SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Consumer Financial 
Freedom and Washington Accountability Act’’. 
SEC. 2. FINANCIAL PRODUCT SAFETY COMMISSION. 
(a) ESTABLISHMENT.—Section 1011 of the Con-
sumer Financial Protection Act of 2010 (12 U.S.C. 5491) 
is amended to read as follows: 
‘‘SEC. 1011. ESTABLISHMENT OF THE FINANCIAL PRODUCT 
SAFETY COMMISSION. 
‘‘(a) ESTABLISHMENT.—There is established an inde-
pendent commission to be known as the ‘Financial Prod-
uct Safety Commission’ (hereinafter referred to in this 
section as the ‘Commission’), which shall regulate the of-
fering and provision of consumer financial products or 
services under the Federal consumer financial laws. The 
Commission shall be considered an Executive agency, as 
defined in section 105 of title 5, United States Code. Ex-
cept as otherwise provided expressly by law, all Federal 
laws dealing with public or Federal contracts, property, 
works, officers, employees, budgets, or funds, including 
the provisions of chapters 5 and 7 of title 5, shall apply 
to the exercise of the powers of the Commission. 
‘‘(b) AUTHORITY TO PRESCRIBE REGULATIONS.— 
The Commission may prescribe such regulations and issue 
such orders in accordance with this title as the Commis-
sion may determine to be necessary for carrying out this
title and all other laws within the Commission’s jurisdic-
tion and shall exercise any authorities granted under this 
title and all other laws within the Commission’s jurisdic-
tion. 
‘‘(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 mem-
bers who shall be appointed by the President, by and 
with the advice and consent of the Senate, from 
among individuals who— 
‘‘(A) are citizens of the United States; and 
‘‘(B) have strong competencies and experi-
ences related to consumer financial protection. 
‘‘(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, 
respectively. 
‘‘(3) TERMS.— 
‘‘(A) IN GENERAL.—Each member of the 
Commission appointed under paragraph (1), in-
cluding the Chair, shall serve for a term of 5 
years.
‘‘(B) REMOVAL.—The President may re-
move any member of the Commission appointed 
under paragraph (1). 
‘‘(C) VACANCIES.—Any member of the 
Commission appointed under paragraph (1) ap-
pointed to fill a vacancy occurring before the 
expiration 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 other-
wise expire. 
‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 
No member of the Commission appointed under 
paragraph (1) shall engage in any other busi-
ness, vocation, or employment.
‘‘(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.— 
‘‘(1) APPOINTMENT.—The Chair of the Com-
mission shall be appointed by the President from 
among the members of the Commission appointed 
under subsection (c)(1). 
‘‘(2) AUTHORITY.—The Chair shall be the prin-
cipal executive officer of the Commission, and shall 
exercise all of the executive and administrative func-
tions of the Commission, including with respect to— 
‘‘(A) the appointment and supervision of 
personnel employed under the Commission 
(other than personnel employed regularly and 
full time in the immediate offices of members of 
the Commission other than the Chair); 
‘‘(B) the distribution of business among 
personnel appointed and supervised by the 
Chair and among administrative units of the 
Commission; 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 poli-
sumer Financial Protection Act of 2010 (12 U.S.C. 5497) 
is amended— 
(1) in subsection (a)— 
(A) by amending the heading of such sub-
section to read as follows: ‘‘BUDGET, FINAN-
CIAL MANAGEMENT, AND AUDIT.—’’; 
(B) by striking paragraphs (1), (2), and 
(3); 
(C) by redesignating paragraphs (4) and 
(5) as paragraphs (1) and (2), respectively; and 
(D) by striking subparagraphs (E) and (F) 
of paragraph (1), as so redesignated; 
(2) by striking subsections (b) and (c); 
(3) by redesignating subsections (d) and (e) as 
subsections (b) and (c), respectively; and 
(4) in subsection (c), as so redesignated— 
(A) by striking paragraphs (1), (2), and 
(3) and inserting the following: 
‘‘(1) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated to carry out 
this title $300,000,000 for each of fiscal years 2014 
and 2015.’’; and 
(B) by redesignating paragraph (4) as 
paragraph (2).
(c) ENSURING THE INDEPENDENCE OF THE COMMIS-
SION.—The Consumer Financial Protection Act of 2010 
is amended— 
(1) in section 1012(c) (12 U.S.C. 5492(c)), by 
striking paragraphs (2), (3), (4), and (5); and 
(2) in section 1014(b) (12 U.S.C. 5494(b)), by 
striking ‘‘Not fewer than 6 members shall be ap-
pointed upon the recommendation of the regional 
Federal Reserve Bank Presidents, on a rotating 
basis.’’. 
(d) CONFORMING AMENDMENTS.— 
(1) CONSUMER FINANCIAL PROTECTION ACT OF 
2010.— 
(A) IN
GENERAL.—Except as provided 
under subparagraph (B), the Consumer Finan-
cial Protection Act of 2010 (12 U.S.C. 5481 et 
seq.) is amended— 
(i) by striking ‘‘Director of the’’ each 
place such term appears, other than where 
such term is used to refer to a Director 
other than the Director of the Bureau of 
Consumer Financial Protection; 
(ii) by striking ‘‘Director’’ each place 
such term appears and inserting ‘‘Finan-
cial Product Safety Commission’’, other
than where such term is used to refer to 
a Director other than the Director of the 
Bureau of Consumer Financial Protection; 
and 
(iii) in section 1002 (12 U.S.C. 5481), 
by striking paragraph (10). 
(B) EXCEPTIONS.—The Consumer Finan-
cial Protection Act of 2010 is amended— 
(i) in section 1012(c)(4) (12 U.S.C. 
5492(c)(4)), by striking ‘‘Director’’ each 
place such term appears and inserting ‘‘Fi-
nancial Product Safety Commission’’; 
(ii) in section 1013(c)(3) (12 U.S.C. 
5493(c)(3))— 
(I) by striking ‘‘Assistant Direc-
tor of the Bureau for’’ and inserting 
‘‘Head of the Office of’’; and 
(II) in subparagraph (B), by 
striking ‘‘Assistant Director’’ and in-
serting ‘‘Head of the Office’’; 
(iii) in section 1013(g)(2) (12 U.S.C. 
5493(g)(2))— 
(I) by striking ‘‘ASSISTANT
DI-
RECTOR’’ and inserting ‘‘HEAD
OF 
THE OFFICE’’; and
(II) by striking ‘‘an assistant di-
rector’’ and inserting ‘‘a Head of the 
Office of Financial Protection for 
Older Americans’’; 
(iv) in section 1016(a) (12 U.S.C. 
5496(a)), by striking ‘‘Director of the Bu-
reau’’ and inserting ‘‘Chair of the Commis-
sion’’; and 
(v) in section 1066(a) (12 U.S.C. 
5586(a)), by striking ‘‘Director of the Bu-
reau is’’ and inserting ‘‘first member of the 
Commission is’’. 
(2) DODD-FRANK WALL STREET REFORM AND 
CONSUMER
PROTECTION
ACT.—The Dodd-Frank 
Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 5301 et seq.) is amended— 
(A) in the table of contents for such Act 
by amending the item relating to section 1011 
to read as follows: 
‘‘Sec. 1011. Establishment of the Financial Product Safety Commission.’’; 
(B) in section 111(b)(1)(D) (12 U.S.C. 
5321(b)(1)(D)), by striking ‘‘Director’’ and in-
serting ‘‘Chair of the Financial Product Safety 
Commission’’; and 
(C) in section 1447 (12 U.S.C. 1701p–2), 
by striking ‘‘Director of the Bureau’’ each place
such term appears and inserting ‘‘Financial 
Product Safety Commission’’. 
(3) ELECTRONIC FUND TRANSFER ACT.—Sec-
tion 920(a)(4)(C) of the Electronic Fund Transfer 
Act (15 U.S.C. 1693o–2(a)(4)(C)), as added by sec-
tion 1075(a)(2) of the Consumer Financial Protec-
tion Act of 2010, is amended by striking ‘‘Director 
of the Bureau of Consumer Financial Protection’’ 
and inserting ‘‘Financial Product Safety Commis-
sion’’. 
(4) EXPEDITED
FUNDS
AVAILABILITY
ACT.— 
The Expedited Funds Availability Act (12 U.S.C. 
4001 et seq.), 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 ‘‘Financial 
Product Safety Commission’’. 
(5) FEDERAL DEPOSIT INSURANCE ACT.—Sec-
tion 2 of the Federal Deposit Insurance Act (12 
U.S.C. 1812), as amended by section 336(a) of the 
Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act, is amended by striking ‘‘Director of the 
Consumer Financial Protection Bureau’’ each place 
such term appears and inserting ‘‘Chair of the Fi-
nancial Product Safety Commission’’.
(9) INTERSTATE
LAND
SALES
FULL
DISCLO-
SURE ACT.—The Interstate Land Sales Full Disclo-
sure Act (15 U.S.C. 1701 et seq.), as amended by 
section 1098A of the Consumer Financial Protection 
Act of 2010, is amended— 
(A) by amending section 1402(1) (15 
U.S.C. 1701(1)) to read as follows: 
‘‘(1) ‘Chair’ means the Chair of the Finan-
cial Product Safety Commission;’’; and 
(B) 
in 
section 
1416(a) 
(15 
U.S.C. 
1715(a)), by striking ‘‘Director of the Bureau 
of Consumer Financial Protection’’ and insert-
ing ‘‘Chair’’. 
(10) REAL ESTATE SETTLEMENT PROCEDURES 
ACT OF 1974.—Section 5 of the Real Estate Settle-
ment Procedures Act of 1974 (12 U.S.C. 2604), as 
amended by section 1450 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act, is 
amended— 
(A) by striking ‘‘The Director of the Bu-
reau of Consumer Financial Protection (here-
after in this section referred to as the ‘Direc-
tor’)’’ and inserting ‘‘The Financial Product 
Safety Commission’’; and
(B) by striking ‘‘Director’’ each place such 
term appears and inserting ‘‘Financial Product 
Safety Commission’’. 
(11) S.A.F.E. MORTGAGE LICENSING ACT OF 
2008.—The S.A.F.E. Mortgage Licensing Act of 
2008 (12 U.S.C. 5101 et seq.), as amended by sec-
tion 1100 of the Consumer Financial Protection Act 
of 2010, is amended— 
(A) by striking ‘‘Director’’ each place such 
term appears in headings and text, other than 
where such term is used in the context of the 
Director of the Office of Thrift Supervision, 
and inserting ‘‘Financial Product Safety Com-
mission’’; and 
(B) in section 1503 (12 U.S.C. 5102), by 
striking paragraph (10). 
(12) TITLE 44, UNITED STATES CODE.—Section 
3513(c) of title 44, United States Code, as amended 
by section 1100D(b) of the Consumer Financial Pro-
tection Act of 2010, is amended by striking ‘‘Direc-
tor of the Bureau’’ and inserting ‘‘Financial Product 
Safety Commission’’. 
(e) DEEMING OF NAMES.— 
(1) BUREAU OF CONSUMER FINANCIAL PROTEC-
TION.—Any reference in a law, regulation, docu-
ment, paper, or other record of the United States to 
the Bureau of Consumer Financial Protection shall 
be deemed a reference to the Financial Product 
Safety Commission. 
(2) DIRECTOR.—Any reference in a law, regula-
tion, document, paper, or other record of the United 
States to the Director of the Bureau of Consumer 
Financial Protection shall be deemed a reference to 
the Chair of the Financial Product Safety Commis-
sion. 
SEC. 3. RATE OF PAY FOR EMPLOYEES OF THE FINANCIAL 
PRODUCT SAFETY COMMISSION. 
(a) IN GENERAL.—Section 1013(a)(2) of the Dodd- 
Frank Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 5493(a)(2)) is amended to read as follows: 
‘‘(2) COMPENSATION.—The rates of basic pay 
for all employees of the Financial Product Safety 
Commission shall be set and adjusted in accordance 
with the General Schedule set forth in section 5332 
of title 5, United States Code.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to service by an employee of the 
Financial Product Safety Commission following the 90- 
day period beginning on the date of enactment of this Act.
SEC. 4. CONSUMER RIGHT TO FINANCIAL PRIVACY. 
(a) REQUIREMENT
OF
THE FINANCIAL PRODUCT 
SAFETY COMMISSION TO OBTAIN PERMISSION BEFORE 
COLLECTING NONPUBLIC PERSONAL INFORMATION.— 
(1) REQUIRED
NOTIFICATION
AND
PERMIS-
SION.—Section 1022(c)(9)(A) of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 5512(c)(9)(A)) is amended— 
(A) by striking ‘‘may not obtain from a 
covered person or service provider’’ and insert-
ing ‘‘may not request, obtain, access, collect, 
use, retain, or disclose’’; 
(B) by striking ‘‘personally identifiable fi-
nancial’’ and inserting ‘‘nonpublic personal’’; 
and 
(C) by striking ‘‘from the financial 
records’’ and all that follows through the period 
at the end and inserting ‘‘unless— 
‘‘(i) the Financial Product Safety 
Commission clearly and conspicuously dis-
closes to the consumer, in writing or in an 
electronic form, what information will be 
requested, obtained, accessed, collected, 
used, retained, or disclosed; and 
‘‘(ii) before such information is re-
quested, obtained, accessed, collected, used,
retained, or disclosed, the consumer in-
forms the Financial Product Safety Com-
mission that such information may be re-
quested, obtained, accessed, collected, used, 
retained, or disclosed.’’. 
(2) APPLICATION OF REQUIREMENT TO CON-
TRACTORS
OF
THE
FINANCIAL
PRODUCT
SAFETY 
COMMISSION.—Section 1022(c)(9)(B) of such Act 
(12 U.S.C. 5512(c)(9)(B)) is amended to read as 
follows: 
‘‘(B) APPLICATION OF REQUIREMENT TO 
CONTRACTORS
OF
THE
FINANCIAL
PRODUCT 
SAFETY COMMISSION.—Subparagraph (A) shall 
apply to any person directed or engaged by the 
Financial Product Safety Commission to collect 
information to the extent such information is 
being collected on behalf of the Financial Prod-
uct Safety Commission.’’. 
(3) DEFINITION OF NONPUBLIC PERSONAL IN-
FORMATION.—Section 1022(c)(9) of such Act (12 
U.S.C. 5512(c)(9)) is amended by adding at the end 
the following: 
‘‘(C) DEFINITION
OF
NONPUBLIC
PER-
SONAL INFORMATION.—In this paragraph, the 
term ‘nonpublic personal information’ has the
meaning given the term in section 509 of the 
Gramm-Leach-Bliley Act (15 U.S.C. 6809).’’. 
(b) REMOVAL OF EXEMPTION FOR THE FINANCIAL 
PRODUCT SAFETY COMMISSION FROM THE RIGHT TO FI-
NANCIAL PRIVACY ACT.—Section 1113 of the Right to Fi-
nancial Privacy Act of 1978 (12 U.S.C. 3413) is amended 
by striking subsection (r). 
SEC. 5. CONSUMER FINANCIAL PROTECTION SAFETY AND 
SOUNDNESS IMPROVEMENTS. 
(a) 
COUNCIL
VOTING
PROCEDURE.—Section 
1023(c)(3)(A) of the Consumer Financial Protection Act 
of 2010 (12 U.S.C. 5513(c)(3)(A)) is amended— 
(1) by striking ‘‘2⁄3’’ and inserting ‘‘a major-
ity’’; and 
(2) by inserting before the period the following: 
‘‘, excluding the Chair of the Financial Product 
Safety Commission’’. 
(b) REVIEW AUTHORITY OF THE COUNCIL.—Section 
1023 of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5513) is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘may’’ and inserting 
‘‘shall’’; and 
(B) by striking ‘‘regulation or provision 
would put the safety and soundness of the
United States banking system or the stability of 
the financial system of the United States at 
risk’’ and inserting ‘‘regulation which is the 
subject of the petition is inconsistent with the 
safe and sound operations of United States fi-
nancial institutions’’; and 
(2) in subsection (c)— 
(A) in paragraph (3)(B)(ii), by striking 
‘‘would put the safety and soundness of the 
United States banking system or the stability of 
the financial system of the United States at 
risk’’ and inserting ‘‘is inconsistent with the 
safe and sound operations of United States fi-
nancial institutions’’; 
(B) in paragraph (4)— 
(i) by striking subparagraph (B); and 
(ii) by redesignating subparagraph 
(C) as subparagraph (B); 
(C) by striking paragraph (5); and 
(D) by redesignating paragraphs (6), (7), 
and (8) as paragraphs (5), (6), and (7), respec-
tively. 
(c) SAFETY
AND
SOUNDNESS
CHECK.—Section 
1022(b)(2)(A) of the Consumer Financial Protection Act 
of 2010 (12 U.S.C. 5512(b)(2)(A)) is amended—
(1) in clause (i), by striking ‘‘and’’ at the end; 
(2) in clause (ii), by adding ‘‘and’’ at the end; 
and 
(3) by adding at the end the following: 
‘‘(iii) the impact of such rule on the 
financial safety or soundness of an insured 
depository institution;’’. 
SEC. 6. ANALYSIS OF REGULATIONS. 
Section 1022 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5512) is amended by adding at 
the end the following new subsection: 
‘‘(e) ANALYSIS OF REGULATIONS.— 
‘‘(1) IN GENERAL.—Each time the Commission 
proposes a new rule or regulation, the Commission 
shall— 
‘‘(A) carry out an initial regulatory flexi-
bility analysis for such proposed rule or regula-
tion, which shall be carried out as closely as 
possible to those initial regulatory flexibility 
analyses required under section 603 of title 5, 
United States Code, but which shall analyze the 
financial impact of the proposed rule or regula-
tion on covered persons, regardless of size; and 
‘‘(B) carry out an analysis of whether the 
proposed rule or regulation will impair the abil-
ity of individuals and small businesses to have 
access to credit. 
‘‘(2) REPORT.—The Commission shall issue a 
report to the Council on each analysis carried out 
under paragraph (1), and make such analysis avail-
able to the public. 
‘‘(3) USE OF EXISTING RESOURCES.—The Com-
mission shall use existing resources to carry out the 
requirements of this subsection.’’. 
SEC. 7. REPEAL OF EXCLUSIVE RULEMAKING AUTHORITY. 
Section 1022(b) of the Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5512(b)) is amended by strik-
ing paragraph (4). 
Passed the House of Representatives February 27, 
2014. 
Attest: 
Clerk.
113TH CONGRESS 
2D SESSION 
H. R. 3193 
AN ACT 
To amend the Consumer Financial Protection Act 
of 2010 to strengthen the review authority of the 
Financial Stability Oversight Council of regula-
tions issued by the Bureau of Consumer Finan-
cial Protection, and for other purposes.