1.The table of contents
for this Act is as follows:
Sec. 1. Table of contents.
Title I—Consumer Financial Protection Safety and Soundness
Improvement Act
Sec. 101. Short title.
Sec. 102. Council voting procedure.
Sec. 103. Review authority of the Council.
Sec. 104. Establishment of the Commission.
Sec. 105. Conforming amendments.
Sec. 106. Chair of the Commission required before
transfer.
Sec. 107. Inspector General report.
Sec. 108. Analysis of regulations.
Title II—FHA Refinance Program Termination Act
Sec. 201. Short title.
Sec. 202. Rescission of funding for FHA Refinance
Program.
Sec. 203. Termination of FHA Refinance Program.
Sec. 204. Publication of Member Availability for
Assistance.
<enum>I</enum><header>Consumer Financial
Protection Safety and Soundness Improvement Act</header>
<section id="HEACE3EED460E458FBDDB2035BEC91CE0" section-type="subsequent-section"><enum>101.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote><short-title>Consumer Financial Protection
Safety and Soundness Improvement Act of 2011</short-title></quote>.</text>
</section><section id="H9EA99BFDC7FA47189E9A914E9C5AC7A7"><enum>102.</enum><header>Council voting
procedure</header>
<subsection id="H1925DEA334D84847B82936911E37A32D"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">Section 1023(c)(3)(A)
of the Dodd-Frank Wall Street Reform and Consumer Protection Act is
amended—</text>
<paragraph id="H98581FB248444F06936FA71469A72884"><enum>(1)</enum><text>by striking
<quote><fraction>2/3</fraction></quote> and inserting <quote>a
majority</quote>; and</text>
</paragraph><paragraph id="H1D6FF37335444650B13033C9246AF4BF"><enum>(2)</enum><text>by inserting
before the period the following: <quote>, excluding the Chair of the Commission
of the Bureau</quote>.</text>
</paragraph></subsection><subsection id="H9D41EFF2FD994A759E303CC5431FEF62"><enum>(b)</enum><header>Petition by
nonvoting members; No restrictions on petition subject matter</header><text display-inline="yes-display-inline">Section 1023 of the Dodd-Frank Wall Street
Reform and Consumer Protection act is amended by adding at the end the
following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="H597EB11CBA324639BA6ACDF38207C944" style="OLC">
<subsection id="H645C0362DEED487D97216B6E103590C4"><enum>(g)</enum><header>Petition by
nonvoting members</header><text display-inline="yes-display-inline">Notwithstanding any other subsection of
this section, the provisions of this section shall apply to a petition by a
nonvoting member of the Council to the same extent that they apply to a
petition by an agency represented by a member of the Council.</text>
</subsection><subsection id="H6D146881C71A482F8DCAD017318A93D8"><enum>(h)</enum><header>No restrictions
on petition subject matter</header><text>Petitions made under this section may
be made by an agency or a nonvoting member of the Council on any subject
matter, regardless of the areas of particular expertise of such agency or
nonvoting
member.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HAADBE4CB250F496990A6DCF55C046087"><enum>(c)</enum><header>Conflict of
interest</header><text display-inline="yes-display-inline">Section 1023(c)(3)
of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by
adding at the end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H561A554525C14222A5FE2E007E554C20" style="OLC">
<subparagraph id="H01D796199C414261BCD864C8E024C8E3"><enum>(C)</enum><header>Conflict of
interest</header><text display-inline="yes-display-inline">No member of the
Council may vote on the decision to issue a stay of, or set aside, any
regulation under this section, if such member has, within the previous 2-year
period, been employed by any company or other entity that is subject to such
regulation.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="HE329A76B639A41F1B8CB34C9E0D3BF19" section-type="subsequent-section"><enum>103.</enum><header>Review authority of
the Council</header><text display-inline="no-display-inline">Section 1023 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act is
amended—</text>
<paragraph id="H155EC926C77D403E8AA4EB250F621B8F"><enum>(1)</enum><text>in subsection
(a)—</text>
<subparagraph id="H9D00C5D0B34D44B1B02C99EE6208800C"><enum>(A)</enum><text>by striking
<quote>may</quote> and inserting <quote>shall</quote>; and</text>
</subparagraph><subparagraph id="H864CB1628AF34ED79875FEB8CBA2548A"><enum>(B)</enum><text>by striking
<quote>regulation or provision would put the safety and soundness of the United
States banking system or the stability of the financial system of the United
States at risk</quote> and inserting <quote>regulation which is the subject of
the petition is inconsistent with the safe and sound operations of United
States financial institutions</quote>; and</text>
</subparagraph></paragraph><paragraph id="HFA44DCDD4D5540FABB1B745F288696C4"><enum>(2)</enum><text>in subsection
(c)—</text>
<subparagraph id="HDA053236791D41C096CCA92701276958"><enum>(A)</enum><text>in paragraph
(3)(B)(ii), by striking <quote>would put the safety and soundness of the United
States banking system or the stability of the financial system of the United
States at risk</quote> and inserting <quote>is inconsistent with the safe and
sound operations of United States financial institutions</quote>;</text>
</subparagraph><subparagraph id="HD7E005F955D9434595280304241535E8"><enum>(B)</enum><text>in paragraph
(4)—</text>
<clause id="H94D5C83CFE694EE3AAD92CE514E81B8E"><enum>(i)</enum><text>by
striking subparagraph (B); and</text>
</clause><clause id="H5A13D43AC8A648A4939051128CB18819"><enum>(ii)</enum><text>by
redesignating subparagraph (C) as subparagraph (B);</text>
</clause></subparagraph><subparagraph id="H577E2B3361F24E839E707E726D106BE4"><enum>(C)</enum><text>by striking
paragraph (5);</text>
</subparagraph><subparagraph id="H4A4CFBCBFE1E4D6296DFB23BFA5DDE22"><enum>(D)</enum><text>by redesignating
paragraphs (6), (7), and (8) as paragraphs (5), (6), and (7), respectively;
and</text>
</subparagraph><subparagraph id="HE21CDAA6939943DBA470E3368FFD501B"><enum>(E)</enum><text display-inline="yes-display-inline">by adding at the end the following new
paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HB632912F535542CB853D0E2D876BB637" style="OLC">
<paragraph id="HD6CA21C0C0CB47C4A2F9AB92443FB907"><enum>(8)</enum><header>Public
meetings</header><text display-inline="yes-display-inline">Any time the Council
meets pursuant to this section to decide whether to issue a stay of, or set
aside, any regulation, every portion of such meeting shall be open to public
observation. The Council shall provide live online streaming or broadcasting of
the
meetings.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></section><section id="HE156E0C15CF14AB9BC71CAEAFB3C6B11"><enum>104.</enum><header>Establishment
of the Commission</header><text display-inline="no-display-inline">Section 1011
of the Consumer Financial Protection Act of 2010 is amended—</text>
<paragraph id="HD7F032B5F1464F5190452F850A49DDBC"><enum>(1)</enum><text>by striking
subsections (b), (c), and (d);</text>
</paragraph><paragraph id="H61258F6255034EB287AFD3877E59E043"><enum>(2)</enum><text>by redesignating
subsection (e) as subsection (j); and</text>
</paragraph><paragraph id="H6445317CA4534FC7B19013A1E9091AC8"><enum>(3)</enum><text>by inserting after
subsection (a) the following new subsections:</text>
<quoted-block display-inline="no-display-inline" id="H5F4E53652B4B4D6D9E160DDC17188F52" style="OLC">
<subsection id="HFA3A3A632902401983EBF2792E5E7EE6"><enum>(b)</enum><header>Establishment of
the Commission</header>
<paragraph id="H65B59A33419D479297F31EDE74A9F47F"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">There is hereby
established a commission (hereinafter referred to in this section as the
<quote>Commission</quote>) that shall serve as the head of the Bureau.</text>
</paragraph><paragraph id="HEF1CA3CD3ECC402DA8107A7729D0AA7E"><enum>(2)</enum><header>Authority to
prescribe regulations</header><text>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.</text>
</paragraph></subsection><subsection id="H8055385D767140C4B7C529522FA08A17"><enum>(c)</enum><header>Composition of
the Commission</header>
<paragraph id="H47B4E4CD7D9845A4B39BB9C46ADAB700"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">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—</text>
<subparagraph id="H03C0E7ED9829400AB95304948FE56B27"><enum>(A)</enum><text>are citizens of
the United States;</text>
</subparagraph><subparagraph id="H3B2D7E36D758429B8817631EC1963319"><enum>(B)</enum><text>have strong
competencies and experiences related to consumer financial protection;
and</text>
</subparagraph><subparagraph id="HBD795EB0C4ED49709A24E071F643BCFC"><enum>(C)</enum><text display-inline="yes-display-inline">should want to protect service members and
their families who are sacrificing their lives for this country from abusive
financial practices.</text>
</subparagraph></paragraph><paragraph id="HBAFEC44F9E574693985DC2CE76DF4216"><enum>(2)</enum><header>Staggering</header><text>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.</text>
</paragraph><paragraph id="H7F5707620095484F904E10FAAA73A10A"><enum>(3)</enum><header>Terms</header>
<subparagraph id="HE2CBFDAC1F3544A79A8623F6666F1F13"><enum>(A)</enum><header>In
general</header><text display-inline="yes-display-inline">Each member of the
Commission appointed under paragraph (1), including the Chair, shall serve for
a term of 5 years.</text>
</subparagraph><subparagraph id="HFE9D7BA9546F454CBA9FB76D8F4EECB2"><enum>(B)</enum><header>Removal for
cause</header><text display-inline="yes-display-inline">The President may
remove any member of the Commission appointed under paragraph (1) only for
inefficiency, neglect of duty, or malfeasance in office.</text>
</subparagraph><subparagraph id="HBCFD9C7F51D54468947BFFFCD5CDA557"><enum>(C)</enum><header>Vacancies</header><text display-inline="yes-display-inline">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.</text>
</subparagraph><subparagraph id="HE4C5A5F2010643329D65B21772CEE949"><enum>(D)</enum><header>Continuation of
service</header><text display-inline="yes-display-inline">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.</text>
</subparagraph><subparagraph id="H92329D1359EC49588340B93DAD569384"><enum>(E)</enum><header>Other employment
prohibited</header><text display-inline="yes-display-inline">No member of the
Commission appointed under paragraph (1) shall engage in any other business,
vocation, or employment.</text>
</subparagraph></paragraph><paragraph id="HD5C9C4C58F1F46D78246D1E035FFEA47"><enum>(4)</enum><header>Roles and
responsibilities of commissioners</header><text>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—</text>
<subparagraph id="HC12221EFDA9D406980A4FD226C7BB01C"><enum>(A)</enum><text>ensuring the
Bureau conducts regular outreach to consumers regarding industry lending
activities;</text>
</subparagraph><subparagraph id="H06A49A230A664A959BE30A8CC1AEB4DC"><enum>(B)</enum><text>researching and
reporting to the full Commission, on a regular basis, the impact of new loan
and credit products and services on consumers;</text>
</subparagraph><subparagraph id="HB2D1CDF1B794416196E648E50D32C430"><enum>(C)</enum><text display-inline="yes-display-inline">ensuring the Bureau coordinates with
State-level consumer protection agencies on enforcement measures that protect
consumers from unfair, deceptive, and abusive lending practices; and</text>
</subparagraph><subparagraph id="HB1F0A98866E2414E90ED3635CA9E2354"><enum>(D)</enum><text display-inline="yes-display-inline">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.</text>
</subparagraph></paragraph></subsection><subsection display-inline="no-display-inline" id="H5A44AFB5DB8E4C0B935CFEA143969A73"><enum>(d)</enum><header>Affiliation</header><text>With
respect to members appointed pursuant to subsection (c)(1), not more than 2
shall be members of any one political party.</text>
</subsection><subsection id="HEA3F335C96194F92BB7C9D50F00ABEE1"><enum>(e)</enum><header>Chair of the
Commission</header>
<paragraph id="HCD4D6A2492BC4D3F80C67635BA145867"><enum>(1)</enum><header>Appointment</header><text display-inline="yes-display-inline">The Chair of the Commission shall be
appointed by the President from among the members of the Commission appointed
under paragraph (1).</text>
</paragraph><paragraph id="H93E7D124859D4B1683E7124F35B101F9"><enum>(2)</enum><header>Authority</header><text display-inline="yes-display-inline">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—</text>
<subparagraph id="H7B0CB1FCB62A458F8FD070F6F88AAE5D"><enum>(A)</enum><text display-inline="yes-display-inline">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);</text>
</subparagraph><subparagraph id="H8D8EAEA7B29D4AE299A3FBD74108ED5E"><enum>(B)</enum><text display-inline="yes-display-inline">the distribution of business among
personnel appointed and supervised by the Chair and among administrative units
of the Bureau; and</text>
</subparagraph><subparagraph id="H2400CCAD0B5C47918379814EFE43061A"><enum>(C)</enum><text>the use and
expenditure of funds.</text>
</subparagraph></paragraph><paragraph id="H877037CC136A4A0482FDD42081E0A36A"><enum>(3)</enum><header>Limitation</header><text>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.</text>
</paragraph><paragraph id="H1D1FF2D5CB5D45DD89C6580B447202E0"><enum>(4)</enum><header>Requests or
estimates related to appropriations</header><text>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.</text>
</paragraph></subsection><subsection display-inline="no-display-inline" id="H4A29CFF6B7FE4A5DB4580DECC29B9FE2"><enum>(f)</enum><header>No impairment by
reason of vacancies</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="HC9FE7387F38E4D9A8F91B52888A887A9"><enum>(g)</enum><header>Seal</header><text>The
Commission shall have an official seal.</text>
</subsection><subsection id="H4903DDBA02B24392A957D609C1526F84"><enum>(h)</enum><header>Compensation</header>
<paragraph id="H66B3198533A24E2D8DB6574E246F1BED"><enum>(1)</enum><header>Chair</header><text>The
Chair shall receive compensation at the rate prescribed for level I of the
Executive Schedule under
<external-xref legal-doc="usc" parsable-cite="usc/5/5313">section
5313</external-xref> of title 5, United States Code.</text>
</paragraph><paragraph id="H842B2F7C887C4828B71FE8706D038E0A"><enum>(2)</enum><header>Other members of
the Commission</header><text>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
<external-xref legal-doc="usc" parsable-cite="usc/5/5314">section
5314</external-xref> of title 5, United States Code.</text>
</paragraph></subsection><subsection id="HA9E55644218A4A1AA8C5768BAE9AB825"><enum>(i)</enum><header>Initial quorum
established</header><text>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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="H663E3A123630450F8B53B689A585C68E"><enum>105.</enum><header>Conforming
amendments</header>
<subsection id="HE3B96798E5CB42BF97FFA62A4DC8B3AD"><enum>(a)</enum><header>Consumer
Financial Protection Act of 2010</header>
<paragraph id="H0C1A3100DA5E4F0DBD901D1455920647"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">The Consumer
Financial Protection Act of 2010 is amended—</text>
<subparagraph display-inline="no-display-inline" id="H129B8A91155F41CDAD51624E44FD9A77"><enum>(A)</enum><text>in section 1002,
by striking paragraph (10);</text>
</subparagraph><subparagraph id="H38A7E1383C72495E8652C448A9E1021F"><enum>(B)</enum><text>in section
1012(c)(4), by striking <quote>Director</quote> each place such term appears
and inserting <quote>Commission of the Bureau</quote>;</text>
</subparagraph><subparagraph id="H2F4B5844B4124E929AB630A74CE89B08"><enum>(C)</enum><text>in section
1013(c)(3)—</text>
<clause id="H00640FF905314869BD9B85F564BB70B6"><enum>(i)</enum><text>by
striking <quote>Assistant Director of the Bureau for</quote> and inserting
<quote>Head of the Office of</quote>; and</text>
</clause><clause id="HBA79701FB9414276A0185A8BE7EBA629"><enum>(ii)</enum><text>in
subparagraph (B), by striking <quote>Assistant Director</quote> and inserting
<quote>Head of the Office</quote>;</text>
</clause></subparagraph><subparagraph id="HF8A5791761D8462B91C698CD8FFAAAA8"><enum>(D)</enum><text>in section
1013(g)(2)—</text>
<clause id="H5B0DEC64DF9A46FC9C5E7EEDDF23DD8F"><enum>(i)</enum><text>by
striking <quote><header-in-text level="paragraph" style="OLC">Assistant
director</header-in-text></quote> and inserting <quote><header-in-text level="paragraph" style="OLC">Head of the Office</header-in-text></quote>;
and</text>
</clause><clause id="H9D7DB1397B274D78BFC238352EAF76BD"><enum>(ii)</enum><text>by
striking <quote>an assistant director</quote> and inserting <quote>a Head of
the Office of Financial Protection for Older Americans</quote>;</text>
</clause></subparagraph><subparagraph id="HFCF42CD07DAA4583A2A4B5605226931D"><enum>(E)</enum><text>in section
1016(a), by striking <quote>Director of the Bureau</quote> and inserting
<quote>Chair of the Commission</quote>;</text>
</subparagraph><subparagraph id="H19C7C63136A24D0284F1566DCD98A263"><enum>(F)</enum><text>in section
1017(c)(1), by striking <quote>Director and other employees</quote> and
inserting <quote>members of the Commission and other employees</quote>;</text>
</subparagraph><subparagraph id="H16418EE5BB2B4D4993B437A932E3DE25"><enum>(G)</enum><text>in section
1027(l)(1), by striking <quote>Director and the</quote>; and</text>
</subparagraph><subparagraph id="HE10EDA892712447091997641CFE87C00"><enum>(H)</enum><text>in section
1066(a), by striking <quote>Director of the Bureau is</quote> and inserting
<quote>first member of the Commission is</quote>.</text>
</subparagraph></paragraph><paragraph id="H36CDC250D1D94A2784F64081587DDC92"><enum>(2)</enum><header>Global
amendments</header><text>The Consumer Financial Protection Act of 2010 is
amended—</text>
<subparagraph id="HB4122818538D49D6A5337B5D3C3B36DE"><enum>(A)</enum><text>by striking
<quote>Director of the</quote> each place such term appears, other than
in—</text>
<clause id="H038565F585F840C78498AE65AB4417DB"><enum>(i)</enum><text>subparagraphs (A)
and (E) of section 1017(4);</text>
</clause><clause id="H967FE97182DF498D851D2F4DDBD0ED69"><enum>(ii)</enum><text>section
1043;</text>
</clause><clause id="H45726654DDC24D4DBA0AA1D6D8A08FC2"><enum>(iii)</enum><text>section
1061(b)(3);</text>
</clause><clause id="H843A9B5DAEB14A6D95B17E325ACD9C64"><enum>(iv)</enum><text>section
1062;</text>
</clause><clause id="H59BD2203256B44D2AF45B780F693CB77"><enum>(v)</enum><text>section
1063(f);</text>
</clause><clause id="HD308BC389CBC4C04BE2CBC6230B8F7AE"><enum>(vi)</enum><text>subparagraphs (E)
and (G) of section 1064(i)(2); and</text>
</clause><clause id="H1BAF3895CC594ABD8B7030D0D2D964A0"><enum>(vii)</enum><text>section 1065(a);
and</text>
</clause></subparagraph><subparagraph id="HBA8B5924C142456BB1044CAAE1467E21"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>Director</quote> each
place such term appears and inserting <quote>Bureau</quote>, other than
in—</text>
<clause id="HF4DFB632FC14429C8E7C2E30A38FD006"><enum>(i)</enum><text>section
1063(f)(2); and</text>
</clause><clause id="H8DA11E4CBB744E8BA65E34E8A2A4A996"><enum>(ii)</enum><text>section
1065(a).</text>
</clause></subparagraph></paragraph></subsection><subsection id="HD63083BE2F254F58AC46D4571F255874"><enum>(b)</enum><header>Dodd-Frank Wall
Street Reform and Consumer Protection Act</header><text display-inline="yes-display-inline">The Dodd-Frank Wall Street Reform and
Consumer Protection Act is amended—</text>
<paragraph id="HB2EE5EB6A3DD44489B7DA01F260234F7"><enum>(1)</enum><text>in section
111(b)(1)(D), by striking <quote>Director</quote> and inserting <quote>Chair of
the Commission</quote>; and</text>
</paragraph><paragraph id="HDF88866BF154451285EDC8B4E110438D"><enum>(2)</enum><text>in section 1447,
by striking <quote>Director of the Bureau</quote> each place such term appears
and inserting <quote>Bureau</quote>.</text>
</paragraph></subsection><subsection id="H95EE205C3C114503959B493F38218B71"><enum>(c)</enum><header>Electronic Fund
Transfer Act</header><text display-inline="yes-display-inline">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 <quote>Director of the Bureau of Consumer Financial Protection</quote>
and inserting <quote>Bureau of Consumer Financial Protection</quote>.</text>
</subsection><subsection id="H70227A1C2FD946009668AAEDF5BB7DDF"><enum>(d)</enum><header>Expedited Funds
Availability Act</header><text display-inline="yes-display-inline">The
Expedited Funds Availability Act, as amended by section 1086 of the Consumer
Financial Protection Act of 2010, is amended by striking <quote>Director of the
Bureau</quote> each place such term appears and inserting
<quote>Bureau</quote>.</text>
</subsection><subsection id="HB931EECF66CC4D31A8CB572FA0C00632"><enum>(e)</enum><header>Federal Deposit
Insurance Act</header><text display-inline="yes-display-inline">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 <quote>Director of the Consumer Financial Protection Bureau</quote>
each place such term appears and inserting <quote>Chair of the Commission of
the Bureau of Consumer Financial Protection</quote>.</text>
</subsection><subsection id="H6AFC3861256F4459AFFF3897BF9CFEA3"><enum>(f)</enum><header>Federal
Financial Institutions Examination Council Act of 1978</header><text display-inline="yes-display-inline">Section 1004(a)(4) of the Federal Financial
Institutions Examination Council Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/12/3303">12 U.S.C. 3303(a)(4)</external-xref>), as amended
by section 1091 of the Consumer Financial Protection Act of 2010, is amended by
striking <quote>Director of the Consumer Financial Protection Bureau</quote>
and inserting <quote>Chair of the Commission of the Bureau of Consumer
Financial Protection</quote>.</text>
</subsection><subsection id="H4FB6DB1363194C0ABC377D43F55CDA8C"><enum>(g)</enum><header>Financial
Literacy and Education Improvement Act</header><text display-inline="yes-display-inline">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
<quote>Director</quote> each place such term appears and inserting <quote>Chair
of the Commission</quote>.</text>
</subsection><subsection id="H217A163963934125BE6047248BCD21A4"><enum>(h)</enum><header>Home Mortgage
Disclosure Act of 1975</header><text display-inline="yes-display-inline">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 <quote>Director of the Bureau of Consumer
Financial Protection</quote> each place such term appears and inserting
<quote>Bureau of Consumer Financial Protection</quote>.</text>
</subsection><subsection id="H7200FF1B96134B04924EE2A473A4CC76"><enum>(i)</enum><header>Interstate Land
Sales Full Disclosure Act</header><text display-inline="yes-display-inline">The
Interstate Land Sales Full Disclosure Act, as amended by section 1098A of the
Consumer Financial Protection Act of 2010, is amended—</text>
<paragraph id="H6D222C66F9A14097A127D4942C65F4B9"><enum>(1)</enum><text>by amending
section 1402(1) to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HE10F0941CDC24E1F89DB0F93F0BB04D4" style="OLC">
<paragraph id="H3259C0EE475F4B7BB5C6EA328FAFAD7D" indent="up1"><enum>(1)</enum><text display-inline="yes-display-inline"><quote>Chair</quote> means the Chair of the
Commission of the Bureau of Consumer Financial
Protection;</text>
</paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="H4C67D27ECD6543ADB28ED156085504F1"><enum>(2)</enum><text>in section
1416(a), by striking <quote>Director of the Bureau of Consumer Financial
Protection</quote> and inserting <quote>Chair</quote>; and</text>
</paragraph><paragraph id="H1D4118DBD6DB4348BC4F6E269A0631B4"><enum>(3)</enum><text display-inline="yes-display-inline">by striking “Director” each place such term
appears and inserting “Bureau”.</text>
</paragraph></subsection><subsection id="H1DE922BCDCD24E5F86AB541665E934D6"><enum>(j)</enum><header>Real Estate
Settlement Procedures Act of 1974</header><text display-inline="yes-display-inline">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—</text>
<paragraph id="H634B99A123A1465FB8B8CB6C9D66C71B"><enum>(1)</enum><text>by striking
<quote>The Director of the Bureau of Consumer Financial Protection (hereafter
in this section referred to as the <quote>Director</quote>)</quote> and
inserting <quote>The Bureau of Consumer Financial Protection</quote>;
and</text>
</paragraph><paragraph id="H88D811B8EC964B4F93287D1AB2629A6D"><enum>(2)</enum><text>by striking
<quote>Director</quote> each place such term appears and inserting
<quote>Bureau</quote>.</text>
</paragraph></subsection><subsection id="HD711256E7C294C78936B672B6C09060A"><enum>(k)</enum><header>S.A.F.E.
Mortgage Licensing Act of 2008</header><text display-inline="yes-display-inline">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—</text>
<paragraph id="H55C7FF7F800E4DA9923FAE3F7AC601EE"><enum>(1)</enum><text>by striking
<quote>Director</quote> each place such term appears in headings and text and
inserting <quote>Bureau</quote>; and</text>
</paragraph><paragraph id="HBF355763AC824AE6AC59CDB1CFBF4AAC"><enum>(2)</enum><text>in section 1503,
by striking paragraph (10).</text>
</paragraph></subsection><subsection id="H11D2BE0BA9904CCEA57E96DCF64BAEC7"><enum>(l)</enum><header>Title 44, United
States Code</header><text display-inline="yes-display-inline"><external-xref legal-doc="usc" parsable-cite="usc/44/3513">Section 3513(c)</external-xref> of
title 44, United States Code, as amended by section 1100D(b) of the Consumer
Financial Protection Act of 2010, is amended by striking <quote>Director of the
Bureau</quote> and inserting <quote>Bureau</quote>.</text>
</subsection></section><section id="HE77D5963AC9D4C6E81F0B9D64064BF4B"><enum>106.</enum><header>Chair of the
Commission required before transfer</header><text display-inline="no-display-inline">Section 1062 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act is amended by adding at the end the
following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="HFB1042170AFF448A9B7BAD33662FAD80" style="OLC">
<subsection id="H5B45BE6DBB1F4C968A1C1728CFC49C0A"><enum>(d)</enum><header>Chair of the
Commission required before transfer</header><text display-inline="yes-display-inline">Notwithstanding the other provisions of
this section, the single calendar date for the transfer of functions to the
Bureau under section 1061 shall be the later of—</text>
<paragraph id="HBB76C04ADE4E4C29889066BDAF81E3DE"><enum>(1)</enum><text>the date that
would have been designated, but for the application of this subsection;
and</text>
</paragraph><paragraph id="H9BAD8A4FFD7546DFBBCC6A0C6597A476"><enum>(2)</enum><text display-inline="yes-display-inline">the date on which the Chair of the
Commission of the Bureau is confirmed by the
Senate.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H8BB0B1177C4249DE91F0870EAA4ABFD1"><enum>107.</enum><header>Inspector
General report</header><text display-inline="no-display-inline">Section 1013 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by
adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="HEED7DEADFFCC484E94E52F8FDF6F3067" style="OLC">
<subsection id="HE1B8BF7194DD4552B6B3EE51E41181CE"><enum>(h)</enum><header>Inspector
General report</header>
<paragraph id="HDED8644E1CFD4C6AA1CC47FDCEA331E7"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">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
Protection shall submit a report to the Congress containing the
following:</text>
<subparagraph id="H7DCCFB4343EA4A78BA0DE6B5BC302090"><enum>(A)</enum><text display-inline="yes-display-inline">A list of all new rules, guidelines, and
regulations prescribed by the Bureau within the previous fiscal year, with
corresponding detailed descriptions of each.</text>
</subparagraph><subparagraph id="H56A123C536294C82BD19F01CA11CA976"><enum>(B)</enum><text>A detailed list of
all authority which the Inspector General believes overlaps with the efforts of
other Federal departments and agencies.</text>
</subparagraph><subparagraph id="H16E0610842AB4A8C94E0CF422CFA00DA"><enum>(C)</enum><text>All administrative
expenses of the Bureau, including the amount spent on salaries, office
supplies, and office space.</text>
</subparagraph><subparagraph id="H5E01E4F49AF4444F980BCC7DE7577CC3"><enum>(D)</enum><text>The current amount
in the Bureau of Consumer Financial Protection Fund.</text>
</subparagraph></paragraph><paragraph id="H89595997E4164B04A088C68364E1B5B5"><enum>(2)</enum><header>Public
disclosure</header><text display-inline="yes-display-inline">The Inspector
General of the Board of Governors of the Federal Reserve 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.</text>
</paragraph><paragraph id="H159B5085B35F4F8E87AB644163DD4FC9"><enum>(3)</enum><header>Use of
funds</header><text>The Inspector General shall carry out this subsection using
existing
funds.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HC6F80B985323457C91ABC00408BEADBB"><enum>108.</enum><header>Analysis of
regulations</header><text display-inline="no-display-inline">Section 1022 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by
adding at the end the following new subsection:</text>
<quoted-block display-inline="no-display-inline" id="H332FF0C389534AD58A97A963BEC6B231" style="OLC">
<subsection id="H64C708C77D1F4D3DB748A664A6E548B3"><enum>(e)</enum><header>Analysis of
regulations</header>
<paragraph id="H190153E0A4BB4EE98FE766FE66B8EEC3"><enum>(1)</enum><header>In
general</header><text>Each time the Bureau proposes a new rule or regulation,
the Bureau shall—</text>
<subparagraph id="H49E8612B4AA946D38991A4ACAE014105"><enum>(A)</enum><text>carry out an
initial regulatory flexibility analysis for such proposed rule or regulation,
which shall be carried out as closely as possible to those initial regulatory
flexibility analyses required under
<external-xref legal-doc="usc" parsable-cite="usc/5/603">section
603</external-xref> of title 5, United States Code, but which shall analyze the
financial impact of the proposed rule or regulation on all financial entities,
regardless of size; and</text>
</subparagraph><subparagraph id="HDDDD07A43DAA4AAC93613CE07C6F0933"><enum>(B)</enum><text>carry out an
analysis of whether the proposed rule or regulation will impair the ability of
individuals and small business to access credit from financial
institutions.</text>
</subparagraph></paragraph><paragraph id="H11238E5F5D074EBC98DF6F0F4840D0AB"><enum>(2)</enum><header>Report</header><text>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.</text>
</paragraph><paragraph id="H56187D7F306C4855819B7BD3E1176BBA"><enum>(3)</enum><header>Use of existing
resources</header><text>The Bureau shall use existing resources to carry out
the requirements of this
subsection.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><enum>II</enum><header>FHA
Refinance Program Termination Act</header>
<section id="H7760C31EBB584A52B2F99C0244BCA72C" section-type="subsequent-section"><enum>201.</enum><header>Short
title</header><text display-inline="no-display-inline">This title may be cited
as the <quote><short-title>FHA Refinance Program
Termination Act</short-title></quote>.</text>
</section><section id="H3A54ED5CDCB646C1AB864D64C2C2578B"><enum>202.</enum><header>Rescission of
funding for FHA Refinance Program</header><text display-inline="no-display-inline">Effective on the date of the enactment of
this Act, there are rescinded and permanently canceled all unexpended balances
remaining available as of such date of enactment of the amounts made available
under title I of the Emergency Economic Stabilization Act (<external-xref legal-doc="public-law" parsable-cite="pl/110/343">Public Law
110–343</external-xref>;
<external-xref legal-doc="usc" parsable-cite="usc/12/5211">12 U.S.C. 5211 et
seq.</external-xref>) 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 unexpended balances so rescinded and permanently
canceled shall be retained in the general fund of the Treasury for reducing the
debt of the Federal Government.</text>
</section><section id="HDBBC129F0A2E45B9BC053848B85BFF28"><enum>203.</enum><header>Termination of
FHA Refinance Program</header>
<subsection id="H7FA4D901885C454BB4EF7358ED3B8713"><enum>(a)</enum><header>Termination of
Mortgagee Letter</header><text display-inline="yes-display-inline">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
similar to such Mortgagee Letter.</text>
</subsection><subsection id="H3EC7D0EA29164C069DCD25CCB55EE120"><enum>(b)</enum><header>Treatment of
remaining funds</header><text>Notwithstanding 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 enactment of this Act shall
continue to be governed by the Mortgagee Letter specified in subsection (a) of
this section, and any other provisions of law, regulations, orders, and
notices, applicable to such amounts, as in effect immediately before such date
of enactment.</text>
</subsection><subsection id="H45DF3E44BF84453E82A20FB2A106319F"><enum>(c)</enum><header>Termination</header><text display-inline="yes-display-inline">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
pursuant to a commitment to insure made before such enactment, and upon the
completion of all activities with respect 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 Housing and Urban
Development shall terminate the FHA Refinance Program referred to in section
202.</text>
</subsection><subsection id="H461DCDD4FDD848C6B2FC46586265E8BA"><enum>(d)</enum><header>Study of use of
program by members of the Armed Forces, veterans, Gold Star recipients, and
members and veterans with service-connected disabilities and their
families</header>
<paragraph id="H20B9D80A5E124F28A796E2F51D770582"><enum>(1)</enum><header>Study</header><text display-inline="yes-display-inline">The Secretary of Housing and Urban
Development shall conduct a study to determine the extent of usage of the FHA
Refinance Program referred to in section 202 by, and the impact of such program
on, covered homeowners.</text>
</paragraph><paragraph id="HDE23BCE60B2E499CBC52AA943C636485"><enum>(2)</enum><header>Report</header><text display-inline="yes-display-inline">Not later than the expiration of the 90-day
period beginning on the date of the enactment 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.</text>
</paragraph><paragraph id="HF78180101C3A4372BA97F1244D84B745"><enum>(3)</enum><header>Covered
homeowner</header><text>For purposes of this subsection, the term
<quote>covered homeowner</quote> means a homeowner who is—</text>
<subparagraph id="HC4F957AE35E245199EC08A08A5CC0DA2"><enum>(A)</enum><text>a member of the
Armed Forces of the United States on active duty or the spouse or parent of
such a member;</text>
</subparagraph><subparagraph id="H639164BEE2404AAE90602A3AD49998DA"><enum>(B)</enum><text display-inline="yes-display-inline">a veteran, as such term is defined in
<external-xref legal-doc="usc" parsable-cite="usc/38/101">section
101</external-xref> of title 38, United States Code;</text>
</subparagraph><subparagraph id="HCC1308E1438F48A2B83E32F14A72B183"><enum>(C)</enum><text>eligible to
receive a Gold Star lapel pin under
<external-xref legal-doc="usc" parsable-cite="usc/10/1126">section
1126</external-xref> 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</text>
</subparagraph><subparagraph id="HE4A2A5BB94744161A83C199ECF6528FD"><enum>(D)</enum><text>such members and
veterans of the Armed Forces who have service-connected injuries, and survivors
and dependents of such members and veterans of the Armed Forces with such
injuries.</text>
</subparagraph></paragraph></subsection></section><section id="HC17F261C33B84AC8BB381EDFE893E4C0"><enum>204.</enum><header>Publication of
Member Availability for Assistance</header><text display-inline="no-display-inline">Not later than 5 days after the date of the
enactment of this Act, the Secretary of Housing and Urban Development shall
publish to its Website on the World Wide Web in a prominent location, large
point font, and boldface type the following statement: <quote>The FHA Short
Refinance Program, which was intended to provide borrowers with refinance
opportunities, has been terminated. If you are having trouble paying your
mortgage and need help contacting your lender or servicer for purposes of
negotiating or acquiring a loan modification, please contact your Member of
Congress to assist you in contacting your lender or servicer for the purpose of
negotiating or acquiring a loan modification.</quote>.</text>
</section>
Passed the House of
Representatives July 21, 2011.
Karen L. Haas,
Clerk