II 

113TH CONGRESS 

2D SESSION S. 2213 

To replace the Director of the Bureau of Consumer Financial Protection 

with a five-person Commission. 

IN THE SENATE OF THE UNITED STATES 

APRIL 3, 2014 

Mrs. FISCHER 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 five-person Commission. 

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 ‘‘Consumer Financial 

5 Protection Commission Act of 2014’’. 

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— 

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

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1 (2) by redesignating subsection (e) as sub2 section (j); and 

3 (3) by inserting after subsection (a) the fol4 lowing new subsections: 

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

6 ‘‘(1) IN GENERAL.—There is established a com7 mission (referred to in this title as the ‘Commis8 sion’) that shall serve as the head of the Bureau. 

9 ‘‘(2) AUTHORITY TO PRESCRIBE REGULA10 TIONS.—The Commission— 

11 ‘‘(A) may prescribe such regulations and 

12 issue such orders in accordance with this title 

13 as the Commission may determine to be nec14 essary for carrying out this title and all other 

15 laws within the jurisdiction of the Commission; 

16 and 

17 ‘‘(B) shall exercise any authorities granted 

18 under this title and all other laws within the ju19 risdiction of the Commission. 

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, 3, 4, and 5 years, respectively. 

7 ‘‘(3) TERMS.— 

8 ‘‘(A) IN GENERAL.—Except as provided in 

9 paragraph (2), each member of the Commis10 sion, including the Chair, shall serve for a term 

11 of 5 years. 

12 ‘‘(B) REMOVAL FOR CAUSE.—The Presi13 dent may remove any member of the Commis14 sion only for inefficiency, neglect of duty, or 

15 malfeasance in office. 

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

17 Commission appointed to fill a vacancy occur18 ring before the expiration of the term to which 

19 the predecessor of that member was appointed 

20 (including the Chair) shall be appointed only 

21 for the remainder of the term. 

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

23 member of the Commission may continue to 

24 serve after the expiration of the term of office 

25 to which that member was appointed until a 

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1 successor has been appointed by the President 

2 and confirmed by the Senate, except that a 

3 member may not continue to serve for more 

4 than 1 year after the date on which the term 

5 of that member would otherwise expire. 

6 ‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 

7 No member of the Commission shall engage in 

8 any other business, vocation, or employment 

9 during the term of service of that member on 

10 the Commission. 

11 ‘‘(d) AFFILIATION.—With respect to members ap12 pointed pursuant to subsection (c), not more than 3 shall 

13 be members of any one political party. 

14 ‘‘(e) CHAIR OF THE COMMISSION.— 

15 ‘‘(1) APPOINTMENT.—The Chair of the Com16 mission shall be appointed by the President from 

17 among the members of the Commission. 

18 ‘‘(2) AUTHORITY.—The Chair shall be the prin19 cipal executive officer of the Bureau, and shall exer20 cise all of the executive and administrative functions 

21 of the Bureau, including with respect to— 

22 ‘‘(A) the appointment and supervision of 

23 personnel employed under the Bureau (other 

24 than personnel employed regularly and full time 

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1 in the immediate offices of members of the 

2 Commission other than the Chair); 

3 ‘‘(B) the distribution of business among 

4 personnel appointed and supervised by the 

5 Chair and among administrative units of the 

6 Bureau; and 

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

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

9 functions of the Chair under the provisions of this 

10 subsection, the Chair shall be governed by general 

11 policies of the Commission and by such regulatory 

12 decisions, findings, and determinations as the Com13 mission may by law be authorized to make. 

14 ‘‘(4) REQUESTS OR ESTIMATES RELATED TO

15 APPROPRIATIONS.—Requests or estimates for reg16 ular, supplemental, or deficiency appropriations on 

17 behalf of the Commission may not be submitted by 

18 the Chair without the prior approval of the Commis19 sion. 

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

21 No vacancy in the membership of the Commission shall 

22 impair the right of the remaining members of the Commis23 sion to exercise all the powers of the Commission. Three 

24 members of the Commission shall constitute a quorum for 

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

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1 3 members serving on the Commission because of vacan2 cies in the membership of the Commission, 2 members of 

3 the Commission shall constitute a quorum for the trans4 action of business. If there are only 2 members serving 

5 on the Commission because of vacancies in the member6 ship of the Commission, 2 members shall constitute a 

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

8 the vacancy which caused the number of Commission 

9 members to decline to 2. 

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

11 seal. 

12 ‘‘(h) COMPENSATION.— 

13 ‘‘(1) CHAIR.—The Chair shall receive com14 pensation at the rate prescribed for level II of the 

15 Executive Schedule under section 5313 of title 5, 

16 United States Code. 

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

18 The 4 members of the Commission other than the 

19 Chair shall each receive compensation at the rate 

20 prescribed for level III of the Executive Schedule 

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

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

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

24 2 members of the Commission, 1 member of the Commis25 sion shall constitute a quorum for the transaction of busimstockstill on DSK4VPTVN1PROD with BILLS

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1 ness. Following the confirmation of at least 2 additional 

2 commissioners, the quorum requirements of subsection (f) 

3 shall apply.’’. 

4 SEC. 3. CONFORMING AMENDMENTS. 

5 (a) CONSUMER FINANCIAL PROTECTION ACT OF

6 2010.— 

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

8 paragraph (2), the Consumer Financial Protection 

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

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

11 place that term appears, other than where that 

12 term is used to refer to a Director other than 

13 the Director of the Bureau of Consumer Finan14 cial Protection; 

15 (B) by striking ‘‘Director’’ each place that 

16 term appears, other than where that term is 

17 used to refer to a Director other than the Di18 rector of the Bureau of Consumer Financial 

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

20 (C) in section 1002, by striking paragraph 

21 (10) and inserting the following: 

22 ‘‘(10) [Reserved].’’. 

23 (2) EXCEPTIONS.—The Consumer Financial 

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

25 amended— 

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1 (A) in section 1012(c)(4), by striking ‘‘Di2 rector’’ each place that term appears and in3 serting ‘‘Commission of the Bureau’’; 

4 (B) in section 1013(c)(3)— 

5 (i) by striking ‘‘Assistant Director of 

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

7 the Office of’’; and 

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

9 ‘‘Assistant Director’’ and inserting ‘‘Head 

10 of the Office’’; 

11 (C) in section 1013(g)(2)— 

12 (i) in the paragraph heading, by strik13 ing ‘‘ASSISTANT DIRECTOR’’ and inserting 

14 ‘‘HEAD OF THE OFFICE’’; and 

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

16 and inserting ‘‘a Head of the Office of Fi17 nancial Protection for Older Americans’’; 

18 (D) in section 1016(a), by striking ‘‘Direc19 tor of the Bureau’’ and inserting ‘‘Chair of the 

20 Commission’’; 

21 (E) in section 1017(c)(1), by striking the 

22 ‘‘Director’’ the second place that term appears, 

23 and inserting the ‘‘Commission of the Bureau’’; 

24 (F) in section 1027(l)(1), by striking ‘‘Di25 rector and the’’; and 

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1 (G) in section 1066(a), by striking ‘‘Direc2 tor of the Bureau is’’ and inserting ‘‘first mem3 ber of the Commission is’’. 

4 (b) DODD-FRANK WALL STREET REFORM AND CON5 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

6 Reform and Consumer Protection Act (Public Law 111– 

7 203) is amended— 

8 (1) in section 111(b)(1)(D), by striking ‘‘Direc9 tor’’ and inserting ‘‘Chair of the Commission’’; and 

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

11 Bureau’’ each place that term appears and inserting 

12 ‘‘Bureau’’. 

13 (c) ELECTRONIC FUND TRANSFER ACT.—Section 

14 921(a)(4)(C) of the Electronic Fund Transfer Act (15 

15 U.S.C. 1693o–2(a)(4)(C)) is amended by striking ‘‘Direc16 tor of the Bureau of Consumer Financial Protection’’ and 

17 inserting ‘‘Bureau of Consumer Financial Protection’’. 

18 (d) EXPEDITED FUNDS AVAILABILITY ACT.—The 

19 Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) 

20 is amended by striking ‘‘Director of the Bureau’’ each 

21 place that term appears and inserting ‘‘Bureau’’. 

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

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

24 is amended by striking ‘‘Director of the Consumer Finan25 cial Protection Bureau’’ each place that term appears and 

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1 inserting ‘‘Chair of the Commission of the Bureau of Con2 sumer Financial Protection’’. 

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

5 Federal Financial Institutions Examination Council Act of 

6 1978 (12 U.S.C. 3303(a)(4)) is amended by striking ‘‘Di7 rector of the Consumer Financial Protection Bureau’’ and 

8 inserting ‘‘Chair of the Commission of the Bureau of Con9 sumer Financial Protection’’. 

10 (g) FINANCIAL LITERACY AND EDUCATION IM11 PROVEMENT ACT.—Section 513 of the Financial Literacy 

12 and Education Improvement Act (20 U.S.C. 9702) is 

13 amended by striking ‘‘Director’’ each place that term ap14 pears and inserting ‘‘Chair of the Commission’’. 

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

16 Section 307 of the Home Mortgage Disclosure Act of 1975 

17 (12 U.S.C. 2806) is amended by striking ‘‘Director of the 

18 Bureau of Consumer Financial Protection’’ each place 

19 that term appears and inserting ‘‘Bureau of Consumer Fi20 nancial Protection’’. 

21 (i) INTERSTATE LAND SALES FULL DISCLOSURE

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

23 U.S.C. 1701 et seq.) is amended— 

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

25 and inserting the following: 

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

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

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

4 the Bureau of Consumer Financial Protection’’ and 

5 inserting ‘‘Chair’’. 

6 (j) REAL ESTATE SETTLEMENT PROCEDURES ACT

7 OF 1974.—Section 5 of the Real Estate Settlement Proce8 dures Act of 1974 (12 U.S.C. 2604) is amended— 

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

10 Consumer Financial Protection (hereafter in this 

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

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

13 and 

14 (2) by striking ‘‘Director’’ each place that term 

15 appears and inserting ‘‘Bureau’’. 

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

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

18 5101 et seq.) is amended— 

19 (1) by striking ‘‘Director’’ each place that term 

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

21 context of the Director of the Office of Thrift Super22 vision, and inserting ‘‘Bureau’’; and 

23 (2) in section 1503, by striking paragraph (10) 

24 and inserting the following: 

25 ‘‘(10) [Reserved].’’. 

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

2 3513(c) of title 44, United States Code, is amended by 

3 striking ‘‘Director of the Bureau’’ and inserting ‘‘Bu4 reau’’. 

5 SEC. 4. EFFECTIVE DATE. 

6 This Act, and the amendments made by this Act, 

7 shall be effective as of July 16, 2018. 

Æ 

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