II 113th CONGRESS 1st Session S. 205 IN THE SENATE OF THE UNITED STATES January 31, 2013 Mr. Moran introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To replace the Director of the Bureau of Consumer Financial Protection with a 5-person Commission, to bring the Bureau into the regular appropriations process, to provide for a safety and soundness check, and for other purposes.

1. Short title This Act may be cited as the Responsible Consumer Financial Protection Regulations Act of 2013 . 2. Establishment of the Commission Section 1011 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5491 ) 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 (hereafter in this title referred to 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 carrying out this title and all other laws within the jurisdiction of the Commission, and shall exercise any authorities granted under this title and all other laws within the jurisdiction of the Commission. (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 (B) have strong competencies and experiences related to consumer financial protection. (2) Staggering The members of the Commission 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 for cause The President may remove any member of the Commission only for inefficiency, neglect of duty, or malfeasance in office. (C) Vacancies Any member of the Commission appointed to fill a vacancy occurring before the expiration of the term to which the predecessor of that member was appointed (including 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 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 the term of that member would otherwise expire. (E) Other employment prohibited No member of the Commission shall engage in any other business, vocation, or employment during the term of service of that member on the Commission. (d) Affiliation With respect to members appointed pursuant to subsection (c), not more than 3 shall be members of any one political party. (e) Chair of the Commission (1) Appointment The Chair of the Commission shall be appointed by the President from among the members of the Commission. (2) Authority The Chair shall be the principal executive officer of the Bureau, and shall exercise 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 functions of the Chair under this subsection, 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 appropriations 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 membership 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 transaction of business, except that if there are only 3 members serving on the Commission because of vacancies in the membership of 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 membership of 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 compensation 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 members of the Commission other than the Chair shall each receive compensation 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 date of confirmation of at least 2 members 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 commissioners, the quorum requirements of subsection (f) shall apply. . 3. Bringing the Bureau into the regular appropriations process Section 1017 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5497 ) is amended— (1) in subsection (a)— (A) by amending the heading of such subsection to read as follows: Budget, financial management, and audit.— ; (B) by striking paragraphs (1), (2), and (3); (C) by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and (D) by striking subparagraphs (E) and (F) of paragraph (1), as so redesignated; (2) by striking subsections (b), (c), and (d); (3) by redesignating subsection (e) as subsection (b); and (4) in subsection (b), as so redesignated— (A) by striking paragraphs (1), (2), and (3) and inserting the following: (1) Authorization of appropriations There is authorized to be appropriated to the Bureau, to carry out this title— (A) not more than $143,000,000 for fiscal year 2013; and (B) not more than $329,000,000 for fiscal year 2014. ; and (B) by redesignating paragraph (4) as paragraph (2). 4. Safety and soundness check Section 1022(b)(2)(A) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5497(b)(2)(A)) is amended— (1) in clause (i), by striking and at the end; (2) in clause (ii), by inserting and at the end; and (3) by adding at the end the following: (iii) the impact of such rule on the financial safety or soundness of an insured depository institution; . 5. Conforming amendments (a) Consumer Financial Protection Act of 2010 (1) In general Except as provided under paragraph (1), the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 et seq. ) 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 Director of the Bureau of Consumer Financial Protection; (B) by striking Director 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 Bureau ; and (C) in section 1002, by striking paragraph (10) and inserting the following: (10) [Reserved]. . (2) Exceptions The Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 et seq. ) is amended— (A) in section 1012(c)(4) ( 12 U.S.C. 5492(c)(4) ), by striking Director each place such term appears and inserting Commission of the Bureau ; (B) in section 1013(c)(3) ( 12 U.S.C. 5493(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) ( 12 U.S.C. 5493(g)(2) )— (i) in the paragraph heading, 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 Financial Protection for Older Americans ; (D) in section 1016(a) ( 12 U.S.C. 5496(a) ), by striking Director of the Bureau and inserting Chair of the Commission ; and (E) in section 1066(a) ( 12 U.S.C. 5586(a) ), by striking Director of the Bureau is and inserting first member of the Commission is . (b) Dodd-Frank Wall Street Reform and Consumer Protection Act The Dodd-Frank Wall Street Reform and Consumer Protection Act ( Public Law 111–203 ) is amended— (1) in section 111(b)(1)(D) ( 12 U.S.C. 5321 ), by striking Director and inserting Chair of the Commission ; and (2) in section 1447 ( 12 U.S.C. 1701p–2 ), by striking Director of the Bureau each place such term appears and inserting Bureau . (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 Bureau of Consumer Financial Protection . (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 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 ( 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 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 Bureau of Consumer Financial Protection . (g) Financial Literacy and Education Improvement Act Section 513 of the Financial Literacy and Education Improvement Act ( 20 U.S.C. 9702 ), 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 ( 12 U.S.C. 2806 ), 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 Consumer Financial Protection . (i) Interstate Land Sales Full Disclosure Act The Interstate Land Sales Full Disclosure Act ( 15 U.S.C. 1701 et seq. ), as amended by section 1098A of the Consumer Financial Protection Act of 2010, is amended— (1) in section 1402, by striking paragraph (1) and inserting the following: (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 ( 12 U.S.C. 2604 ), as amended by section 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 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 ( 12 U.S.C. 5101 ), as amended by section 1100 of the Consumer Financial Protection Act of 2010, is amended— (1) by striking Director each place such term appears, other than where such term is used in the context of the Director of the Office 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 .