MEMBERSHIP.— 

15 ‘‘(1) QUALIFICATIONS.—In appointing the 

16 members of the Consumer Advisory Board, the Di17 rector shall— 

18 ‘‘(A) seek to assemble a diverse and inclu19 sive group of experts in consumer protection, fi20 nancial services, community development, fair 

21 lending and civil rights, and consumer financial 

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1 pacted by higher-priced mortgage loans, and 

2 seek representation of the interests of covered 

3 persons and consumers, without regard to party 

4 affiliation; and 

‘‘(B) ensure that at least 2 5 ⁄3 of the mem6 bers represent the interests of consumers, in7 cluding experts in consumer protection, fair 

8 lending, civil rights, and representatives of com9 munities that have been significantly impacted 

10 by higher-priced mortgage loans and other 

11 products that resulted in consumer harm. 

12 ‘‘(2) NUMBER OF MEMBERS.—The Director 

13 shall appoint not fewer than 25 members to the 

14 Consumer Advisory Board, and not fewer than 6 

15 members shall be appointed upon the recommenda16 tion of the regional Federal Reserve Bank Presi17 dents, on a rotating basis. 

18 ‘‘(3) MEMBERSHIP RIGHTS AFTER CHARTER

19 CHANGE.—Any change to the charter for the Con20 sumer Advisory Board affecting the membership 

21 shall not preclude prior or current members from 

22 applying for consideration to serve on a reconsti23 tuted Consumer Advisory Board.’’; and 

24 (2) in subsection (c)— 


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

2 ‘‘meet in person from’’; and 

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

4 ‘‘The Bureau shall provide adequate notice to 

5 the members of the Consumer Advisory Board 

6 of the time and date of each meeting, and of 

7 any meeting cancellations.’’ 

8 (b) INCLUSION OF THE DIRECTOR IN MEETINGS AND

9 ACCESS TO BUREAU STAFF.—Section 1014 of the Con10 sumer Financial Protection Act of 2010 (12 U.S.C. 5494) 

11 is amended by adding at the end the following: 

12 ‘‘(e) INCLUSION OF THE DIRECTOR IN MEETINGS

13 AND ACCESS TO BUREAU STAFF.—With respect to each 

14 in person meeting of the Consumer Advisory Board— 

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

16 person; and 

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

18 of the Consumer Advisory Board have an oppor19 tunity to meet and engage in person with all appro20 priate staff and office of the Bureau.’’. 

21 (c) TREATMENT OF MEMBERS OF THE CONSUMER

22 ADVISORY BOARD.—Notwithstanding any other law— 

23 (1) any member of the Consumer Advisory 

24 Board of the Consumer Financial Protection Bureau 

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


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1 member of such advisory board until March 27, 

2 2020, and may not be removed from such position 

3 without cause by the Director of the Bureau until 

4 such date; and 

5 (2) any member of the Consumer Advisory 

6 Board of the Consumer Financial Protection Bureau 

7 on the date of enactment of this Act, may continue 

8 to serve as a member of such advisory board until 

9 March 27, 2020, and may not be removed from such 

10 position without cause by the Director of the Bureau 

11 until such date. 

12 (d) ADDITIONAL REQUIREMENTS FOR ADVISORY

13 COMMITTEES.—Section 1013 of the Consumer Financial 

14 Protection Act of 2010 (12 U.S.C. 5493) is amended by 

15 adding at the end the following: 

16 ‘‘(j) ADVISORY COMMITTEE REQUIREMENTS.— 

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

18 of any advisory committee, other than the Consumer 

19 Advisory Board, the Director shall ensure that at 

least 1 20 ⁄3 of the members represent the interests of 

21 consumers, including experts in consumer protection, 

22 fair lending, civil rights, and representatives of com23 munities that have been significantly impacted by 

24 higher-priced mortgage loans and other products 

25 that resulted in consumer harm. 


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1 ‘‘(2) SELECTION OF MEMBERS REPRESENTING

2 MINORITY-OWNED AND WOMEN-OWNED BUSI3 NESSES.—In appointing members of any advisory 

4 committee, the Director shall seek to promote diver5 sity and inclusion in making appointments, including 

6 by appointing individuals who represent minority7 owned and women-owned businesses.’’. 

8 SEC. 8. EFFECTIVE DATE. 

9 This Act and the amendments made by this Act shall 

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

11 that the Director of the Consumer Financial Protection 

12 Bureau shall have 30 days to complete any operational 

13 changes to the Bureau required by this Act or an amend14 ment made by this Act. 

Æ 


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