HR 1121 IHRHCommentsClose CommentsPermalink

Union Calendar No. 61CommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

1st SessionCommentsClose CommentsPermalink

H. R. 1121CommentsClose CommentsPermalink

[Report No. 112-107]CommentsClose CommentsPermalink

To replace the Director of the Bureau of Consumer Financial Protection with a five person Commission.CommentsClose CommentsPermalink

IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink

March 16, 2011CommentsClose CommentsPermalink

Mr. BACHUS (for himself, Mrs. CAPITO, Mrs. BIGGERT, Mr. GARRETT, Mr. HENSARLING, Mr. GARY G. MILLER of California, Mr. NEUGEBAUER, Mr. GRIMM, Mrs. BACHMANN, Mr. ROYCE, Mr. DOLD, Mr. YODER, Mr. MANZULLO, Mr. SCHWEIKERT, Mr. LUETKEMEYER, Mr. PEARCE, Mr. STIVERS, Mr. MCHENRY, Mr. CANSECO, Mr. SESSIONS, Mr. POSEY, Mr. DUFFY, Mr. HUIZENGA of Michigan, Mr. LUCAS, Mr. CAMPBELL, Mr. KING of New York, and Mr. HULTGREN) introduced the following bill; which was referred to the Committee on Financial ServicesCommentsClose CommentsPermalink

June 16, 2011CommentsClose CommentsPermalink

Additional sponsors: Mr. HURT, Mr. MCCOTTER, Mr. WILSON of South Carolina, Ms. JENKINS, Mr. MCKINLEY, Mr. LATHAM, Mr. CARTER, Mr. KLINE, and Mr. ROSS of FloridaCommentsClose CommentsPermalink

June 16, 2011CommentsClose CommentsPermalink

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printedCommentsClose CommentsPermalink

[Strike out all after the enacting clause and insert the part printed in italic]CommentsClose CommentsPermalink

[For text of introduced bill, see copy of bill as introduced on March 16, 2011]CommentsClose CommentsPermalink

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A BILLCommentsClose CommentsPermalink

To replace the Director of the Bureau of Consumer Financial Protection with a five person Commission.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Responsible Consumer Financial Protection Regulations Act of 2011’. CommentsClose CommentsPermalink

SEC. 2. ESTABLISHMENT OF THE COMMISSION.

Section 1011 of the Consumer Financial Protection Act of 2010 is amended-- CommentsClose CommentsPermalink





(1) by striking subsections (b), (c), and (d); CommentsClose CommentsPermalink





(2) by redesignating subsection (e) as subsection (j); and CommentsClose CommentsPermalink





(3) by inserting after subsection (a) the following new subsections: CommentsClose CommentsPermalink





‘(b) Establishment of the Commission- CommentsClose CommentsPermalink





‘(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. CommentsClose CommentsPermalink





‘(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. CommentsClose CommentsPermalink





‘(c) Composition of the Commission- CommentsClose CommentsPermalink





‘(1) IN GENERAL- The Commission shall be composed of 5the Vice Chairman for Supervision of the Federal Reserve System and 4 additional members who shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who-- CommentsClose CommentsPermalink





‘(A) are citizens of the United States; CommentsClose CommentsPermalink





and‘(B) have strong competencies and experiences related to consumer financial protection; and CommentsClose CommentsPermalink





‘(C) should want to protect service members and their families who are sacrificing their lives for this country from abusive financial practices. CommentsClose CommentsPermalink





‘(2) STAGGERING- The members of the Commission appointed under paragraph (1) shall serve staggered terms, which initially shall be established by the President for terms of 1, 2, 4, and 5 years, respectively. CommentsClose CommentsPermalink





‘(3) TERMS- CommentsClose CommentsPermalink





‘(A) IN GENERAL- Each member of the Commission appointed under paragraph (1), including the Chair, shall serve for a term of 5 years. CommentsClose CommentsPermalink





‘(B) REMOVAL FOR CAUSE- The President may remove any member of the Commission appointed under paragraph (1) only for inefficiency, neglect of duty, or malfeasance in office. CommentsClose CommentsPermalink





‘(C) VACANCIES- Any member of the Commission appointed under paragraph (1) 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. CommentsClose CommentsPermalink





‘(D) CONTINUATION OF SERVICE- Each member of the Commission appointed under paragraph (1) 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. CommentsClose CommentsPermalink





‘(E) OTHER EMPLOYMENT PROHIBITED- No member of the Commission appointed under paragraph (1) shall engage in any other business, vocation, or employment. CommentsClose CommentsPermalink





‘(4) ROLES AND RESPONSIBILITIES OF COMMISSIONERS- One member of the Commission shall have as their primary responsibility the oversight of the Bureau’s activities pertaining to protecting consumers, with a focus on consumers who are older, minorities, youth, or veterans, from unfair, deceptive, and abusive lending practices. The designated commissioner shall be responsible for-- CommentsClose CommentsPermalink





‘(A) ensuring the Bureau conducts regular outreach to consumers regarding industry lending activities; CommentsClose CommentsPermalink





‘(B) researching and reporting to the full Commission, on a regular basis, the impact of new loan and credit products and services on consumers; and CommentsClose CommentsPermalink





‘(C) ensuring the Bureau coordinates with State-level consumer protection agencies on enforcement measures that protect consumers from unfair, deceptive, and abusive lending practices. CommentsClose CommentsPermalink





‘(d) Affiliation- With respect to members appointed pursuant to subsection (c)(1), not more than 32 shall be members of any one political party. CommentsClose CommentsPermalink





‘(e) Chair of the Commission- CommentsClose CommentsPermalink





‘(1) APPOINTMENT- The Chair of the Commission shall be appointed by the President from among the members of the Commission appointed under paragraph (1). CommentsClose CommentsPermalink





‘(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-- CommentsClose CommentsPermalink





‘(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); CommentsClose CommentsPermalink





‘(B) the distribution of business among personnel appointed and supervised by the Chair and among administrative units of the Bureau; and CommentsClose CommentsPermalink





‘(C) the use and expenditure of funds. CommentsClose CommentsPermalink





‘(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. CommentsClose CommentsPermalink





‘(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. CommentsClose CommentsPermalink





‘(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. CommentsClose CommentsPermalink





‘(g) Seal- The Commission shall have an official seal. CommentsClose CommentsPermalink





‘(h) Compensation- CommentsClose CommentsPermalink





‘(1) CHAIR- The Chair shall receive compensation at the rate prescribed for level I of the Executive Schedule undersection 5313 of title 5, United States Code. CommentsClose CommentsPermalink





‘(2) OTHER MEMBERS OF THE COMMISSION- The 43 other members of the Commission appointed under subsection (c)(1) shall each receive compensation at the rate prescribed for level II of the Executive Schedule undersection 5314 of title 5, United States Code. CommentsClose CommentsPermalink





‘(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.’. CommentsClose CommentsPermalink

SEC. 3. CONFORMING AMENDMENTS.

(a) Consumer Financial Protection Act of 2010- CommentsClose CommentsPermalink





(1) IN GENERAL- Except as provided under paragraph (1), tThe Consumer Financial Protection Act of 2010 is amended-- CommentsClose CommentsPermalink





(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; CommentsClose CommentsPermalink




(B) in section 1012(c)(4), by striking ‘Director’ each place such term appears and inserting ‘Commission of the Bureau’; CommentsClose CommentsPermalink





(BC) in section 1013(c)(3)-- CommentsClose CommentsPermalink





(i) by striking ‘Assistant Director of the Bureau for’ and inserting ‘Head of the Office of’; and CommentsClose CommentsPermalink





(ii) in subparagraph (B), by striking ‘Assistant Director’ and inserting ‘Head of the Office’; CommentsClose CommentsPermalink





(CD) in section 1013(g)(2)-- CommentsClose CommentsPermalink





(i) by striking ‘ASSISTANT DIRECTOR’ and inserting ‘HEAD OF THE OFFICE’; and CommentsClose CommentsPermalink





(ii) by striking ‘an assistant director’ and inserting ‘a Head of the Office of Financial Protection for Older Americans’; CommentsClose CommentsPermalink





(DE) in section 1016(a), by striking ‘Director of the Bureau’ and inserting ‘Chair of the Commission’; CommentsClose CommentsPermalink





and(E (F) in section 1017(c)(1), by striking ‘Director and other employees’ and inserting ‘members of the Commission and other employees’; CommentsClose CommentsPermalink





(G) in section 1027(l)(1), by striking ‘Director and the’; and CommentsClose CommentsPermalink





(H) in section 1066(a), by striking ‘Director of the Bureau is’ and inserting ‘first member of the Commission is’. CommentsClose CommentsPermalink





(2) GLOBAL AMENDMENTS- The Consumer Financial Protection Act of 2010 is amended-- CommentsClose CommentsPermalink





(A) by striking ‘Director of the’ each place such term appears, other than in-- CommentsClose CommentsPermalink





(i) subparagraphs (A) and (E) of section 1017(4); CommentsClose CommentsPermalink





(ii) section 1043; CommentsClose CommentsPermalink





(iii) section 1061(b)(3); CommentsClose CommentsPermalink





(iv) section 1062; CommentsClose CommentsPermalink





(v) section 1063(f); CommentsClose CommentsPermalink





(vi) subparagraphs (E) and (G) of section 1064(i)(2); and CommentsClose CommentsPermalink





(vii) section 1065(a); and CommentsClose CommentsPermalink





(B) by striking ‘Director’ each place such term appears and inserting ‘Bureau’, other than in-- CommentsClose CommentsPermalink





(i) section 1063(f)(2); and CommentsClose CommentsPermalink





(ii) section 1065(a). CommentsClose CommentsPermalink





(b) Dodd-Frank Wall Street Reform and Consumer Protection Act- The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended-- CommentsClose CommentsPermalink





(1) in section 1111(b)(1)(D), by striking ‘Director’ and inserting ‘Chair of the Commission’; and CommentsClose CommentsPermalink





(2) in section 1447, by striking ‘Director of the Bureau’ each place such term appears and inserting ‘Bureau’. CommentsClose CommentsPermalink





(c) Electronic Fund Transfer Act- Section 9201(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’. CommentsClose CommentsPermalink





(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’. CommentsClose CommentsPermalink





(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’. CommentsClose CommentsPermalink





(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’. CommentsClose CommentsPermalink





(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’. CommentsClose CommentsPermalink





(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’. CommentsClose CommentsPermalink





(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-- CommentsClose CommentsPermalink





(1) by amending section 1402(1) to read as follows: CommentsClose CommentsPermalink





‘(1) ‘Chair’ means the Chair of the Commission of the Bureau of Consumer Financial Protection;’; CommentsClose CommentsPermalink





and(2) in section 1416(a), by striking ‘Director of the Bureau of Consumer Financial Protection’ and inserting ‘Chair’; and CommentsClose CommentsPermalink





(3) by striking ‘Director’ each place such term appears and inserting ‘Bureau’. CommentsClose CommentsPermalink





(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-- CommentsClose CommentsPermalink





(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 CommentsClose CommentsPermalink





(2) by striking ‘Director’ each place such term appears and inserting ‘Bureau’. CommentsClose CommentsPermalink





(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-- CommentsClose CommentsPermalink





(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 and inserting ‘Bureau’; and CommentsClose CommentsPermalink





(2) in section 1503, by striking paragraph (10). CommentsClose CommentsPermalink





(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’. CommentsClose CommentsPermalink

Union Calendar No. 61CommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

1st SessionCommentsClose CommentsPermalink

H. R. 1121CommentsClose CommentsPermalink

[Report No. 112-107]CommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

To replace the Director of the Bureau of Consumer Financial Protection with a five person Commission.CommentsClose CommentsPermalink

---

June 16, 2011CommentsClose CommentsPermalink

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printedCommentsClose CommentsPermalink