[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2213 Introduced in Senate (IS)]
113th CONGRESS
2d Session
S. 2213
To replace the Director of the Bureau of Consumer Financial Protection
with a five-person Commission.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 3, 2014
Mrs. Fischer 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 five-person Commission.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Consumer Financial Protection
Commission Act of 2014''.
SEC. 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 established a commission
(referred to in this title as the `Commission') that shall
serve as the head of the Bureau.
``(2) Authority to prescribe regulations.--The Commission--
``(A) 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
``(B) 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.--Except as provided in paragraph
(2), 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 for 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 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
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 II 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 III 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, 1
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.''.
SEC. 3. CONFORMING AMENDMENTS.
(a) Consumer Financial Protection Act of 2010.--
(1) In general.--Except as provided under paragraph (2),
the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481
et seq.) is amended--
(A) by striking ``Director of the'' each place that
term appears, other than where that 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 that term
appears, other than where that 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), by striking ``Director''
each place that term appears and inserting ``Commission
of the Bureau'';
(B) 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'';
(C) in section 1013(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), by striking ``Director of
the Bureau'' and inserting ``Chair of the Commission'';
(E) in section 1017(c)(1), by striking the
``Director'' the second place that term appears, and
inserting the ``Commission of the Bureau'';
(F) in section 1027(l)(1), by striking ``Director
and the''; and
(G) in section 1066(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), by striking ``Director'' and
inserting ``Chair of the Commission''; and
(2) in section 1447, by striking ``Director of the Bureau''
each place that term appears and inserting ``Bureau''.
(c) Electronic Fund Transfer Act.--Section 921(a)(4)(C) of the
Electronic Fund Transfer Act (15 U.S.C. 1693o-2(a)(4)(C)) 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.) is amended by striking
``Director of the Bureau'' each place that term appears and inserting
``Bureau''.
(e) Federal Deposit Insurance Act.--Section 2 of the Federal
Deposit Insurance Act (12 U.S.C. 1812) is amended by striking
``Director of the Consumer Financial Protection Bureau'' each place
that 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)) 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) is amended by striking ``Director'' each place that 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) is amended by striking
``Director of the Bureau of Consumer Financial Protection'' each place
that 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.) 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) 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 that 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 et seq.) is amended--
(1) by striking ``Director'' each place that 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) and
inserting the following:
``(10) [Reserved].''.
(l) Title 44, United States Code.--Section 3513(c) of title 44,
United States Code, is amended by striking ``Director of the Bureau''
and inserting ``Bureau''.
SEC. 4. EFFECTIVE DATE.
This Act, and the amendments made by this Act, shall be effective
as of July 16, 2018.
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