Responsible Consumer Financial Protection Regulations Act of 2013 - Amends the Consumer Financial Protection Act of 2010, title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to replace the position of Director of the Consumer Financial Protection Bureau (CFPB) with a five-member Commission composed of the Vice Chairman for Supervision of the Federal Reserve System and four additional members appointed by the President, by and with the advice and consent of the Senate, each to serve for a term of five years.
Prohibits the Chair of the Commission from making requests for estimates related to appropriations without the Commission's prior approval.
Makes technical and conforming amendments to related statutes.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2446 Introduced in House (IH)]
113th CONGRESS
1st Session
H. R. 2446
To replace the Director of the Bureau of Consumer Financial Protection
with a five person Commission.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 20, 2013
Mr. Bachus introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
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 ``Responsible Consumer Financial
Protection Regulations Act of 2013''.
SEC. 2. ESTABLISHMENT OF THE COMMISSION.
Section 1011 of the Consumer Financial Protection Act of 2010 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 hereby established a commission
(hereinafter referred to in this section as the `Commission')
that shall serve as the head of the Bureau.
``(2) 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, 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, 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 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 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.--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 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.
``(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
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.
``(g) Seal.--The Commission shall have an official seal.
``(h) 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.
``(i) Initial Quorum Established.--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.''.
SEC. 3. CONFORMING AMENDMENTS.
(a) Consumer Financial Protection Act of 2010.--
(1) In general.--Except as provided under paragraph (1),
the Consumer Financial Protection Act of 2010 is amended--
(A) by striking ``Director of the'' 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;
(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.--The Consumer Financial Protection Act of
2010 is amended--
(A) in section 1012(c)(4), by striking ``Director''
each place such 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) 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'';
and
(E) 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 is amended--
(1) in section 1111(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 such term appears and inserting ``Bureau''.
(c) Electronic Fund Transfer Act.--Section 920(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
``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, 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, 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 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)), 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 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, 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 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 ``Bureau of Consumer Financial
Protection''.
(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 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, 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''; 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, 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 ``Bureau''; 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 ``Bureau''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 21.
Reported (Amended) by the Committee on Financial Services. H. Rept. 113-345.
Reported (Amended) by the Committee on Financial Services. H. Rept. 113-345.
Placed on the Union Calendar, Calendar No. 255.
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