[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1410 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 1410

  To amend the Consumer Financial Protection Act of 2010 to make the 
    Bureau of Consumer Financial Protection an independent Consumer 
        Financial Protection Commission, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 7, 2023

 Mr. Luetkemeyer introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Consumer Financial Protection Act of 2010 to make the 
    Bureau of Consumer Financial Protection an independent Consumer 
        Financial Protection Commission, and for other purposes.

    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''.

SEC. 2. MAKING THE BUREAU AN INDEPENDENT CONSUMER FINANCIAL PROTECTION 
              COMMISSION.

    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 financial protection'' and 
                inserting ``consumer financial protection commission'';
                    (B) in subsection (a)--
                            (i) in the heading of such subsection, by 
                        striking ``Bureau'' and inserting 
                        ``Commission'';
                            (ii) by striking ``in the Federal Reserve 
                        System,'';
                            (iii) by striking ``independent bureau'' 
                        and inserting ``independent commission'';
                            (iv) by striking ``Bureau of Consumer 
                        Financial Protection'' and inserting ``Consumer 
                        Financial Protection Commission (hereinafter in 
                        this section referred to as the 
                        `Commission')''; and
                            (v) by striking ``Bureau'' each place such 
                        term appears and inserting ``Commission'';
                    (C) by striking subsections (b), (c), and (d);
                    (D) by redesignating subsection (e) as subsection 
                (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 ``Commission''; 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 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 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 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.--The President may remove any member 
                of the Commission 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 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 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 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 serving as Director of the 
        Bureau of Consumer Financial Protection on the day before the 
        date of the enactment of this subsection. Such individual shall 
        serve until the President has appointed all 5 members of the 
        Commission in accordance with subsection (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.
            ``(3) Authority.--The Chair shall be the principal 
        executive officer of the Commission, and shall exercise all of 
        the executive and administrative functions 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 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.
            ``(5) 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) Initial Quorum Established.--The first member and Chair of 
the Commission described under subsection (e)(1) shall constitute a 
quorum for the transaction of business until the President has 
appointed all 5 members of the Commission in accordance with subsection 
(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 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.
    ``(h) Seal.--The Commission shall have an official seal.
    ``(i) 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 other members 
        of the Commission shall each receive compensation at the rate 
        prescribed for level II of the Executive Schedule under section 
        5314 of title 5, United States Code.'';
            (2) in section 1012(c), by striking paragraphs (2), (3), 
        (4), and (5); and
            (3) in section 1014(b), by striking ``Not fewer than 6 
        members shall be appointed upon the recommendation of the 
        regional Federal Reserve Bank Presidents, on a rotating 
        basis.''.

SEC. 3. DEEMING OF NAME.

    Any reference in a law, regulation, document, paper, or other 
record of the United States to the Bureau of Consumer Financial 
Protection, except in subsection (e)(1) of section 1011 of the Consumer 
Financial Protection Act of 2010 (12 U.S.C. 5491), as added by this 
Act, shall be 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 Financial 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--
                    (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 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'';
                    (C) in section 1016(a), by striking ``Director of 
                the Bureau'' and inserting ``Chair of the Consumer 
                Financial Protection Commission''; and
                    (D) 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 (12 U.S.C. 
5301 et seq.) is amended--
            (1) in section 111(b)(1)(D), by striking ``Director'' and 
        inserting ``Chair of the Consumer Financial 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 Financial Protection Act of 2010, is amended by 
striking ``Director 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 Protection 
Bureau'' each place such term appears and inserting ``Chair of the 
Consumer Financial Protection Commission''.
    (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 Consumer Financial Protection 
Commission''.
    (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)(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 Protection'' each place 
such term appears and inserting ``Consumer Financial Protection 
Commission''.
    (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 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 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 Consumer Financial 
        Protection Commission''; and
            (2) by striking ``Director'' each place such term appears 
        and inserting ``Consumer Financial Protection Commission''.
    (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 Consumer 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 Office 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 Bureau'' and inserting ``Consumer Financial Protection 
Commission''.
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