II 

112TH CONGRESS 

1ST SESSION S. 737 

To replace the Director of the Bureau of Consumer Financial Protection 

with a 5-person Commission, to bring the Bureau into the regular appropriations process, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

APRIL 6 (legislative day, APRIL 5), 2011 

Mr. MORAN (for himself and Mr. CRAPO) introduced the following bill; which 

was read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

A BILL 

To replace the Director of the Bureau of Consumer Financial 

Protection with a 5-person Commission, to bring the 

Bureau into the regular appropriations process, and for 

other purposes. 

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

3 SECTION 1. SHORT TITLE. 

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

5 Financial Protection Regulations Act of 2011’’. 

6 SEC. 2. ESTABLISHMENT OF THE COMMISSION. 

7 Section 1011 of the Consumer Financial Protection 

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


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

2 (2) by redesignating subsection (e) as sub3 section (j); and 

4 (3) by inserting after subsection (a) the fol5 lowing new subsections: 

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

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

8 a commission (hereafter in this title referred to as 

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

10 Bureau. 

11 ‘‘(2) AUTHORITY TO PRESCRIBE REGULA12 TIONS.—The Commission may prescribe such regu13 lations and issue such orders in accordance with this 

14 title as the Commission may determine to be nec15 essary for carrying out this title and all other laws 

16 within the jurisdiction of the Commission, and shall 

17 exercise any authorities granted under this title and 

18 all other laws within the jurisdiction of the Commis19 sion. 

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

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

22 composed of 5 members, who shall be appointed by 

23 the President, by and with the advice and consent 

24 of the Senate, from among individuals who— 

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


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1 ‘‘(B) have strong competencies and experi2 ences related to consumer financial protection. 

3 ‘‘(2) STAGGERING.—The members of the Com4 mission shall serve staggered terms, which initially 

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

6 2, 4, and 5 years, respectively. 

7 ‘‘(3) TERMS.— 

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

9 Commission, including the Chair, shall serve for 

10 a term of 5 years. 

11 ‘‘(B) REMOVAL FOR CAUSE.—The Presi12 dent may remove any member of the Commis13 sion only for inefficiency, neglect of duty, or 

14 malfeasance in office. 

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

16 Commission appointed to fill a vacancy occur17 ring before the expiration of the term to which 

18 the predecessor of that member was appointed 

19 (including the Chair) shall be appointed only 

20 for the remainder of the term. 

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

22 member of the Commission may continue to 

23 serve after the expiration of the term of office 

24 to which that member was appointed until a 

25 successor has been appointed by the President 


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1 and confirmed by the Senate, except that a 

2 member may not continue to serve more than 1 

3 year after the date on which the term of that 

4 member would otherwise expire. 

5 ‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 

6 No member of the Commission shall engage in 

7 any other business, vocation, or employment 

8 during the term of service of that member on 

9 the Commission. 

10 ‘‘(d) AFFILIATION.—With respect to members ap11 pointed pursuant to subsection (c), not more than 3 shall 

12 be members of any one political party. 

13 ‘‘(e) CHAIR OF THE COMMISSION.— 

14 ‘‘(1) APPOINTMENT.—The Chair of the Com15 mission shall be appointed by the President from 

16 among the members of the Commission. 

17 ‘‘(2) AUTHORITY.—The Chair shall be the prin18 cipal executive officer of the Bureau, and shall exer19 cise all of the executive and administrative functions 

20 of the Bureau, including with respect to— 

21 ‘‘(A) the appointment and supervision of 

22 personnel employed under the Bureau (other 

23 than personnel employed regularly and full time 

24 in the immediate offices of members of the 

25 Commission other than the Chair); 


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1 ‘‘(B) the distribution of business among 

2 personnel appointed and supervised by the 

3 Chair and among administrative units of the 

4 Bureau; and 

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

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

7 functions of the Chair under this subsection, the 

8 Chair shall be governed by general policies of the 

9 Commission and by such regulatory decisions, find10 ings, and determinations as the Commission may by 

11 law be authorized to make. 

12 ‘‘(4) REQUESTS OR ESTIMATES RELATED TO

13 APPROPRIATIONS.—Requests or estimates for reg14 ular, supplemental, or deficiency appropriations on 

15 behalf of the Commission may not be submitted by 

16 the Chair without the prior approval of the Commis17 sion. 

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

19 No vacancy in the membership of the Commission shall 

20 impair the right of the remaining members of the Commis21 sion to exercise all the powers of the Commission. Three 

22 members of the Commission shall constitute a quorum for 

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

24 3 members serving on the Commission because of vacan25 cies in the membership of the Commission, 2 members of 


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1 the Commission shall constitute a quorum for the trans2 action of business. If there are only 2 members serving 

3 on the Commission because of vacancies in the member4 ship of the Commission, 2 members shall constitute a 

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

6 the vacancy which caused the number of Commission 

7 members to decline to 2. 

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

9 seal. 

10 ‘‘(h) COMPENSATION.— 

11 ‘‘(1) CHAIR.—The Chair shall receive com12 pensation at the rate prescribed for level I of the 

13 Executive Schedule under section 5313 of title 5, 

14 United States Code. 

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

16 The 4 members of the Commission other than the 

17 Chair shall each receive compensation at the rate 

18 prescribed for level II of the Executive Schedule 

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

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

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

22 2 members of the Commission, one member of the Com23 mission shall constitute a quorum for the transaction of 

24 business. Following the confirmation of at least 2 addiVerDate Mar 15 2010 02:16 Apr 07, 2011 Jkt 099200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\S737.IS S737

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1 tional commissioners, the quorum requirements of sub2 section (f) shall apply.’’. 

3 SEC. 3. BRINGING THE BUREAU INTO THE REGULAR AP4 PROPRIATIONS PROCESS. 

5 Section 1017 of the Consumer Financial Protection 

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

7 (1) in subsection (a)— 

8 (A) by amending the heading of such sub9 section to read as follows: ‘‘BUDGET, FINAN10 CIAL MANAGEMENT, AND AUDIT.—’’; 

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

12 (3); 

13 (C) by redesignating paragraphs (4) and 

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

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

16 of paragraph (1), as so redesignated; 

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

18 (3) by redesignating subsection (e) as sub19 section (b); and 

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

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

22 (3) and inserting the following: 

23 ‘‘(1) AUTHORIZATION OF APPROPRIATIONS.— 

24 There is authorized to be appropriated to the Bu25 reau, to carry out this title— 


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1 ‘‘(A) not more than $143,000,000 for fis2 cal year 2011; and 

3 ‘‘(B) not more than $329,000,000 for fis4 cal year 2012.’’; and 

5 (B) by redesignating paragraph (4) as 

6 paragraph (2). 

7 SEC. 4. CONFORMING AMENDMENTS. 

8 (a) CONSUMER FINANCIAL PROTECTION ACT OF

9 2010.— 

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

11 paragraph (1), the Consumer Financial Protection 

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

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

14 place such term appears, other than where such 

15 term is used to refer to a Director other than 

16 the Director of the Bureau of Consumer Finan17 cial Protection; 

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

19 term appears, other than where such term is 

20 used to refer to a Director other than the Di21 rector of the Bureau of Consumer Financial 

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

23 (C) in section 1002, by striking paragraph 

24 (10) and inserting the following: 

25 ‘‘(10) [Reserved].’’. 


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1 (2) EXCEPTIONS.—The Consumer Financial 

2 Protection Act of 2010 (12 U.S.C. 5481 et seq.) is 

3 amended— 

4 (A) in section 1012(c)(4) (12 U.S.C. 

5 5492(c)(4)), by striking ‘‘Director’’ each place 

6 such term appears and inserting ‘‘Commission 

7 of the Bureau’’; 

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

9 5493(c)(3))— 

10 (i) by striking ‘‘Assistant Director of 

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

12 the Office of’’; and 

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

14 ‘‘Assistant Director’’ and inserting ‘‘Head 

15 of the Office’’; 

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

17 5493(g)(2))— 

18 (i) in the paragraph heading, by strik19 ing ‘‘ASSISTANT DIRECTOR’’ and inserting 

20 ‘‘HEAD OF THE OFFICE’’; and 

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

22 and inserting ‘‘a Head of the Office of Fi23 nancial Protection for Older Americans’’; 


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

2 5496(a)), by striking ‘‘Director of the Bureau’’ 

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

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

5 5586(a)), by striking ‘‘Director of the Bureau 

6 is’’ and inserting ‘‘first member of the Commis7 sion is’’. 

8 (b) DODD-FRANK WALL STREET REFORM AND CON9 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

10 Reform and Consumer Protection Act (Public Law 111– 

11 203) is amended— 

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

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

14 Commission’’; and 

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

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

17 term appears and inserting ‘‘Bureau’’. 

18 (c) ELECTRONIC FUND TRANSFER ACT.—Section 

19 920(a)(4)(C) of the Electronic Fund Transfer Act (15 

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

21 of the Consumer Financial Protection Act of 2010, is 

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

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

24 Financial Protection’’. 


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1 (d) EXPEDITED FUNDS AVAILABILITY ACT.—The 

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

3 seq.), as amended by section 1086 of the Consumer Finan4 cial Protection Act of 2010, is amended by striking ‘‘Di5 rector of the Bureau’’ each place such term appears and 

6 inserting ‘‘Bureau’’. 

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

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

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

10 Street Reform and Consumer Protection Act, is amended 

11 by striking ‘‘Director of the Consumer Financial Protec12 tion Bureau’’ each place such term appears and inserting 

13 ‘‘Chair of the Commission of the Bureau of Consumer Fi14 nancial Protection’’. 

15 (f) FEDERAL FINANCIAL INSTITUTIONS EXAMINA16 TION COUNCIL ACT OF 1978.—Section 1004(a)(4) of the 

17 Federal Financial Institutions Examination Council Act of 

18 1978 (12 U.S.C. 3303(a)(4)), as amended by section 1091 

19 of the Consumer Financial Protection Act of 2010, is 

20 amended by striking ‘‘Director of the Consumer Financial 

21 Protection Bureau’’ and inserting ‘‘Chair of the Commis22 sion of the Bureau of Consumer Financial Protection’’. 

23 (g) FINANCIAL LITERACY AND EDUCATION IM24 PROVEMENT ACT.—Section 513 of the Financial Literacy 

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


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

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

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

4 Commission’’. 

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

6 Section 307 of the Home Mortgage Disclosure Act of 1975 

7 (12 U.S.C. 2806), as amended by section 1094(6) of the 

8 Consumer Financial Protection Act of 2010, is amended 

9 by striking ‘‘Director of the Bureau of Consumer Finan10 cial Protection’’ each place such term appears and insert11 ing ‘‘Bureau of Consumer Financial Protection’’. 

12 (i) INTERSTATE LAND SALES FULL DISCLOSURE

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

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

15 Consumer Financial Protection Act of 2010, is amended— 

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

17 and inserting the following: 

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

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

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

21 the Bureau of Consumer Financial Protection’’ and 

22 inserting ‘‘Chair’’. 

23 (j) REAL ESTATE SETTLEMENT PROCEDURES ACT

24 OF 1974.—Section 5 of the Real Estate Settlement Proce25 dures Act of 1974 (12 U.S.C. 2604), as amended by secVerDate Mar 15 2010 02:16 Apr 07, 2011 Jkt 099200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\S737.IS S737

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1 tion 1450 of the Dodd-Frank Wall Street Reform and 

2 Consumer Protection Act, is amended— 

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

4 Consumer Financial Protection (hereafter in this 

5 section referred to as the ‘Director’)’’ and inserting 

6 ‘‘The Bureau of Consumer Financial Protection’’; 

7 and 

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

9 appears and inserting ‘‘Bureau’’. 

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

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

12 5101), as amended by section 1100 of the Consumer Fi13 nancial Protection Act of 2010, is amended— 

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

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

16 context of the Director of the Office of Thrift Super17 vision, and inserting ‘‘Bureau’’; and 

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

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

20 3513(c) of title 44, United States Code, as amended by 

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

22 Act of 2010, is amended by striking ‘‘Director of the Bu23 reau’’ and inserting ‘‘Bureau’’. 

Æ 


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