Short title

This Act may be cited as the

Responsible Consumer Financial Protection Regulations Act of 2011

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 carrying out this title and all other laws within the Commission’s jurisdiction and shall exercise 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 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; (B)have strong competencies and experiences related to consumer financial protection; and (C)should want to protect service members and their families who are sacrificing their lives for this country from abusive financial practices. (2)

Staggering

The members of the Commission 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), including the Chair, shall serve for a term of 5 years. (B)

Removal for cause

The President may remove any member of the Commission appointed under paragraph (1) only for inefficiency, neglect of duty, or malfeasance in office. (C)

Vacancies

Any member of the Commission appointed under paragraph (1) appointed 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 otherwise expire. (E)

Other employment prohibited

No member of the Commission appointed under paragraph (1) shall engage in any other business, vocation, or employment. (4)

Roles and responsibilities of commissioners

One member of the Commission shall have as their primary responsibility the oversight of the Bureau’s activities pertaining to protecting consumers, with a focus on consumers who are older, minorities, youth, or veterans, from unfair, deceptive, and abusive lending practices. The designated commissioner shall be responsible for— (A)ensuring the Bureau conducts regular outreach to consumers regarding industry lending 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; and (C)ensuring the Bureau coordinates with State-level consumer protection agencies on enforcement measures that protect consumers from unfair, deceptive, and abusive lending practices. (d)

Affiliation

With respect to members appointed 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 Commission shall be appointed by the President from among the members of the Commission appointed under paragraph (1). (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 Chair’s functions under the provisions of 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 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 transaction of business, except that if there are only 3 members serving on the Commission because 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. (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 3 other members of the Commission appointed under subsection (c)(1) 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 confirmation of at least two 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.

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 Director each place such term appears and inserting 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 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; (E)in section 1016(a), by striking Director of the Bureau and inserting Chair of the Commission; (F)in section 1017(c)(1), by striking Director and other employees and inserting members of the Commission and other employees; (G)in section 1027(l)(1), by striking Director and the; and (H)in section 1066(a), by striking Director of the Bureau is and inserting first member of the Commission is. (2)

Global amendments

The Consumer Financial 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 section 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 Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended— (1)in section 111(b)(1)(D), by striking Director 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 inserting 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 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, 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 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, as amended by section 1098A of the Consumer Financial Protection Act of 2010, is amended— (1)by amending section 1402(1) to read as follows:

(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 Procedures Act of 1974, 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, 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 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.