IB 

Union Calendar No. 61 

112TH CONGRESS 

1ST SESSION H. R. 1121 

[Report No. 112–107] 

To replace the Director of the Bureau of Consumer Financial Protection 

with a five person Commission. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 16, 2011 

Mr. BACHUS (for himself, Mrs. CAPITO, Mrs. BIGGERT, Mr. GARRETT, Mr. 

HENSARLING, Mr. GARY G. MILLER of California, Mr. NEUGEBAUER, 

Mr. GRIMM, Mrs. BACHMANN, Mr. ROYCE, Mr. DOLD, Mr. YODER, Mr. 

MANZULLO, Mr. SCHWEIKERT, Mr. LUETKEMEYER, Mr. PEARCE, Mr. 

STIVERS, Mr. MCHENRY, Mr. CANSECO, Mr. SESSIONS, Mr. POSEY, Mr. 

DUFFY, Mr. HUIZENGA of Michigan, Mr. LUCAS, Mr. CAMPBELL, Mr. 

KING of New York, and Mr. HULTGREN) introduced the following bill; 

which was referred to the Committee on Financial Services 

JUNE 16, 2011 

Additional sponsors: Mr. HURT, Mr. MCCOTTER, Mr. WILSON of South Carolina, Ms. JENKINS, Mr. MCKINLEY, Mr. LATHAM, Mr. CARTER, Mr. 

KLINE, and Mr. ROSS of Florida 

JUNE 16, 2011 

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

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

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

[For text of introduced bill, see copy of bill as introduced on March 16, 2011] 


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A BILL 

To replace the Director of the Bureau of Consumer Financial 

Protection with a five person Commission. 


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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Responsible Consumer 

5 Financial Protection Regulations Act of 2011’’. 

6 SEC. 2. ESTABLISHMENT OF THE COMMISSION. 

7 Section 1011 of the Consumer Financial Protection 

8 Act of 2010 is amended— 

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

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

11 (j); and 

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

13 new subsections: 

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

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

16 commission (hereinafter referred to in this section as 

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

18 Bureau. 

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

20 The Commission may prescribe such regulations and 

21 issue such orders in accordance with this title as the 

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

24 Commission’s jurisdiction and shall exercise any auVerDate Mar 15 2010 23:11 Jun 16, 2011 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6203 E:\BILLS\H1121.RH H1121

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1 thorities granted under this title and all other laws 

2 within the Commission’s jurisdiction. 

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

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

5 composed of the Vice Chairman for Supervision of the 

6 Federal Reserve System and 4 additional members 

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

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

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

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

13 and 

14 ‘‘(C) should want to protect service members 

15 and their families who are sacrificing their lives 

16 for this country from abusive financial practices. 

17 ‘‘(2) STAGGERING.—The members of the Com18 mission appointed under paragraph (1) shall serve 

19 staggered terms, which initially shall be established by 

20 the President for terms of 1, 2, 4, and 5 years, respec21 tively. 

22 ‘‘(3) TERMS.— 

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

24 Commission appointed under paragraph (1), inVerDate Mar 15 2010 23:11 Jun 16, 2011 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6203 E:\BILLS\H1121.RH H1121

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1 cluding the Chair, shall serve for a term of 5 

2 years. 

3 ‘‘(B) REMOVAL FOR CAUSE.—The President 

4 may remove any member of the Commission ap5 pointed under paragraph (1) only for ineffi6 ciency, neglect of duty, or malfeasance in office. 

7 ‘‘(C) VACANCIES.—Any member of the Com8 mission appointed under paragraph (1) ap9 pointed to fill a vacancy occurring before the ex10 piration of the term to which that member’s 

11 predecessor was appointed (including the Chair) 

12 shall be appointed only for the remainder of the 

13 term. 

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

15 member of the Commission appointed under 

16 paragraph (1) may continue to serve after the 

17 expiration of the term of office to which that 

18 member was appointed until a successor has been 

19 appointed by the President and confirmed by the 

20 Senate, except that a member may not continue 

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

22 that member’s term would otherwise expire. 

23 ‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 

24 No member of the Commission appointed under 


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1 paragraph (1) shall engage in any other busi2 ness, vocation, or employment. 

3 ‘‘(4) ROLES AND RESPONSIBILITIES OF COMMIS4 SIONERS.—One member of the Commission shall have 

5 as their primary responsibility the oversight of the 

6 Bureau’s activities pertaining to protecting con7 sumers, with a focus on consumers who are older, mi8 norities, youth, or veterans, from unfair, deceptive, 

9 and abusive lending practices. The designated com10 missioner shall be responsible for— 

11 ‘‘(A) ensuring the Bureau conducts regular 

12 outreach to consumers regarding industry lend13 ing activities; 

14 ‘‘(B) researching and reporting to the full 

15 Commission, on a regular basis, the impact of 

16 new loan and credit products and services on 

17 consumers; and 

18 ‘‘(C) ensuring the Bureau coordinates with 

19 State-level consumer protection agencies on en20 forcement measures that protect consumers from 

21 unfair, deceptive, and abusive lending practices. 

22 ‘‘(d) AFFILIATION.—With respect to members ap23 pointed pursuant to subsection (c)(1), not more than 2 shall 

24 be members of any one political party. 

25 ‘‘(e) CHAIR OF THE COMMISSION.— 


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

3 the members of the Commission appointed under 

4 paragraph (1). 

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

8 of the Bureau, including with respect to— 

9 ‘‘(A) the appointment and supervision of 

10 personnel employed under the Bureau (other 

11 than personnel employed regularly and full time 

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

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

16 and among administrative units of the Bureau; 

17 and 

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

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

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

22 of the Commission and by such regulatory decisions, 

23 findings, and determinations as the Commission may 

24 by law be authorized to make. 


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

3 supplemental, or deficiency appropriations on behalf 

4 of the Commission may not be submitted by the Chair 

5 without the prior approval of the Commission. 

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

7 vacancy in the members of the Commission shall impair 

8 the right of the remaining members of the Commission to 

9 exercise all the powers of the Commission. Three members 

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

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

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

15 2 members serving on the Commission because of vacancies 

16 in the Commission, 2 members shall constitute a quorum 

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

18 which caused the number of Commission members to decline 

19 to 2. 

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

21 seal. 

22 ‘‘(h) COMPENSATION.— 

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


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1 Schedule under section 5313 of title 5, United States 

2 Code. 

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

4 The 3 other members of the Commission appointed 

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

7 Schedule under section 5314 of title 5, United States 

8 Code. 

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

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

12 shall constitute a quorum for the transaction of business. 

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

15 apply.’’. 

16 SEC. 3. CONFORMING AMENDMENTS. 

17 (a) CONSUMER FINANCIAL PROTECTION ACT OF

18 2010.— 

19 (1) IN GENERAL.—The Consumer Financial Pro20 tection Act of 2010 is amended— 

21 (A) in section 1002, by striking paragraph 

22 (10); 

23 (B) in section 1012(c)(4), by striking ‘‘Di24 rector’’ each place such term appears and insert25 ing ‘‘Commission of the Bureau’’; 


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1 (C) in section 1013(c)(3)— 

2 (i) by striking ‘‘Assistant Director of 

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

4 Office of’’; and 

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

6 ‘‘Assistant Director’’ and inserting ‘‘Head 

7 of the Office’’; 

8 (D) in section 1013(g)(2)— 

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

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

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

12 and inserting ‘‘a Head of the Office of Fi13 nancial Protection for Older Americans’’; 

14 (E) in section 1016(a), by striking ‘‘Direc15 tor of the Bureau’’ and inserting ‘‘Chair of the 

16 Commission’’; 

17 (F) in section 1017(c)(1), by striking ‘‘Di18 rector and other employees’’ and inserting 

19 ‘‘members of the Commission and other employ20 ees’’; 

21 (G) in section 1027(l)(1), by striking ‘‘Di22 rector and the’’; and 

23 (H) in section 1066(a), by striking ‘‘Direc24 tor of the Bureau is’’ and inserting ‘‘first mem25 ber of the Commission is’’. 


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1 (2) GLOBAL AMENDMENTS.—The Consumer Fi2 nancial Protection Act of 2010 is amended— 

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

4 such term appears, other than in— 

5 (i) subparagraphs (A) and (E) of sec6 tion 1017(4); 

7 (ii) section 1043; 

8 (iii) section 1061(b)(3); 

9 (iv) section 1062; 

10 (v) section 1063(f); 

11 (vi) subparagraphs (E) and (G) of sec12 tion 1064(i)(2); and 

13 (vii) section 1065(a); and 

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

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

16 than in— 

17 (i) section 1063(f)(2); and 

18 (ii) section 1065(a). 

19 (b) DODD-FRANK WALL STREET REFORM AND CON20 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

21 Reform and Consumer Protection Act is amended— 

22 (1) in section 111(b)(1)(D), by striking ‘‘Direc23 tor’’ and inserting ‘‘Chair of the Commission’’; and 


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

2 Bureau’’ each place such term appears and inserting 

3 ‘‘Bureau’’. 

4 (c) ELECTRONIC FUND TRANSFER ACT.—Section 

5 921(a)(4)(C) of the Electronic Fund Transfer Act, as added 

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

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

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

9 of Consumer Financial Protection’’. 

10 (d) EXPEDITED FUNDS AVAILABILITY ACT.—The Ex11 pedited Funds Availability Act, as amended by section 1086 

12 of the Consumer Financial Protection Act of 2010, is 

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

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

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

16 the Federal Deposit Insurance Act, as amended by section 

17 336(a) of the Dodd-Frank Wall Street Reform and Con18 sumer Protection Act, is amended by striking ‘‘Director of 

19 the Consumer Financial Protection Bureau’’ each place 

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

21 of the Bureau of Consumer Financial Protection’’. 

22 (f) FEDERAL FINANCIAL INSTITUTIONS EXAMINATION

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

24 Financial Institutions Examination Council Act of 1978 

25 (12 U.S.C. 3303(a)(4)), as amended by section 1091 of the 


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1 Consumer Financial Protection Act of 2010, is amended by 

2 striking ‘‘Director of the Consumer Financial Protection 

3 Bureau’’ and inserting ‘‘Chair of the Commission of the Bu4 reau of Consumer Financial Protection’’. 

5 (g) FINANCIAL LITERACY AND EDUCATION IMPROVE6 MENT ACT.—Section 513 of the Financial Literacy and 

7 Education Improvement Act, as amended by section 

8 1013(d) of the Consumer Financial Protection Act of 2010, 

9 is amended by striking ‘‘Director’’ each place such term ap10 pears and inserting ‘‘Chair of the Commission’’. 

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

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

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

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

15 of the Bureau of Consumer Financial Protection’’ each 

16 place such term appears and inserting ‘‘Bureau of Con17 sumer Financial Protection’’. 

18 (i) INTERSTATE LAND SALES FULL DISCLOSURE

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

20 amended by section 1098A of the Consumer Financial Pro21 tection Act of 2010, is amended— 

22 (1) by amending section 1402(1) to read as fol23 lows: 

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

25 Bureau of Consumer Financial Protection;’’; 


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

2 the Bureau of Consumer Financial Protection’’ and 

3 inserting ‘‘Chair’’; and 

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

5 appears and inserting ‘‘Bureau’’. 

6 (j) REAL ESTATE SETTLEMENT PROCEDURES ACT OF

7 1974.—Section 5 of the Real Estate Settlement Procedures 

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

9 Wall Street Reform and Consumer Protection Act, is 

10 amended— 

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

12 Consumer Financial Protection (hereafter in this sec13 tion referred to as the ‘Director’)’’ and inserting ‘‘The 

14 Bureau of Consumer Financial Protection’’; and 

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

16 appears and inserting ‘‘Bureau’’. 

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

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

19 by section 1100 of the Consumer Financial Protection Act 

20 of 2010, is amended— 

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

22 appears in headings and text and inserting ‘‘Bu23 reau’’; and 

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


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

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

3 1100D(b) of the Consumer Financial Protection Act of 

4 2010, is amended by striking ‘‘Director of the Bureau’’ and 

5 inserting ‘‘Bureau’’. 


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Union Calendar No. 61 

112TH CONGRESS 

1ST SESSION H. R. 1121 

[Report No. 112–107] 

A BILL 

To replace the Director of the Bureau of Consumer 

sion. Financial Protection with a five person CommisJUNE 16, 2011 

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


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