[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 Consu