(2) by redesignating subsection (e) as sub-
section (j); and 
(3) by inserting after subsection (a) the fol-
lowing 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
REGULA-
TIONS.—The Commission may prescribe such regu-
lations and issue such orders in accordance with this 
title as the Commission may determine to be nec-
essary for carrying out this title and all other laws 
within the Commission’s jurisdiction and shall exer-
cise 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 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;
‘‘(B) have strong competencies and experi-
ences related to consumer financial protection; 
and 
‘‘(C) should want to protect service mem-
bers 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, 
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 FOR CAUSE.—The Presi-
dent may remove any member of the Commis-
sion appointed under paragraph (1) only for in-
efficiency, neglect of duty, or malfeasance in of-
fice. 
‘‘(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. 
‘‘(4) ROLES AND RESPONSIBILITIES OF COM-
MISSIONERS.—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, 
minorities, youth, or veterans, from unfair, decep-
tive, and abusive lending practices. The designated 
commissioner 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; 
‘‘(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; and 
‘‘(D) researching and reporting to the full 
Commission about ways to protect consumers 
from unfair, deceptive, or abusive lending acts 
or practices, including how language barriers 
contribute to lack of understanding in lending 
activities. 
‘‘(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 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 
Commission other than the Chair); 
‘‘(B) the distribution of business among 
personnel 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 poli-
cies of the Commission and by such regulatory deci-
sions, findings, and determinations as the Commis-
sion may by law be authorized to make.
‘‘(4) REQUESTS
OR
ESTIMATES
RELATED
TO 
APPROPRIATIONS.—Requests or estimates for reg-
ular, supplemental, or deficiency appropriations on 
behalf of the Commission may not be submitted by 
the Chair without the prior approval of the Commis-
sion. 
‘‘(f) NO IMPAIRMENT BY REASON OF VACANCIES.— 
No vacancy in the members of the Commission shall im-
pair the right of the remaining members of the Commis-
sion to exercise all the powers of the Commission. Three 
members of the Commission shall constitute a quorum for 
the transaction of business, except that if there are only 
3 members serving on the Commission because of vacan-
cies in the Commission, 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 Com-
mission members to decline to 2. 
‘‘(g) SEAL.—The Commission shall have an official 
seal. 
‘‘(h) COMPENSATION.— 
‘‘(1) CHAIR.—The Chair shall receive com-
pensation 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 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 Execu-
tive 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 com-
missioners, the quorum requirements of subsection (f) 
shall apply.’’. 
SEC. 105. CONFORMING AMENDMENTS. 
(a) CONSUMER FINANCIAL PROTECTION ACT
OF 
2010.— 
(1) IN
GENERAL.—The Consumer Financial 
Protection 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 in-
serting ‘‘Commission of the Bureau’’;
(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
DIREC-
TOR’’ and inserting ‘‘HEAD OF THE OF-
FICE’’; 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’’. 
(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 
section 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 
(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 in-
serting ‘‘Bureau of Consumer Financial Protection’’. 
(d) EXPEDITED FUNDS AVAILABILITY ACT.—The 
Expedited 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 sec-
tion 336(a) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act, is amended by striking ‘‘Direc-
tor of the Consumer Financial Protection Bureau’’ each 
place such term appears and inserting ‘‘Chair of the Com-
mission of the Bureau of Consumer Financial Protection’’. 
(f) FEDERAL FINANCIAL INSTITUTIONS EXAMINA-
TION 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 Commis-
sion of the Bureau of Consumer Financial Protection’’. 
(g) FINANCIAL
LITERACY
AND
EDUCATION
IM-
PROVEMENT 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 appears 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 Protec-
tion’’ each place such term appears and inserting ‘‘Bureau 
of Consumer 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 
Protection 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;’’; 
(2) in section 1416(a), by striking ‘‘Director of 
the Bureau of Consumer Financial Protection’’ and 
inserting ‘‘Chair’’; and 
(3) by striking ‘‘Director’’ each place such term 
appears and inserting ‘‘Bureau’’. 
(j) REAL ESTATE SETTLEMENT PROCEDURES ACT 
OF 1974.—Section 5 of the Real Estate Settlement Proce-
dures Act of 1974, as amended by section 1450 of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act, is amended— 
(1) by striking ‘‘The Director of the Bureau of 
Consumer Financial Protection (hereafter in this 
section 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 amend-
ed 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 and inserting ‘‘Bu-
reau’’; 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 Bu-
reau’’ and inserting ‘‘Bureau’’. 
SEC. 106. CHAIR OF THE COMMISSION REQUIRED BEFORE 
TRANSFER. 
Section 1062 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by adding at 
the end the following new subsection: 
‘‘(d) CHAIR OF THE COMMISSION REQUIRED BEFORE 
TRANSFER.—Notwithstanding the other provisions of this 
section, the single calendar date for the transfer of func-
tions to the Bureau under section 1061 shall be the later 
of— 
‘‘(1) the date that would have been designated, 
but for the application of this subsection; and 
‘‘(2) the date on which the Chair of the Com-
mission of the Bureau is confirmed by the Senate.’’.
SEC. 107. INSPECTOR GENERAL REPORT. 
Section 1013 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by adding at 
the end the following new subsection: 
‘‘(h) INSPECTOR GENERAL REPORT.— 
‘‘(1) IN GENERAL.—Not later than February 1, 
2012, and annually thereafter, the Inspector General 
of the Board of Governors of the Federal Reserve 
System and the Bureau of Consumer Financial Pro-
tection shall submit a report to the Congress con-
taining the following: 
‘‘(A) A list of all new rules, guidelines, and 
regulations prescribed by the Bureau within the 
previous fiscal year, with corresponding detailed 
descriptions of each. 
‘‘(B) A detailed list of all authority which 
the Inspector General believes overlaps with the 
efforts of other Federal departments and agen-
cies. 
‘‘(C) All administrative expenses of the 
Bureau, including the amount spent on salaries, 
office supplies, and office space. 
‘‘(D) The current amount in the Bureau of 
Consumer Financial Protection Fund. 
‘‘(2) PUBLIC DISCLOSURE.—The Inspector Gen-
eral of the Board of Governors of the Federal Re-
serve System and the Bureau of Consumer Financial 
Protection shall make each report submitted under 
paragraph (1) available to the public, including on 
the Bureau’s website. 
‘‘(3) USE OF FUNDS.—The Inspector General 
shall carry out this subsection using existing 
funds.’’. 
SEC. 108. ANALYSIS OF REGULATIONS. 
Section 1022 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by adding at 
the end the following new subsection: 
‘‘(e) ANALYSIS OF REGULATIONS.— 
‘‘(1) IN GENERAL.—Each time the Bureau pro-
poses a new rule or regulation, the Bureau 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 all financial entities, 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 business to access 
credit from financial institutions. 
‘‘(2) REPORT.—The Bureau shall issue a report 
to the Council on the analyses carried out under 
paragraph (1), and make such analyses available to 
the public. 
‘‘(3) USE OF EXISTING RESOURCES.—The Bu-
reau shall use existing resources to carry out the re-
quirements of this subsection.’’. 
TITLE II—FHA REFINANCE 
PROGRAM TERMINATION ACT 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘FHA Refinance Pro-
gram Termination Act’’. 
SEC. 202. RESCISSION OF FUNDING FOR FHA REFINANCE 
PROGRAM. 
Effective on the date of the enactment of this Act, 
there are rescinded and permanently canceled all unex-
pended balances remaining available as of such date of en-
actment of the amounts made available under title I of 
the Emergency Economic Stabilization Act (Public Law 
110–343; 12 U.S.C. 5211 et seq.) that have been allocated 
for use under the FHA Refinance Program (pursuant to 
Mortgagee Letter 2010–23 of the Secretary of Housing 
and Urban Development) of the Making Home Affordable
initiative of the Secretary of the Treasury. All such unex-
pended balances so rescinded and permanently canceled 
shall be retained in the general fund of the Treasury for 
reducing the debt of the Federal Government. 
SEC. 203. TERMINATION OF FHA REFINANCE PROGRAM. 
(a) TERMINATION OF MORTGAGEE LETTER.—The 
Mortgagee Letter referred to in section 202 shall be void 
and have no effect and the Secretary of Housing and 
Urban Development may not issue any regulation, order, 
notice, or mortgagee letter based on or substantially simi-
lar to such Mortgagee Letter. 
(b) TREATMENT OF REMAINING FUNDS.—Notwith-
standing subsection (a) of this section, any amounts made 
available for use under the Program referred to in section 
202 of this title and expended before the date of the enact-
ment of this Act shall continue to be governed by the 
Mortgagee Letter specified in subsection (a) of this sec-
tion, and any other provisions of law, regulations, orders, 
and notices, applicable to such amounts, as in effect imme-
diately before such date of enactment. 
(c) TERMINATION.—After the enactment of this Act, 
the Secretary of Housing and Urban Development may 
not newly insure any mortgage under the FHA Refinance 
Program referred to in section 202 of this title except pur-
suant to a commitment to insure made before such enact-
ment, and upon the completion of all activities with re-
spect to such commitments under the provisions of law, 
regulations, orders, notices, and mortgagee letters referred 
to in subsection (b) of this section, the Secretary of Hous-
ing and Urban Development shall terminate the FHA Re-
finance Program referred to in section 202. 
(d) STUDY OF USE OF PROGRAM BY MEMBERS OF 
THE ARMED FORCES, VETERANS, GOLD STAR RECIPI-
ENTS, AND MEMBERS AND VETERANS WITH SERVICE- 
CONNECTED DISABILITIES AND THEIR FAMILIES.— 
(1) STUDY.—The Secretary of Housing and 
Urban Development shall conduct a study to deter-
mine the extent of usage of the FHA Refinance Pro-
gram referred to in section 202 by, and the impact 
of such program on, covered homeowners. 
(2) REPORT.—Not later than the expiration of 
the 90-day period beginning on the date of the en-
actment of this Act, the Secretary shall submit to 
the Congress a report setting forth the results of the 
study under paragraph (1) and identifying best 
practices, with respect to covered homeowners, that 
could be applied to the FHA Refinance Program. 
(3) COVERED HOMEOWNER.—For purposes of 
this subsection, the term ‘‘covered homeowner’’ 
means a homeowner who is—
(A) a member of the Armed Forces of the 
United States on active duty or the spouse or 
parent of such a member; 
(B) a veteran, as such term is defined in 
section 101 of title 38, United States Code; 
(C) eligible to receive a Gold Star lapel pin 
under section 1126 of title 10, United States 
Code, as a widow, parent, or next of kin of a 
member of the Armed Forces person who died 
in a manner described in subsection (a) of such 
section; and 
(D) such members and veterans of the 
Armed Forces who have service-connected inju-
ries, and survivors and dependents of such 
members and veterans of the Armed Forces 
with such injuries. 
SEC. 204. PUBLICATION OF MEMBER AVAILABILITY FOR AS-
SISTANCE. 
Not later than 5 days after the date of the enactment 
of this Act, the Secretary of Housing and Urban Develop-
ment shall publish to its Website on the World Wide Web 
in a prominent location, large point font, and boldface type 
the following statement: ‘‘The FHA Short Refinance Pro-
gram, which was intended to provide borrowers with refi-
nance opportunities, has been terminated. If you are hav-
ing trouble paying your mortgage and need help con-
tacting your lender or servicer for purposes of negotiating 
or acquiring a loan modification, please contact your Mem-
ber of Congress to assist you in contacting your lender 
or servicer for the purpose of negotiating or acquiring a 
loan modification.’’. 
Passed the House of Representatives July 21, 2011. 
Attest: 
Clerk.
112TH CONGRESS 
1ST SESSION 
H. R. 1315 
AN ACT 
To amend the Dodd-Frank Wall Street Reform and 
Consumer Protection Act to strengthen the re-
view authority of the Financial Stability Over-
sight Council of regulations issued by the Bureau 
of Consumer Financial Protection, to rescind the 
unobligated funding for the FHA Refinance Pro-
gram and to terminate the program, and for 
other purposes.