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 Caro-
lina, 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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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Responsible Consumer 
Financial Protection Regulations Act of 2011’’. 
SEC. 2. ESTABLISHMENT OF THE COMMISSION. 
Section 1011 of the Consumer Financial Protection 
Act of 2010 is amended— 
(1) by striking subsections (b), (c), and (d); 
(2) by redesignating subsection (e) as subsection 
(j); and 
(3) by inserting after subsection (a) the following 
new subsections: 
‘‘(b) ESTABLISHMENT OF THE COMMISSION.— 
‘‘(1) IN GENERAL.—There is hereby established a 
commission (hereinafter referred to in this section as 
the ‘Commission’) that shall serve as the head of the 
Bureau. 
‘‘(2) AUTHORITY TO PRESCRIBE REGULATIONS.— 
The Commission may prescribe such regulations and 
issue such orders in accordance with this title as the 
Commission may determine to be necessary for car-
rying out this title and all other laws within the 
Commission’s jurisdiction and shall exercise any au-
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thorities granted under this title and all other laws 
within the Commission’s jurisdiction. 
‘‘(c) COMPOSITION OF THE COMMISSION.— 
‘‘(1) IN
GENERAL.—The Commission shall be 
composed of the Vice Chairman for Supervision of the 
Federal Reserve System and 4 additional members 
who shall be appointed by the President, by and with 
the advice and consent of the Senate, from among in-
dividuals who— 
‘‘(A) are citizens of the United States; 
‘‘(B) have strong competencies and experi-
ences related to consumer financial protection; 
and 
‘‘(C) should want to protect service members 
and their families who are sacrificing their lives 
for this country from abusive financial practices. 
‘‘(2) STAGGERING.—The members of the Com-
mission appointed under paragraph (1) shall serve 
staggered terms, which initially shall be established by 
the President for terms of 1, 2, 4, and 5 years, respec-
tively. 
‘‘(3) TERMS.— 
‘‘(A) IN
GENERAL.—Each member of the 
Commission appointed under paragraph (1), in-
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cluding the Chair, shall serve for a term of 5 
years. 
‘‘(B) REMOVAL FOR CAUSE.—The President 
may remove any member of the Commission ap-
pointed under paragraph (1) only for ineffi-
ciency, neglect of duty, or malfeasance in office. 
‘‘(C) VACANCIES.—Any member of the Com-
mission appointed under paragraph (1) ap-
pointed to fill a vacancy occurring before the ex-
piration of the term to which that member’s 
predecessor was appointed (including the Chair) 
shall be appointed only for the remainder of the 
term. 
‘‘(D) CONTINUATION
OF
SERVICE.—Each 
member of the Commission appointed under 
paragraph (1) may continue to serve after the 
expiration of the term of office to which that 
member was appointed until a successor has been 
appointed by the President and confirmed by the 
Senate, except that a member may not continue 
to serve more than 1 year after the date on which 
that member’s term would otherwise expire. 
‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 
No member of the Commission appointed under 
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paragraph (1) shall engage in any other busi-
ness, vocation, or employment. 
‘‘(4) ROLES AND RESPONSIBILITIES OF COMMIS-
SIONERS.—One member of the Commission shall have 
as their primary responsibility the oversight of the 
Bureau’s activities pertaining to protecting con-
sumers, with a focus on consumers who are older, mi-
norities, youth, or veterans, from unfair, deceptive, 
and abusive lending practices. The designated com-
missioner shall be responsible for— 
‘‘(A) ensuring the Bureau conducts regular 
outreach to consumers regarding industry lend-
ing activities; 
‘‘(B) researching and reporting to the full 
Commission, on a regular basis, the impact of 
new loan and credit products and services on 
consumers; and 
‘‘(C) ensuring the Bureau coordinates with 
State-level consumer protection agencies on en-
forcement measures that protect consumers from 
unfair, deceptive, and abusive lending practices. 
‘‘(d) AFFILIATION.—With respect to members ap-
pointed pursuant to subsection (c)(1), not more than 2 shall 
be members of any one political party. 
‘‘(e) CHAIR OF THE COMMISSION.— 
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‘‘(1) APPOINTMENT.—The Chair of the Commis-
sion shall be appointed by the President from among 
the members of the Commission appointed under 
paragraph (1). 
‘‘(2) AUTHORITY.—The Chair shall be the prin-
cipal executive officer of the Bureau, and shall exer-
cise all of the executive and administrative functions 
of the Bureau, including with respect to— 
‘‘(A) the appointment and supervision of 
personnel employed under the Bureau (other 
than personnel employed regularly and full time 
in the immediate offices of members of the Com-
mission other than the Chair); 
‘‘(B) the distribution of business among per-
sonnel appointed and supervised by the Chair 
and among administrative units of the Bureau; 
and 
‘‘(C) the use and expenditure of funds. 
‘‘(3) LIMITATION.—In carrying out any of the 
Chair’s functions under the provisions of this sub-
section the Chair shall be governed by general policies 
of the Commission and by such regulatory decisions, 
findings, and determinations as the Commission may 
by law be authorized to make. 
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‘‘(4) REQUESTS OR ESTIMATES RELATED TO AP-
PROPRIATIONS.—Requests or estimates for regular, 
supplemental, or deficiency appropriations on behalf 
of the Commission may not be submitted by the Chair 
without the prior approval of the Commission. 
‘‘(f) NO IMPAIRMENT BY REASON OF VACANCIES.—No 
vacancy in the members of the Commission shall impair 
the right of the remaining members of the Commission to 
exercise all the powers of the Commission. Three members 
of the Commission shall constitute a quorum for the trans-
action of business, except that if there are only 3 members 
serving on the Commission because of vacancies in the Com-
mission, 2 members of the Commission shall constitute a 
quorum for the transaction of business. If there are only 
2 members serving on the Commission because of vacancies 
in the Commission, 2 members shall constitute a quorum 
for the 6-month period beginning on the date of the vacancy 
which caused the number of Commission members to decline 
to 2. 
‘‘(g) SEAL.—The Commission shall have an official 
seal. 
‘‘(h) COMPENSATION.— 
‘‘(1) CHAIR.—The Chair shall receive compensa-
tion at the rate prescribed for level I of the Executive 
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Schedule under section 5313 of title 5, United States 
Code. 
‘‘(2) OTHER MEMBERS OF THE COMMISSION.— 
The 3 other members of the Commission appointed 
under subsection (c)(1) shall each receive compensa-
tion at the rate prescribed for level II of the Executive 
Schedule under section 5314 of title 5, United States 
Code. 
‘‘(i) INITIAL QUORUM ESTABLISHED.—During any 
time period prior to the confirmation of at least two mem-
bers of the Commission, one member of the Commission 
shall constitute a quorum for the transaction of business. 
Following the confirmation of at least 2 additional commis-
sioners, the quorum requirements of subsection (f) shall 
apply.’’. 
SEC. 3. CONFORMING AMENDMENTS. 
(a) CONSUMER
FINANCIAL
PROTECTION
ACT
OF 
2010.— 
(1) IN GENERAL.—The Consumer Financial Pro-
tection Act of 2010 is amended— 
(A) in section 1002, by striking paragraph 
(10); 
(B) in section 1012(c)(4), by striking ‘‘Di-
rector’’ each place such term appears and insert-
ing ‘‘Commission of the Bureau’’; 
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(C) in section 1013(c)(3)— 
(i) by striking ‘‘Assistant Director of 
the Bureau for’’ and inserting ‘‘Head of the 
Office of’’; and 
(ii) in subparagraph (B), by striking 
‘‘Assistant Director’’ and inserting ‘‘Head 
of the Office’’; 
(D) in section 1013(g)(2)— 
(i) by striking ‘‘ASSISTANT DIRECTOR’’ 
and inserting ‘‘HEAD OF THE OFFICE’’; and 
(ii) by striking ‘‘an assistant director’’ 
and inserting ‘‘a Head of the Office of Fi-
nancial Protection for Older Americans’’; 
(E) in section 1016(a), by striking ‘‘Direc-
tor of the Bureau’’ and inserting ‘‘Chair of the 
Commission’’; 
(F) in section 1017(c)(1), by striking ‘‘Di-
rector and other employees’’ and inserting 
‘‘members of the Commission and other employ-
ees’’; 
(G) in section 1027(l)(1), by striking ‘‘Di-
rector and the’’; and 
(H) in section 1066(a), by striking ‘‘Direc-
tor of the Bureau is’’ and inserting ‘‘first mem-
ber of the Commission is’’. 
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(2) GLOBAL AMENDMENTS.—The Consumer Fi-
nancial Protection Act of 2010 is amended— 
(A) by striking ‘‘Director of the’’ each place 
such term appears, other than in— 
(i) subparagraphs (A) and (E) of sec-
tion 1017(4); 
(ii) section 1043; 
(iii) section 1061(b)(3); 
(iv) section 1062; 
(v) section 1063(f); 
(vi) subparagraphs (E) and (G) of sec-
tion 1064(i)(2); and 
(vii) section 1065(a); and 
(B) by striking ‘‘Director’’ each place such 
term appears and inserting ‘‘Bureau’’, other 
than in— 
(i) section 1063(f)(2); and 
(ii) section 1065(a). 
(b) DODD-FRANK WALL STREET REFORM AND CON-
SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 
Reform and Consumer Protection Act is amended— 
(1) in section 111(b)(1)(D), by striking ‘‘Direc-
tor’’ and inserting ‘‘Chair of the Commission’’; and 
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(2) in section 1447, by striking ‘‘Director of the 
Bureau’’ each place such term appears and inserting 
‘‘Bureau’’. 
(c) ELECTRONIC
FUND
TRANSFER
ACT.—Section 
921(a)(4)(C) of the Electronic Fund Transfer Act, as added 
by section 1075(a)(2) of the Consumer Financial Protection 
Act of 2010, is amended by striking ‘‘Director of the Bureau 
of Consumer Financial Protection’’ and inserting ‘‘Bureau 
of Consumer Financial Protection’’. 
(d) EXPEDITED FUNDS AVAILABILITY ACT.—The Ex-
pedited Funds Availability Act, as amended by section 1086 
of the Consumer Financial Protection Act of 2010, is 
amended by striking ‘‘Director of the Bureau’’ each place 
such term appears and inserting ‘‘Bureau’’. 
(e) FEDERAL DEPOSIT INSURANCE ACT.—Section 2 of 
the Federal Deposit Insurance Act, as amended by section 
336(a) of the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act, is amended by striking ‘‘Director of 
the Consumer Financial Protection Bureau’’ each place 
such term appears and inserting ‘‘Chair of the Commission 
of the Bureau of Consumer Financial Protection’’. 
(f) FEDERAL FINANCIAL INSTITUTIONS EXAMINATION 
COUNCIL ACT OF 1978.—Section 1004(a)(4) of the Federal 
Financial Institutions Examination Council Act of 1978 
(12 U.S.C. 3303(a)(4)), as amended by section 1091 of the 
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Consumer Financial Protection Act of 2010, is amended by 
striking ‘‘Director of the Consumer Financial Protection 
Bureau’’ and inserting ‘‘Chair of the Commission of the Bu-
reau of Consumer Financial Protection’’. 
(g) FINANCIAL LITERACY AND EDUCATION IMPROVE-
MENT ACT.—Section 513 of the Financial Literacy and 
Education Improvement Act, as amended by section 
1013(d) of the Consumer Financial Protection Act of 2010, 
is amended by striking ‘‘Director’’ each place such term ap-
pears and inserting ‘‘Chair of the Commission’’. 
(h) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 
Section 307 of the Home Mortgage Disclosure Act of 1975, 
as amended by section 1094(6) of the Consumer Financial 
Protection Act of 2010, is amended by striking ‘‘Director 
of the Bureau of Consumer Financial Protection’’ each 
place such term appears and inserting ‘‘Bureau of Con-
sumer Financial Protection’’. 
(i) INTERSTATE LAND SALES FULL DISCLOSURE 
ACT.—The Interstate Land Sales Full Disclosure Act, as 
amended by section 1098A of the Consumer Financial Pro-
tection Act of 2010, is amended— 
(1) by amending section 1402(1) to read as fol-
lows: 
‘‘(1) ‘Chair’ means the Chair of the Commission of the 
Bureau of Consumer Financial Protection;’’; 
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(l) TITLE 44, UNITED STATES CODE.—Section 3513(c) 
of title 44, United States Code, as amended by section 
1100D(b) of the Consumer Financial Protection Act of 
2010, is amended by striking ‘‘Director of the Bureau’’ and 
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 
Financial Protection with a five person Commis-
sion. 
JUNE 16, 2011 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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