SEC. 2. MAKING THE BUREAU AN INDEPENDENT CON-
SUMER FINANCIAL PROTECTION COMMIS-
SION. 
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 FINANCIAL PROTECTION COMMIS-
SION’’; 
(B) in subsection (a)— 
(i) in the heading of such subsection, 
by striking ‘‘BUREAU’’ and inserting 
‘‘COMMISSION’’; 
(ii) by striking ‘‘in the Federal Re-
serve System,’’; 
(iii) by striking ‘‘independent bureau’’ 
and inserting ‘‘independent commission’’; 
(iv) by striking ‘‘Bureau of Consumer 
Financial Protection’’ and inserting ‘‘Con-
sumer Financial Protection Commission 
(hereinafter in this section referred to as 
the ‘Commission’)’’; and 
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(v) by striking ‘‘Bureau’’ each place 
such term appears and inserting ‘‘Commis-
sion’’; 
(C) by striking subsections (b), (c), and 
(d); 
(D) by redesignating subsection (e) as sub-
section (j); 
(E) in subsection (j), 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 
(F) by inserting after subsection (a) the 
following new subsections: 
‘‘(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.— 
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‘‘(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. 
‘‘(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 
Commission appointed to fill a vacancy occur-
ring before the expiration of the term to which 
that member’s predecessor was appointed (in-
cluding the Chair) shall be appointed only for 
the remainder 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 
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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 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) INITIAL
CHAIR.—The first member and 
Chair of the Commission shall be the individual serv-
ing as Director of the Bureau of Consumer Finan-
cial Protection on the day before the date of the en-
actment of this subsection. Such individual shall 
serve until the President has appointed all 5 mem-
bers of the Commission in accordance with sub-
section (c). 
‘‘(2) SUBSEQUENT CHAIR.—Of the 5 members 
appointed in accordance with subsection (c), the 
President shall appoint 1 member to serve as the 
subsequent Chair of the Commission. 
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‘‘(3) 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. 
‘‘(4) 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. 
‘‘(5) 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 
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the Chair without the prior approval of the Commis-
sion. 
‘‘(f) INITIAL QUORUM ESTABLISHED.—The first 
member and Chair of the Commission described under 
subsection (e)(1) shall constitute a quorum for the trans-
action of business until the President has appointed all 
5 members of the Commission in accordance with sub-
section (c). Following such appointment of 5 members, the 
quorum requirements of subsection (g) shall apply. 
‘‘(g) NO IMPAIRMENT BY REASON OF VACANCIES.— 
No vacancy in the members of the Commission after the 
establishment of an initial quorum under subsection (f) 
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 transaction of business, except that if 
there are only 3 members serving on the Commission be-
cause of vacancies 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 Commission members to decline to 2. 
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deemed a reference to the Consumer Financial Protection 
Commission. 
SEC. 4. CONFORMING AMENDMENTS. 
(a) CONSUMER FINANCIAL PROTECTION ACT
OF 
2010.— 
(1) IN GENERAL.—Except as provided under 
paragraph (2), the Consumer Financial Protection 
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 
Financial Protection, and inserting ‘‘Consumer 
Financial Protection Commission’’; 
(B) by striking ‘‘Director’’ each place such 
term appears and inserting ‘‘Consumer Finan-
cial Protection 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 
(C) in section 1002, by striking paragraph 
(10). 
(2) EXCEPTIONS.—The Consumer Financial 
Protection Act of 2010 (12 U.S.C. 5481 et seq.) is 
amended— 
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(A) 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’’; 
(B) 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’’; 
(C) in section 1016(a), by striking ‘‘Direc-
tor of the Bureau’’ and inserting ‘‘Chair of the 
Consumer Financial Protection 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— 
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(1) in section 111(b)(1)(D), by striking ‘‘Direc-
tor’’ and inserting ‘‘Chair of the Consumer Finan-
cial Protection Commission’’; and 
(2) in section 1447, by striking ‘‘Director of the 
Bureau’’ each place such term appears and inserting 
‘‘Consumer Financial Protection Commission’’. 
(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 ‘‘Consumer Financial 
Protection Commission’’. 
(d) EXPEDITED FUNDS AVAILABILITY ACT.—The 
Expedited Funds Availability Act (12 U.S.C. 4001 et 
seq.), as amended by section 1086 of the Consumer Finan-
cial Protection Act of 2010, is amended by striking ‘‘Di-
rector of the Bureau’’ each place such term appears and 
inserting ‘‘Consumer Financial Protection 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 striking ‘‘Director of the Consumer Financial Protec-
tion Bureau’’ each place such term appears and inserting 
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‘‘Chair of the Consumer Financial Protection Commis-
sion’’. 
(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 Consumer 
Financial Protection Commission’’. 
(g) FINANCIAL
LITERACY
AND
EDUCATION
IM-
PROVEMENT 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 
Consumer Financial Protection 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 ‘‘Con-
sumer Financial Protection Commission’’. 
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(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 Consumer 
Financial Protection Commission;’’; 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 Proce-
dures Act of 1974 (12 U.S.C. 2604), as amended by sec-
tion 1450 of the Dodd-Frank Wall Street Reform and 
Consumer Protection 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 Consumer Financial Protection Commission’’; 
and 
(2) by striking ‘‘Director’’ each place such term 
appears and inserting ‘‘Consumer Financial Protec-
tion Commission’’. 
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(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 Con-
sumer 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 ‘‘Consumer 
Financial Protection Commission’’; 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 ‘‘Consumer Financial Protection 
Commission’’. 
Æ 
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