IB 
Union Calendar No. 255 
113TH CONGRESS 
2D SESSION 
H. R. 2446 
[Report No. 113–345] 
To replace the Director of the Bureau of Consumer Financial Protection 
with a five person Commission. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 20, 2013 
Mr. BACHUS introduced the following bill; which was referred to the 
Committee on Financial Services 
FEBRUARY 6, 2014 
Additional sponsors: Mr. ROYCE, Mr. COTTON, Mr. FINCHER, Mr. KING of 
New York, Mr. MULVANEY, Mr. BROOKS of Alabama, Mr. BONNER, Mr. 
GARY G. MILLER of California, Mr. STIVERS, Ms. JENKINS, Mr. KLINE, 
Mr. YODER, Mr. SCHWEIKERT, Mr. ROTHFUS, and Mrs. WAGNER 
FEBRUARY 6, 2014 
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 June 20, 2013] 
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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 2013’’. 
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; 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, respec-
tively. 
‘‘(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). 
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‘‘(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 
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.— 
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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 sub-
section (c)(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.—Except as provided under 
paragraph (2), the Consumer Financial Protection 
Act of 2010 is amended— 
(A) 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 Di-
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rector of the Bureau of Consumer Financial Pro-
tection; 
(B) by striking ‘‘Director’’ each place such 
term appears and inserting ‘‘Bureau’’, other 
than where such term is used to refer to a Direc-
tor other than the Director of the Bureau of Con-
sumer Financial Protection; and 
(C) in section 1002, by striking paragraph 
(10). 
(2) EXCEPTIONS.—The Consumer Financial Pro-
tection Act of 2010 is amended— 
(A) in section 1012(c)(4), by striking ‘‘Di-
rector’’ each place such term appears and insert-
ing ‘‘Commission of the Bureau’’; 
(B) 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’’; 
(C) in section 1013(g)(2)— 
(i) by striking ‘‘ASSISTANT DIRECTOR’’ 
and inserting ‘‘HEAD OF THE OFFICE’’; and 
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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 
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)(5) of the Consumer Financial Protection Act of 
2010, is amended by striking ‘‘Director’’ each place such 
term appears and inserting ‘‘Chair of the Commission’’. 
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(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;’’; 
and 
(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, as amended by section 1450 of the Dodd-Frank 
Wall Street Reform and Consumer Protection Act, is 
amended— 
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(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 
Bureau of Consumer Financial Protection’’; and 
(2) by striking ‘‘Director’’ each place such term 
appears and inserting ‘‘Bureau’’. 
(k) S.A.F.E. MORTGAGE LICENSING ACT OF 2008.— 
The S.A.F.E. Mortgage Licensing Act of 2008, 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 ‘‘Bureau’’; 
and 
(2) in section 1503, by striking paragraph (10). 
(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. 255 
113TH CONGRESS 
2D SESSION 
H. R. 2446 
[Report No. 113–345] 
A BILL 
To replace the Director of the Bureau of Consumer 
Financial Protection with a five person Commis-
sion. 
FEBRUARY 6, 2014 
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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