I 

118TH CONGRESS 

1ST SESSION H. R. 1410 

To amend the Consumer Financial Protection Act of 2010 to make the 

Bureau of Consumer Financial Protection an independent Consumer 

Financial Protection Commission, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 7, 2023 

Mr. LUETKEMEYER introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To amend the Consumer Financial Protection Act of 2010 

to make the Bureau of Consumer Financial Protection 

an independent Consumer Financial Protection Commission, 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 ‘‘Consumer Financial 

5 Protection Commission Act’’. 


kjohnson on DSK79L0C42PROD with BILLS
2 

•HR 1410 IH

1 SEC. 2. MAKING THE BUREAU AN INDEPENDENT CON2 SUMER FINANCIAL PROTECTION COMMIS3 SION. 

4 The Consumer Financial Protection Act of 2010 (12 

5 U.S.C. 5481 et seq.) is amended— 

6 (1) in section 1011— 

7 (A) in the heading of such section, by 

8 striking ‘‘BUREAU OF CONSUMER FINAN9 CIAL PROTECTION’’ and inserting ‘‘CON10 SUMER FINANCIAL PROTECTION COMMIS11 SION’’; 

12 (B) in subsection (a)— 

13 (i) in the heading of such subsection, 

14 by striking ‘‘BUREAU’’ and inserting 

15 ‘‘COMMISSION’’; 

16 (ii) by striking ‘‘in the Federal Re17 serve System,’’; 

18 (iii) by striking ‘‘independent bureau’’ 

19 and inserting ‘‘independent commission’’; 

20 (iv) by striking ‘‘Bureau of Consumer 

21 Financial Protection’’ and inserting ‘‘Con22 sumer Financial Protection Commission 

23 (hereinafter in this section referred to as 

24 the ‘Commission’)’’; and 


kjohnson on DSK79L0C42PROD with BILLS
3 

•HR 1410 IH

1 (v) by striking ‘‘Bureau’’ each place 

2 such term appears and inserting ‘‘Commis3 sion’’; 

4 (C) by striking subsections (b), (c), and 

5 (d); 

6 (D) by redesignating subsection (e) as sub7 section (j); 

8 (E) in subsection (j), as so redesignated— 

9 (i) by striking ‘‘, including in cities in 

10 which the Federal reserve banks, or 

11 branches of such banks, are located,’’; and 

12 (ii) by striking ‘‘Bureau’’ each place 

13 such term appears and inserting ‘‘Commis14 sion’’; and 

15 (F) by inserting after subsection (a) the 

16 following new subsections: 

17 ‘‘(b) AUTHORITY TO PRESCRIBE REGULATIONS.— 

18 The Commission may prescribe such regulations and issue 

19 such orders in accordance with this title as the Commis20 sion may determine to be necessary for carrying out this 

21 title and all other laws within the Commission’s jurisdic22 tion and shall exercise any authorities granted under this 

23 title and all other laws within the Commission’s jurisdic24 tion. 

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


kjohnson on DSK79L0C42PROD with BILLS
4 

•HR 1410 IH

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

2 composed of 5 members who shall be appointed by 

3 the President, by and with the advice and consent 

4 of the Senate. 

5 ‘‘(2) STAGGERING.—The members of the Com6 mission shall serve staggered terms, which initially 

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

8 2, 3, 4, and 5 years, respectively. 

9 ‘‘(3) TERMS.— 

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

11 Commission, including the Chair, shall serve for 

12 a term of 5 years. 

13 ‘‘(B) REMOVAL.—The President may re14 move any member of the Commission for ineffi15 ciency, neglect of duty, or 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 that member’s predecessor was appointed (in20 cluding the Chair) shall be appointed only for 

21 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 


kjohnson on DSK79L0C42PROD with BILLS
5 

•HR 1410 IH

1 successor has been appointed by the President 

2 and confirmed by the Senate, except that a 

3 member may not continue to serve more than 1 

4 year after the date on which that member’s 

5 term 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 ‘‘(d) AFFILIATION.—Not more than 3 members of 

10 the Commission shall be members of any one political 

11 party. 

12 ‘‘(e) CHAIR OF THE COMMISSION.— 

13 ‘‘(1) INITIAL CHAIR.—The first member and 

14 Chair of the Commission shall be the individual serv15 ing as Director of the Bureau of Consumer Finan16 cial Protection on the day before the date of the en17 actment of this subsection. Such individual shall 

18 serve until the President has appointed all 5 mem19 bers of the Commission in accordance with sub20 section (c). 

21 ‘‘(2) SUBSEQUENT CHAIR.—Of the 5 members 

22 appointed in accordance with subsection (c), the 

23 President shall appoint 1 member to serve as the 

24 subsequent Chair of the Commission. 


kjohnson on DSK79L0C42PROD with BILLS
6 

•HR 1410 IH

1 ‘‘(3) AUTHORITY.—The Chair shall be the prin2 cipal executive officer of the Commission, and shall 

3 exercise all of the executive and administrative func4 tions of the Commission, including with respect to— 

5 ‘‘(A) the appointment and supervision of 

6 personnel employed under the Commission 

7 (other than personnel employed regularly and 

8 full time in the immediate offices of members of 

9 the Commission other than the Chair); 

10 ‘‘(B) the distribution of business among 

11 personnel appointed and supervised by the 

12 Chair and among administrative units of the 

13 Commission; and 

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

15 ‘‘(4) LIMITATION.—In carrying out any of the 

16 Chair’s functions under the provisions of this sub17 section the Chair shall be governed by general poli18 cies of the Commission and by such regulatory deci19 sions, findings, and determinations as the Commis20 sion may by law be authorized to make. 

21 ‘‘(5) REQUESTS OR ESTIMATES RELATED TO

22 APPROPRIATIONS.—Requests or estimates for reg23 ular, supplemental, or deficiency appropriations on 

24 behalf of the Commission may not be submitted by 


kjohnson on DSK79L0C42PROD with BILLS
7 

•HR 1410 IH

1 the Chair without the prior approval of the Commis2 sion. 

3 ‘‘(f) INITIAL QUORUM ESTABLISHED.—The first 

4 member and Chair of the Commission described under 

5 subsection (e)(1) shall constitute a quorum for the trans6 action of business until the President has appointed all 

7 5 members of the Commission in accordance with sub8 section (c). Following such appointment of 5 members, the 

9 quorum requirements of subsection (g) shall apply. 

10 ‘‘(g) NO IMPAIRMENT BY REASON OF VACANCIES.— 

11 No vacancy in the members of the Commission after the 

12 establishment of an initial quorum under subsection (f) 

13 shall impair the right of the remaining members of the 

14 Commission to exercise all the powers of the Commission. 

15 Three members of the Commission shall constitute a 

16 quorum for the transaction of business, except that if 

17 there are only 3 members serving on the Commission be18 cause of vacancies in the Commission, 2 members of the 

19 Commission shall constitute a quorum for the transaction 

20 of business. If there are only 2 members serving on the 

21 Commission because of vacancies in the Commission, 2 

22 members shall constitute a quorum for the 6-month period 

23 beginning on the date of the vacancy which caused the 

24 number of Commission members to decline to 2. 


kjohnson on DSK79L0C42PROD with BILLS
8 

•HR 1410 IH

1 ‘‘(h) SEAL.—The Commission shall have an official 

2 seal. 

3 ‘‘(i) COMPENSATION.— 

4 ‘‘(1) CHAIR.—The Chair shall receive com5 pensation at the rate prescribed for level I of the 

6 Executive Schedule under section 5313 of title 5, 

7 United States Code. 

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

9 The 4 other members of the Commission shall each 

10 receive compensation at the rate prescribed for level 

11 II of the Executive Schedule under section 5314 of 

12 title 5, United States Code.’’; 

13 (2) in section 1012(c), by striking paragraphs 

14 (2), (3), (4), and (5); and 

15 (3) in section 1014(b), by striking ‘‘Not fewer 

16 than 6 members shall be appointed upon the rec17 ommendation of the regional Federal Reserve Bank 

18 Presidents, on a rotating basis.’’. 

19 SEC. 3. DEEMING OF NAME. 

20 Any reference in a law, regulation, document, paper, 

21 or other record of the United States to the Bureau of Con22 sumer Financial Protection, except in subsection (e)(1) of 

23 section 1011 of the Consumer Financial Protection Act 

24 of 2010 (12 U.S.C. 5491), as added by this Act, shall be 


kjohnson on DSK79L0C42PROD with BILLS
9 

•HR 1410 IH

1 deemed a reference to the Consumer Financial Protection 

2 Commission. 

3 SEC. 4. CONFORMING AMENDMENTS. 

4 (a) CONSUMER FINANCIAL PROTECTION ACT OF

5 2010.— 

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

7 paragraph (2), the Consumer Financial Protection 

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

9 (A) by striking ‘‘Director of the Bureau’’ 

10 each place such term appears, other than where 

11 such term is used to refer to a Director other 

12 than the Director of the Bureau of Consumer 

13 Financial Protection, and inserting ‘‘Consumer 

14 Financial Protection Commission’’; 

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

16 term appears and inserting ‘‘Consumer Finan17 cial Protection Commission’’, other than where 

18 such term is used to refer to a Director other 

19 than the Director of the Bureau of Consumer 

20 Financial Protection; and 

21 (C) in section 1002, by striking paragraph 

22 (10). 

23 (2) EXCEPTIONS.—The Consumer Financial 

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

25 amended— 


kjohnson on DSK79L0C42PROD with BILLS
10 

•HR 1410 IH

1 (A) in section 1013(c)(3)— 

2 (i) by striking ‘‘Assistant Director of 

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

4 the Office of’’; and 

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

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

7 of the Office’’; 

8 (B) in section 1013(g)(2)— 

9 (i) by striking ‘‘ASSISTANT DIREC10 TOR’’ and inserting ‘‘HEAD OF THE OF11 FICE’’; and 

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

13 and inserting ‘‘a Head of the Office of Fi14 nancial Protection for Older Americans’’; 

15 (C) in section 1016(a), by striking ‘‘Direc16 tor of the Bureau’’ and inserting ‘‘Chair of the 

17 Consumer Financial Protection Commission’’; 

18 and 

19 (D) in section 1066(a), by striking ‘‘Direc20 tor of the Bureau is’’ and inserting ‘‘first mem21 ber of the Commission is’’. 

22 (b) DODD-FRANK WALL STREET REFORM AND CON23 SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 

24 Reform and Consumer Protection Act (12 U.S.C. 5301 

25 et seq.) is amended— 


kjohnson on DSK79L0C42PROD with BILLS
11 

•HR 1410 IH

1 (1) in section 111(b)(1)(D), by striking ‘‘Direc2 tor’’ and inserting ‘‘Chair of the Consumer Finan3 cial Protection Commission’’; and 

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

5 Bureau’’ each place such term appears and inserting 

6 ‘‘Consumer Financial Protection Commission’’. 

7 (c) ELECTRONIC FUND TRANSFER ACT.—Section 

8 920(a)(4)(C) of the Electronic Fund Transfer Act (15 

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

10 of the Consumer Financial Protection Act of 2010, is 

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

12 Financial Protection’’ and inserting ‘‘Consumer Financial 

13 Protection Commission’’. 

14 (d) EXPEDITED FUNDS AVAILABILITY ACT.—The 

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

16 seq.), as amended by section 1086 of the Consumer Finan17 cial Protection Act of 2010, is amended by striking ‘‘Di18 rector of the Bureau’’ each place such term appears and 

19 inserting ‘‘Consumer Financial Protection Commission’’. 

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

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

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

23 Street Reform and Consumer Protection Act, is amended 

24 by striking ‘‘Director of the Consumer Financial Protec25 tion Bureau’’ each place such term appears and inserting 


kjohnson on DSK79L0C42PROD with BILLS
12 

•HR 1410 IH

1 ‘‘Chair of the Consumer Financial Protection Commis2 sion’’. 

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)), as amended by section 1091 

7 of the Consumer Financial Protection Act of 2010, is 

8 amended by striking ‘‘Director of the Consumer Financial 

9 Protection Bureau’’ and inserting ‘‘Chair of the Consumer 

10 Financial Protection Commission’’. 

11 (g) FINANCIAL LITERACY AND EDUCATION IM12 PROVEMENT ACT.—Section 513 of the Financial Literacy 

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

14 amended by section 1013(d)(5) of the Consumer Financial 

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

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

17 Consumer Financial Protection Commission’’. 

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

19 Section 307 of the Home Mortgage Disclosure Act of 

20 1975, as amended by section 1094(6) of the Consumer 

21 Financial Protection Act of 2010, is amended by striking 

22 ‘‘Director of the Bureau of Consumer Financial Protec23 tion’’ each place such term appears and inserting ‘‘Con24 sumer Financial Protection Commission’’. 


kjohnson on DSK79L0C42PROD with BILLS
13 

•HR 1410 IH

1 (i) INTERSTATE LAND SALES FULL DISCLOSURE

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

3 amended by section 1098A of the Consumer Financial 

4 Protection Act of 2010, is amended— 

5 (1) by amending section 1402(1) to read as fol6 lows: 

7 ‘‘(1) ‘Chair’ means the Chair of the Consumer 

8 Financial Protection Commission;’’; and 

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

10 the Bureau of Consumer Financial Protection’’ and 

11 inserting ‘‘Chair’’. 

12 (j) REAL ESTATE SETTLEMENT PROCEDURES ACT

13 OF 1974.—Section 5 of the Real Estate Settlement Proce14 dures Act of 1974 (12 U.S.C. 2604), as amended by sec15 tion 1450 of the Dodd-Frank Wall Street Reform and 

16 Consumer Protection Act, is amended— 

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

18 Consumer Financial Protection (hereafter in this 

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

20 ‘‘The Consumer Financial Protection Commission’’; 

21 and 

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

23 appears and inserting ‘‘Consumer Financial Protec24 tion Commission’’. 


kjohnson on DSK79L0C42PROD with BILLS
14 

•HR 1410 IH

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

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

3 5101 et seq.), as amended by section 1100 of the Con4 sumer Financial Protection Act of 2010, is amended— 

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

6 appears in headings and text, other than where such 

7 term is used in the context of the Director of the Of8 fice of Thrift Supervision, and inserting ‘‘Consumer 

9 Financial Protection Commission’’; and 

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

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

12 3513(c) of title 44, United States Code, as amended by 

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

14 Act of 2010, is amended by striking ‘‘Director of the Bu15 reau’’ and inserting ‘‘Consumer Financial Protection 

16 Commission’’. 

Æ 


kjohnson on DSK79L0C42PROD with BILLS