IB 
Union Calendar No. 682 
114TH CONGRESS 
2D SESSION 
H. R. 1266 
[Report No. 114–872] 
To amend the Consumer Financial Protection Act of 2010 to make the 
Bureau of Consumer Financial Protection an independent Financial 
Product Safety Commission, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 4, 2015 
Mr. NEUGEBAUER (for himself, Mr. GUINTA, Mr. HUIZENGA of Michigan, Mr. 
GARRETT, Mr. SCHWEIKERT, Mr. ROTHFUS, Mr. LUETKEMEYER, Mr. 
PEARCE, Mr. TIPTON, Mr. WILLIAMS, Mr. ROSS, Mrs. WAGNER, Mr. 
POLIQUIN, 
Mr. 
WESTMORELAND, 
Mr. 
BARR, 
Mr. 
HILL, 
Mr. 
FITZPATRICK, Mr. DUFFY, Mr. PITTENGER, Mrs. LOVE, and Mr. 
MCHENRY) introduced the following bill; which was referred to the Com-
mittee on Financial Services 
DECEMBER 12, 2016 
Additional sponsors: Mr. MCCAUL, Mr. WEBER of Texas, Mr. BURGESS, Mr. 
CULBERSON, Mr. CARTER of Texas, Mr. BRADY of Texas, Mr. FLORES, 
Mr. BARTON, Mr. CONAWAY, Mr. SESSIONS, Mr. OLSON, Mr. POE of 
Texas, Mr. HURD of Texas, Mr. SMITH of Texas, Mr. STIVERS, Ms. 
SINEMA, Mr. COFFMAN, Mr. TROTT, Mr. BABIN, Ms. GRANGER, Mr. 
PITTS, Mr. DAVID SCOTT of Georgia, Mrs. HARTZLER, Mr. ASHFORD, 
Mr. CRAMER, Mr. EMMER of Minnesota, Mr. KING of New York, Mr. 
WESTERMAN, Mr. JOLLY, Mr. MESSER, Mr. ZINKE, and Mr. JODY B. 
HICE of Georgia 
DECEMBER 12, 2016 
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 4, 2015] 
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A BILL 
To amend the Consumer Financial Protection Act of 2010 
to make the Bureau of Consumer Financial Protection 
an independent Financial Product Safety Commission, 
and for other purposes. 
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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 ‘‘Financial Product Safe-
ty Commission Act of 2015’’. 
SEC. 2. MAKING THE BUREAU AN INDEPENDENT FINANCIAL 
PRODUCT SAFETY COMMISSION. 
(a) IN GENERAL.—The Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 
(1) in section 1011— 
(A) in subsection (a)— 
(i) by striking ‘‘in the Federal Reserve 
System,’’; 
(ii) by striking ‘‘independent bureau’’ 
and inserting ‘‘independent commission’’; 
(iii) by striking ‘‘Bureau of Consumer 
Financial Protection’’ and inserting ‘‘Fi-
nancial Product Safety Commission (here-
inafter in this section referred to as the 
‘Commission’)’’; and 
(iv) by striking ‘‘Bureau’’ each place 
such term appears and inserting ‘‘Commis-
sion’’; 
(B) by striking subsections (b), (c), and (d); 
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(C) by redesignating subsection (e) as sub-
section (i); 
(D) in subsection (i), as so redesignated— 
(i) by striking ‘‘, including in cities in 
which the Federal reserve banks, or branches 
of such banks, are located,’’; and 
(ii) by striking ‘‘Bureau’’ each place 
such term appears and inserting ‘‘Commis-
sion’’; and 
(E) by inserting after subsection (a) the fol-
lowing new subsections: 
‘‘(b) 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 carrying out this title and 
all other laws within the Commission’s jurisdiction and 
shall exercise any authorities 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 5 members 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 
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‘‘(B) have strong competencies and experi-
ences related to consumer financial products and 
services. 
‘‘(2) STAGGERING.—The members of the Com-
mission shall serve staggered terms, which initially 
shall be established by the President for terms of 1, 2, 
3, 4, and 5 years, respectively. 
‘‘(3) TERMS.— 
‘‘(A) IN
GENERAL.—Each member of the 
Commission, including the Chair, shall serve for 
a term of 5 years. 
‘‘(B) REMOVAL.—The President may re-
move any member of the Commission for ineffi-
ciency, neglect of duty, or malfeasance in office. 
‘‘(C) VACANCIES.—Any member of the Com-
mission appointed to fill a vacancy occurring be-
fore the expiration of the term to which that 
member’s predecessor was appointed (including 
the Chair) shall be appointed only for the re-
mainder of the term. 
‘‘(D) CONTINUATION
OF
SERVICE.—Each 
member of the Commission may continue to 
serve after the expiration of the term of office to 
which that member was appointed until a suc-
cessor has been appointed by the President and 
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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 oth-
erwise expire. 
‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 
No member of the Commission shall engage in 
any other business, vocation, or employment. 
‘‘(d) AFFILIATION.—Not more than 3 members of the 
Commission shall be members of any one political party. 
‘‘(e) CHAIR OF THE COMMISSION.— 
‘‘(1) APPOINTMENT.—The Chair of the Commis-
sion shall be appointed by the President from among 
the members of the Commission. 
‘‘(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 Com-
mission other than the Chair); 
‘‘(B) the distribution of business among per-
sonnel appointed and supervised by the Chair 
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and among administrative units of the Commis-
sion; 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. 
‘‘(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 
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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 
Schedule under section 5313 of title 5, United States 
Code. 
‘‘(2) OTHER MEMBERS OF THE COMMISSION.— 
The 4 other members of the Commission shall each re-
ceive compensation at the rate prescribed for level II 
of the Executive Schedule under section 5314 of title 
5, United States Code.’’; 
(2) in section 1012(c), by striking paragraphs 
(2), (3), (4), and (5); and 
(3) in section 1014(b), by striking ‘‘Not fewer 
than 6 members shall be appointed upon the rec-
ommendation of the regional Federal Reserve Bank 
Presidents, on a rotating basis.’’. 
(b) COMMISSION FUNDING.—Section 7 of the Federal 
Reserve Act (12 U.S.C. 289) is amended by adding at the 
end the following: 
‘‘(d) TRANSFER FOR FISCAL YEAR 2016.— 
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‘‘(1) IN GENERAL.—The Federal reserve banks 
shall transfer from the surplus funds of such banks to 
the Board of Governors of the Federal Reserve System 
for transfer to the Secretary of the Treasury for de-
posit in the general fund of the Treasury, a total 
amount of $75,000,000 in fiscal year 2016. 
‘‘(2) ALLOCATED BY FED.—Of the total amount 
required to be paid by the Federal reserve banks 
under paragraph (1) for fiscal year 2016, the Board 
of Governors of the Federal Reserve System shall de-
termine the amount each such bank shall pay in such 
fiscal year. 
‘‘(3) REPLENISHMENT OF SURPLUS FUND PRO-
HIBITED.—During fiscal years 2016 through 2026, no 
Federal reserve bank may replenish such bank’s sur-
plus fund by the amount of any transfer by such bank 
under paragraph (1).’’. 
SEC. 3. DEEMING OF NAME. 
Any reference in a law, regulation, document, paper, 
or other record of the United States to the Bureau of Con-
sumer Financial Protection shall be deemed a reference to 
the Financial Product Safety Commission. 
SEC. 4. CONFORMING AMENDMENTS. 
(a) CONSUMER
FINANCIAL
PROTECTION
ACT
OF 
2010.— 
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(1) IN
GENERAL.—Except as provided under 
paragraph (2), the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5481 et seq.) is amended— 
(A) by striking ‘‘Director of the Bureau’’ 
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 Fi-
nancial Protection, and inserting ‘‘Financial 
Product Safety Commission’’; 
(B) by striking ‘‘Director’’ each place such 
term appears and inserting ‘‘Financial Product 
Safety Commission’’, other than where such term 
is used to refer to a Director other than the Di-
rector of the Bureau of Consumer Financial Pro-
tection; and 
(C) in section 1002, by striking paragraph 
(10). 
(2) EXCEPTIONS.—The Consumer Financial Pro-
tection Act of 2010 (12 U.S.C. 5481 et seq.) is amend-
ed— 
(A) in section 1013(c)(3)— 
(i) by striking ‘‘Assistant Director of 
the Bureau for’’ and inserting ‘‘Head of the 
Office of’’; and 
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(ii) in subparagraph (B), by striking 
‘‘Assistant Director’’ and inserting ‘‘Head 
of the Office’’; 
(B) 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’’; 
(C) in section 1016(a), by striking ‘‘Direc-
tor of the Bureau’’ and inserting ‘‘Chair of the 
Financial Product Safety Commission’’; and 
(D) in section 1066(a), by striking ‘‘Direc-
tor of the Bureau is’’ and inserting ‘‘first mem-
ber of the Commission is’’. 
(b) DODD-FRANK WALL STREET REFORM AND CON-
SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 5301 et 
seq.) is amended— 
(1) in section 111(b)(1)(D), by striking ‘‘Director 
of the Bureau’’ and inserting ‘‘Chair of the Financial 
Product Safety Commission’’; and 
(2) in section 1447, by striking ‘‘Director of the 
Bureau’’ each place such term appears and inserting 
‘‘Financial Product Safety Commission’’. 
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(c) ELECTRONIC
FUND
TRANSFER
ACT.—Section 
920(a)(4)(C) of the Electronic Fund Transfer Act (15 
U.S.C. 1693o–2(a)(4)(C)), 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 ‘‘Financial Product 
Safety Commission’’. 
(d) EXPEDITED FUNDS AVAILABILITY ACT.—The Ex-
pedited Funds Availability Act (12 U.S.C. 4001 et seq.), 
as amended by section 1086 of the Consumer Financial Pro-
tection Act of 2010, is amended by striking ‘‘Director of 
the Bureau’’ each place such term appears and inserting 
‘‘Financial Product Safety Commission’’. 
(e) FEDERAL DEPOSIT INSURANCE ACT.—Section 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 Protection Act, is amended by strik-
ing ‘‘Director of the Consumer Financial Protection Bu-
reau’’ each place such term appears and inserting ‘‘Chair 
of the Financial Product Safety Commission’’. 
(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 
Consumer Financial Protection Act of 2010, is amended by 
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striking ‘‘Director of the Consumer Financial Protection 
Bureau’’ and inserting ‘‘Chair of the Financial Product 
Safety Commission’’. 
(g) FINANCIAL LITERACY AND EDUCATION IMPROVE-
MENT ACT.—Section 513 of the Financial Literacy and 
Education Improvement Act (20 U.S.C. 9702), as amended 
by section 1013(d)(5) of the Consumer Financial Protection 
Act of 2010, is amended by striking ‘‘Director’’ each place 
such term appears and inserting ‘‘Chair of the Financial 
Product Safety 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 ‘‘Financial Product 
Safety Commission’’. 
(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 Financial 
Product Safety Commission;’’; and 
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(2) in section 1416(a), by striking ‘‘Director of 
the Bureau of Consumer Financial Protection’’ and 
inserting ‘‘Chair’’. 
(j) REAL ESTATE SETTLEMENT PROCEDURES ACT OF 
1974.—Section 5 of the Real Estate Settlement Procedures 
Act of 1974 (12 U.S.C. 2604), as amended by section 1450 
of the Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act, is amended— 
(1) by striking ‘‘The Director of the Bureau of 
Consumer Financial Protection (hereafter in this sec-
tion referred to as the ‘Director’)’’ and inserting ‘‘The 
Financial Product Safety Commission’’; and 
(2) by striking ‘‘Director’’ each place such term 
appears and inserting ‘‘Financial Product Safety 
Commission’’. 
(k) 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 section 1100 of the Consumer 
Financial Protection Act of 2010, is amended— 
(1) 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 Of-
fice of Thrift Supervision, and inserting ‘‘Financial 
Product Safety Commission’’; and 
(2) in section 1503, by striking paragraph (10). 
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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 ‘‘Financial Product Safety Commission’’. 
SEC. 5. EFFECTIVE DATE. 
This Act and the amendments made by this Act shall 
take effect on the date on which not less than 3 persons 
have been confirmed by the Senate to serve as members of 
the Financial Product Safety Commission. 
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Union Calendar No. 682 
114TH CONGRESS 
2D SESSION 
H. R. 1266 
[Report No. 114–872] 
A BILL 
To amend the Consumer Financial Protection Act 
of 2010 to make the Bureau of Consumer Finan-
cial Protection an independent Financial Product 
Safety Commission, and for other purposes. 
DECEMBER 12, 2016 
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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