119-hr3445

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3445 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 3445

 To amend the Consumer Financial Protection Act of 2010 to make the 
Bureau of Consumer Financial Protection an independent agency led by a 
 commission, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 May 15, 2025

 Mr. Huizenga (for himself, Mr. Barr, Mr. Meuser, Mr. Fitzgerald, Mr. 
 Rose, Mr. Moore of North Carolina, and Mr. Timmons) 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 agency led by a 
 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 ``Bureau of Consumer Financial 
Protection Commission Act''.

SEC. 2. MAKING THE BUREAU AN INDEPENDENT AGENCY LED BY A COMMISSION.

 The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et 
seq.) is amended--

    (1) in 

section 1011--
        (A) in subsection

    (a) --
            (i) by striking ``in the Federal Reserve 
 System,''; and
            (ii) by striking ``independent bureau'' and 
 inserting ``independent agency'';
        (B) by striking subsections

    (b) ,
            (c) , and
            (d) ;
            (C) by redesignating subsection

    (e) as subsection

    (j) ;
            (D) in subsection

    (j) , as so redesignated, by 
 striking ``, including in cities in which the Federal 
 reserve banks, or branches of such banks, are 
 located,''; and
        (E) by inserting after subsection

    (a) the following 
 new subsections:
 ``

    (b) Authority To Prescribe Regulations.--The commission of the 
Bureau may prescribe such regulations and issue such orders in 
accordance with this title as the Bureau may determine to be necessary 
for carrying out this title and all other laws within the Bureau's 
jurisdiction and shall exercise any authorities granted under this 
title and all other laws within the Bureau's jurisdiction.
 ``
            (c) Composition of the Commission.--
 ``

    (1) In general.--The management of the Bureau shall be 
 vested in a commission, which shall be composed of 5 members 
 who shall be appointed by the President, by and with the advice 
 and consent of the Senate, and--
 ``
        (A) at least 2 of whom shall have private sector 
 experience in the provision of consumer financial 
 products and services; and
 ``
        (B) at least 1 of whom shall have been employed 
 as a State bank supervisor (as defined in 

section 3 of 
 the Federal Deposit Insurance Act (12 U.S.C. 1803)).
 ``

    (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 with respect to the 
 initial staggered terms described under paragraph

    (2) , 
 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.
 ``

    (6) Designation.--The Chair shall be known as both the 
 `Chair of the commission' of the Bureau and the `Chair of the 
 Bureau'.
 ``

    (f) Initial Quorum Established.--For the 6 month period beginning 
on the date of enactment of this subsection, 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 Bureau 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) --
        (A) in the heading, by striking ``Autonomy of the 
 Bureau'' and inserting ``Coordination With the Board of 
 Governors'';
        (B) by striking ``

    (1) Coordination with the board 
 of governors.--''; and
            (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.'' and inserting ``Not fewer than half of all members 
 shall have private sector experience in the provision of 
 consumer financial products and services.''.

SEC. 3. DEEMING OF NAME.

 Any reference in a law, regulation, document, paper, or other 
record of the United States to the Director of 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 commission 
leading and governing the Bureau of Consumer Financial Protection, as 
described under 

section 1011 of the Consumer Financial Protection Act 
of 2010.

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 ``Bureau'';
        (B) by striking ``Director'' each place such term 
 appears and inserting ``Bureau'', 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.--
        (A) In general.--The Consumer Financial Protection 
 Act of 2010 (12 U.S.C. 5481 et seq.) is amended--
            (i) 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'';
            (ii) 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'';
            (iii) in 

section 1016

    (a) , by striking 
 ``Director of the Bureau'' and inserting 
 ``Chair of the Bureau''; and
            (iv) by striking 

section 1066.
        (B) Clerical amendment.--The table of contents for 
 the Dodd-Frank Wall Street Reform and Consumer 
 Protection Act is amended by striking the item relating 
 to 

section 1066.

    (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''; and

    (2) in 

section 1447, by striking ``Director of the Bureau'' 
 each place such term appears and inserting ``Chair of the 
 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) ), 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 ``Chair of the 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 
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 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) (5) of the Consumer Financial 
Protection Act of 2010, is amended by striking ``Director'' each place 
such term appears and inserting ``Chair''.

    (h) Home Mortgage Disclosure Act of 1975.--

Section 307 of the Home 
Mortgage Disclosure Act of 1975 (12 U.S.C. 2806 et seq), 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--
        (A) by striking paragraph

    (1) ; and
        (B) by redesignating paragraphs

    (2) through

    (12) as 
 paragraphs

    (1) through

    (11) , respectively;

    (2) in 

section 1403
            (c) --
        (A) by striking ``him'' and inserting ``the 
 Bureau''; and
        (B) by striking ``he'' and inserting ``the 
 Bureau'';

    (3) in 

section 1407--
        (A) in subsection
            (c) , by striking ``he'' and 
 inserting ``the Bureau''; and
        (B) in subsection

    (e) , by striking ``Director or 
 anyone designated by him'' and inserting ``Bureau'';

    (4) in 

section 1411

    (a) --
        (A) by striking ``his findings'' and inserting 
 ``the findings of the Bureau''; and
        (B) by striking ``his recommendation'' and 
 inserting ``the recommendation of the Bureau'';

    (5) in 

section 1415--
        (A) in subsection

    (a) , by striking ``he may, in his 
 discretion,'' and inserting ``the Bureau may, in the 
 discretion of the Bureau,'';
        (B) in subsection

    (b) --
            (i) by striking ``in his discretion'' each 
 place such term appears and inserting ``in the 
 discretion of the Bureau'';
            (ii) by striking ``he deems'' and inserting 
 ``the Bureau determines''; and
            (iii) by striking ``he may deem'' and 
 inserting ``the Bureau may determine''; and
            (C) in subsection
            (c) , by striking ``the Director, 
 or any officer designated by him,'' and inserting ``the 
 Bureau'';

    (6) in 

section 1416

    (a) --
        (A) by striking ``Director of the Bureau of 
 Consumer Financial Protection who may delegate any of 
 his'' and inserting ``Bureau of Consumer Financial 
 Protection, which may delegate any'';
        (B) by striking ``his administrative'' and 
 inserting ``administrative''; and
            (C) by striking ``himself'' and inserting ``the 
 commission of the Bureau'';

    (7) in 

section 1418a

    (b)

    (4) , by striking ``Secretary's 
 determination'' and inserting ``determination of the Bureau''; 
 and

    (8) 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 (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 (hereafter in this section referred to as 
 the `Bureau')''; 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 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 and inserting ``Bureau of Consumer 
 Financial Protection''; 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''.
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