353 
(2) 
BANKING
ORGANIZATION.—The 
term 
‘‘banking organization’’ means— 
(A) an insured depository institution; 
(B) an insured credit union; 
(C) a depository institution holding com-
pany; 
(D) a company that is treated as a bank 
holding company for purposes of section 8 of 
the International Banking Act; and 
(E) a U.S. intermediate holding company 
established by a foreign banking organization 
pursuant to section 252.153 of title 12, Code of 
Federal Regulations. 
(3) FOREIGN
EXCHANGE
SWAP .—The term 
‘‘foreign exchange swap’’ has the meaning given that 
term under section 1a of the Commodity Exchange 
Act. 
(4) INSURED CREDIT UNION.—The term ‘‘in-
sured credit union’’ has the meaning given that term 
under section 101 of the Federal Credit Union Act. 
(5) LEVERAGE EXPOSURE.—The term ‘‘lever-
age exposure’’— 
(A) with respect to a banking organization 
other than an insured credit union or a tradi-
tional banking organization, has the meaning
354 
given the term ‘‘total leverage exposure’’ under 
section 
3.10(c)(4)(ii), 
217.10(c)(4), 
or 
324.10(c)(4) of title 12, Code of Federal Regu-
lations, as applicable, as in effect on the date 
of the enactment of this Act; 
(B) with respect to a traditional banking 
organization other than an insured credit union, 
means total assets (minus any items deducted 
from common equity tier 1 capital) as cal-
culated in accordance with generally accepted 
accounting principles and as reported on the 
traditional banking organization’s applicable 
regulatory filing with the banking organiza-
tion’s appropriate Federal banking agency; and 
(C) with respect to a banking organization 
that is an insured credit union, has the mean-
ing given the term ‘‘total assets’’ under section 
702.2 of title 12, Code of Federal Regulations, 
as in effect on the date of the enactment of this 
Act. 
(6) LEVERAGE RATIO DEFINITIONS.— 
(A) AVERAGE LEVERAGE RATIO.—With re-
spect to a banking organization, the term ‘‘av-
erage leverage ratio’’ means the average of the 
banking organization’s quarterly leverage ratios
355 
for each of the most recently completed four 
calendar quarters. 
(B) QUARTERLY LEVERAGE RATIO.—With 
respect to a banking organization and a cal-
endar quarter, the term ‘‘quarterly leverage 
ratio’’ means the organization’s tangible equity 
divided by the organization’s leverage exposure, 
expressed as a percentage, on the last day of 
such quarter. 
(7) NACR.—The term ‘‘NACR’’ means— 
(A) book equity less nonperforming assets 
plus loan loss reserves, divided by 
(B) total banking organization assets. 
(8) NONPERFORMING ASSETS.—The term ‘‘non-
performing assets’’ means— 
(A) 20 percent of assets that are past due 
30 to 89 days, plus 
(B) 50 percent of assets that are past due 
90 days or more, plus 
(C) 100 percent of nonaccrual assets and 
other real estate owned. 
(9) QUALIFYING
BANKING
ORGANIZATION.— 
The term ‘‘qualifying banking organization’’ means 
a banking organization that has made an election
356 
under section 601 and with respect to which such 
election is in effect. 
(10) SECURITY-BASED SWAP .—The term ‘‘se-
curity-based swap’’ has the meaning given that term 
under section 3 of the Securities Exchange Act of 
1934. 
(11) SWAP.—The term ‘‘swap’’ has the mean-
ing given that term under section 1a of the Com-
modity Exchange Act. 
(12) TANGIBLE EQUITY.—The term ‘‘tangible 
equity’’— 
(A) with respect to a banking organization 
other than a credit union, means the sum of— 
(i) common equity tier 1 capital; 
(ii) additional tier 1 capital consisting 
of instruments issued on or before the date 
of enactment of this Act; and 
(iii) with respect to a depository insti-
tution holding company that had less than 
$15,000,000,000 in total consolidated as-
sets as of December 31, 2009, or March 
31, 2010, or a banking organization that 
was a mutual holding company as of May 
19, 2010, trust preferred securities issued 
prior to May 19, 2010, to the extent such
357 
organization was permitted, as of the date 
of the enactment of this Act, to consider 
such securities as tier 1 capital under ex-
isting regulations of the appropriate Fed-
eral banking agency; and 
(B) with respect to a banking organization 
that is a credit union, has the meaning given 
the term ‘‘net worth’’ under section 702.2 of 
title 12, Code of Federal Regulations, as in ef-
fect on the date of the enactment of this Act. 
(13) TRADITIONAL BANKING ORGANIZATION.— 
The term ‘‘traditional banking organization’’ means 
a banking organization that— 
(A) has zero trading assets and zero trad-
ing liabilities; 
(B) does not engage in swaps or security- 
based swaps, other than swaps or security- 
based swaps referencing interest rates or for-
eign exchange swaps; and 
(C) has a total notional exposure of swaps 
and security-based swaps of not more than 
$8,000,000,000. 
(14) OTHER BANKING TERMS.—The terms ‘‘in-
sured depository institution’’ and ‘‘depository insti-
tution holding company’’ have the meaning given
358 
those terms, respectively, under section 3 of the 
Federal Deposit Insurance Act. 
(15) OTHER CAPITAL TERMS.—With respect to 
a banking organization, the terms ‘‘additional tier 1 
capital’’ and ‘‘common equity tier 1 capital’’ have 
the meaning given such terms, respectively, under 
section 3.20, 217.20, or 324.20 of title 12, Code of 
Federal Regulations, as applicable, as in effect on 
the date of the enactment of this Act. 
TITLE VII—EMPOWERING AMER-
ICANS TO ACHIEVE FINAN-
CIAL INDEPENDENCE 
Subtitle A—Separation of Powers 
and Liberty Enhancements 
SEC. 711. CONSUMER LAW ENFORCEMENT AGENCY. 
(a) MAKING THE BUREAU AN INDEPENDENT CON-
SUMER LAW ENFORCEMENT AGENCY.—The Consumer 
Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) 
is amended— 
(1) in section 1011— 
(A) in the heading of such section, by 
striking ‘‘BUREAU
OF
CONSUMER
FINAN-
CIAL
PROTECTION’’ and inserting ‘‘CON-
SUMER LAW ENFORCEMENT AGENCY’’; 
(B) in subsection (a)—
359 
(i) in the heading of such subsection, 
by striking ‘‘BUREAU’’ and inserting 
‘‘AGENCY’’; 
(ii) by striking ‘‘in the Federal Re-
serve System,’’; 
(iii) by striking ‘‘independent bureau’’ 
and inserting ‘‘independent agency’’; and 
(iv) by striking ‘‘ ‘Bureau of Con-
sumer Financial Protection’ ’’ and insert-
ing ‘‘ ‘Consumer Law Enforcement Agency’ 
(hereinafter in this section referred to as 
the ‘Agency’)’’; 
(C) in subsection (b)(5), by amending sub-
paragraph (A) to read as follows: 
‘‘(A) shall be appointed by the President; 
and’’; 
(D) in subsection (c), by striking para-
graph (3); 
(E) in subsection (e), by striking ‘‘, includ-
ing in cities in which the Federal reserve banks, 
or branches of such banks, are located,’’; and 
(F) by striking ‘‘Bureau’’ each place such 
term appears and inserting ‘‘Agency’’; and 
(2) in section 1012—
360 
(A) in subsection (a)(10), by striking ‘‘ex-
aminations,’’; and 
(B) by striking subsection (c). 
(b) DEEMING OF NAME.—Any reference in a law, 
regulation, document, paper, or other record of the United 
States to the Bureau of Consumer Financial Protection 
shall be deemed a reference to the Consumer Law En-
forcement Agency. 
(c) CONFORMING AMENDMENTS.— 
(1) 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 in section 
1(b)— 
(i) by striking ‘‘Bureau of Consumer 
Financial Protection’’ each place such term 
appears and inserting ‘‘Consumer Law En-
forcement Agency’’; and 
(ii) in the table of contents relating to 
title X, in the items relating to subtitle B, 
subtitle C, and section 1027, by striking 
‘‘Bureau’’ each place such term appears 
and inserting ‘‘Agency’’;
361 
(B) in section 2, by amending paragraph 
(4) to read as follows: 
‘‘(4) AGENCY.—The term ‘Agency’ means the 
Consumer Law Enforcement Agency established 
under title X.’’; 
(C) in section 342 by striking ‘‘Bureau’’ 
each place such term appears in headings and 
text and inserting ‘‘Agency’’; 
(D) in section 1400(b)— 
(i) by striking ‘‘Bureau of Consumer 
Financial Protection’’ and inserting ‘‘Con-
sumer Law Enforcement Agency’’; and 
(ii) in the subsection heading, by 
striking ‘‘BUREAU OF CONSUMER FINAN-
CIAL PROTECTION’’ and inserting ‘‘CON-
SUMER LAW ENFORCEMENT AGENCY’’; 
(E) in section 1411(a)(1), by striking ‘‘Bu-
reau’’ and inserting ‘‘Agency’’; and 
(F) in section 1447, by striking ‘‘Director 
of the Bureau’’ each place such term appears 
and inserting ‘‘Director of the Consumer Law 
Enforcement Agency’’. 
(2) ALTERNATIVE
MORTGAGE
TRANSACTION 
PARITY
ACT
OF
1982.—The Alternative Mortgage
362 
Transaction Parity Act of 1982 (12 U.S.C. 3801 et 
seq.) is amended— 
(A) by striking ‘‘Bureau of Consumer Fi-
nancial Protection’’ each place such term ap-
pears and inserting ‘‘Consumer Law Enforce-
ment Agency’’; and 
(B) in the subsection heading of subsection 
(d) of section 804 (12 U.S.C. 3803(d)), by 
striking ‘‘BUREAU’’ and inserting ‘‘AGENCY’’. 
(3) ELECTRONIC FUND TRANSFER ACT.—The 
Electronic Fund Transfer Act (15 U.S.C. 1693 et 
seq.) is amended— 
(A) by amending the second paragraph (4) 
(defining the term ‘‘Bureau’’) to read as fol-
lows: 
‘‘(4) the term ‘Agency’ means the Consumer 
Law Enforcement Agency;’’; 
(B) in section 916(d)(1), by striking ‘‘Bu-
reau of Consumer Financial Protection’’ and in-
serting ‘‘Consumer Law Enforcement Agency’’; 
and 
(C) by striking ‘‘Bureau’’ each place that 
term appears in heading or text and inserting 
‘‘Agency’’.