,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #bddf  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #bj1 #bjac ,mr4 
,ba*us introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to replace !      
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection ) a five p]son    
,commission4  #a4 ,%ort title ,?is ,act 
may be cit$ z ! ,responsible ,consum]   
,f9ancial ,protection ,regulations ,act 
( #bjac4  #b4 ,e/abli%m5t ( !           
,commission ,section #ajaa ( ! ,consum] 
,f9ancial ,protection ,act ( #bjaj is   
am5d$--  7#a7 by /rik+ subsections 7b71 
7c71 & 7d72  7#b7 by r$esignat+         
subsection 7e7 z subsection 7j72 &  7#c7
 by ins]t+ aft] subsection 7a7 ! foll[+ 
new subsections3  7b7 ,e/abli%m5t ( !   
,commission  7#a7 ,9 g5]al ,!re is h]eby
 e/abli%$ a commission 7h]e9aft] ref]r$ 
to 9 ?is section z ! ,commission7 t %all
 s]ve z ! head ( ! ,bureau4  7#b7       
,au?ority to prescribe regulations ,!   
,commission may prescribe su*           

regulations & issue su* ord]s 9         
accordance ) ?is title z ! ,commission  
may det]m9e to be necess>y = c>ry+ out  
?is title & all o!r laws )9 !           
,commission's jurisdiction & %all       
ex]cise any au?orities grant$ "u ?is    
title & all o!r laws )9 ! ,commission's 
jurisdiction4  7c7 ,composition ( !     
,commission  7#a7 ,9 g5]al ,!           
,commission %all be compos$ ( #e memb]s 
:o %all be appo9t$ by ! ,presid5t1 by & 
) ! advice & cons5t ( ! ,s5ate1 f among 
individuals :o--  7,a7 are citiz5s ( !  
,unit$ ,/ates2 &  7,b7 h /rong          
compet5cies & exp]i5ces relat$ to       
consum] f9ancial protection4  7#b7      
,/agg]+ ,! memb]s ( ! ,commission %all  
s]ve /agg]$ t]ms1 :i* initially %all be 
e/abli%$ by ! ,presid5t = t]ms ( #a1 #b1
 #d1 & #e ye>s1 respectively4  7#c7     
,t]ms  7,a7 ,9 g5]al ,ea* memb] ( !     
,commission1 includ+ ! ,*air1 %all s]ve 
= a t]m ( #e ye>s4  7,b7 ,removal =     
cause ,! ,presid5t may remove any memb] 
( ! ,commission only = ineffici5cy1     

neglect ( duty1 or malfeasance 9 (fice4 
7,c7 ,vacancies ,any memb] ( !          
,commission appo9t$ to fill a vacancy   
occurr+ be=e ! expiration ( ! t]m to :i*
 t memb]'s pr$ecessor 0 appo9t$ 7includ+
 ! ,*air7 %all be appo9t$ only = !      
rema9d] ( ! t]m4  7,d7 ,cont9uation (   
s]vice ,ea* memb] ( ! ,commission may   
cont9ue to s]ve aft] ! expiration ( !   
t]m ( (fice to :i* t memb] 0 appo9t$    
until a successor has be5 appo9t$ by !  
,presid5t & confirm$ by ! ,s5ate1 except
 t a memb] may n cont9ue to s]ve m ?an  
#a ye> aft] ! date on :i* t memb]'s t]m 
w\ld o!rwise expire4  7,e7 ,o!r         
employm5t prohibit$ ,no memb] ( !       
,commission %all engage 9 any o!r       
bus9ess1 vocation1 or employm5t4  7d7   
,affiliation ,) respect to memb]s       
appo9t$ pursuant to subsection 7c71 n m 
?an #c %all be memb]s ( any "o political
 p>ty4  7e7 ,*air ( ! ,commission  7#a7 
,appo9tm5t ,! ,*air ( ! ,commission %all
 be appo9t$ by ! ,presid5t f among !    
memb]s ( ! ,commission4  7#b7 ,au?ority 

,! ,*air %all be ! pr9cipal executive   
(fic] ( ! ,bureau1 & %all ex]cise all ( 
! executive & adm9i/rative functions ( !
 ,bureau1 includ+ ) respect to--  7,a7 !
 appo9tm5t & sup]vision ( p]sonnel      
employ$ "u ! ,bureau 7o!r ?an p]sonnel  
employ$ regul>ly & full "t 9 ! imm$iate 
(fices ( memb]s ( ! ,commission o!r ?an 
! ,*air72  7,b7 ! di/ribution ( bus9ess 
among p]sonnel appo9t$ & sup]vis$ by !  
,*air & among adm9i/rative units ( !    
,bureau2 &  7,c7 ! use & exp5diture (   
funds4  7#c7 ,limitation ,9 c>ry+ out   
any ( ! ,*air's functions "u !          
provisions ( ?is subsection ! ,*air %all
 be gov]n$ by g5]al policies ( !        
,commission & by su* regulatory         
decisions1 f9d+s1 & det]m9ations z !    
,commission may by law be au?oriz$ to   
make4  7#d7 ,reque/s or e/imates relat$ 
to appropriations ,reque/s or e/imates =
 regul>1 supplem5tal1 or defici5cy      
appropriations on behalf ( ! ,commission
 may n be submitt$ by ! ,*air )\t !     
prior approval ( ! ,commission4  7f7 ,no

 impairm5t by reason ( vacancies ,no    
vacancy 9 ! memb]s ( ! ,commission %all 
impair ! "r ( ! rema9+ memb]s ( !       
,commission to ex]cise all ! p[]s ( !   
,commission4 ,?ree memb]s ( !           
,commission %all con/itute a quorum = ! 
transaction ( bus9ess1 except t if !re  
are only #c memb]s s]v+ on ! ,commission
 because ( vacancies 9 ! ,commission1 #b
 memb]s ( ! ,commission %all con/itute a
 quorum = ! transaction ( bus9ess4 ,if  
!re are only #b memb]s s]v+ on !        
,commission because ( vacancies 9 !     
,commission1 #b memb]s %all con/itute a 
quorum = ! #f-mon? p]iod beg9n+ on !    
date ( ! vacancy :i* caus$ ! numb] (    
,commission memb]s to decl9e to #b4  7g7
 ,seal ,! ,commission %all h an (ficial 
seal4  7h7 ,comp5sation  7#a7 ,*air ,!  
,*air %all receive comp5sation at ! rate
 prescrib$ = level ,i ( ! ,executive    
,s*$ule "u section #ecac ( title #e1    
,unit$ ,/ates ,code4  7#b7 ,o!r memb]s (
 ! ,commission ,! #d o!r memb]s ( !     
,commission %all ea* receive comp5sation

 at ! rate prescrib$ = level ,,ii ( !   
,executive ,s*$ule "u section #ecad (   
title #e1 ,unit$ ,/ates ,code4  7i7     
,initial quorum e/abli%$ ,dur+ any "t   
p]iod prior to ! confirmation ( at lea/ 
two memb]s ( ! ,commission1 "o memb] ( !
 ,commission %all con/itute a quorum = !
 transaction ( bus9ess4 ,foll[+ !       
confirmation ( at lea/ #b additional    
commission]s1 ! quorum requirem5ts (    
subsection 7f7 %all apply4  4  #c4      
,con=m+ am5dm5ts  7a7 ,consum] ,f9ancial
 ,protection ,act ( #bjaj  7#a7 ,9 g5]al
 ,except z provid$ "u p>agraph 7#a71 !  
,consum] ,f9ancial ,protection ,act (   
#bjaj is am5d$--  7,a7 by /rik+         
,director ( ! ea* place su* t]m appe>s1 
o!r ?an :]e su* t]m is us$ to ref] to a 
,director o!r ?an ! ,director ( !       
,bureau ( ,consum] ,f9ancial            
,protection2  7,b7 by /rik+ ,director   
ea* place su* t]m appe>s & ins]t+       
,bureau1 o!r ?an :]e su* t]m is us$ to  
ref] to a ,director o!r ?an ! ,director 
( ! ,bureau ( ,consum] ,f9ancial        

,protection2 &  7,c7 9 section #ajjb1 by
 /rik+ p>agraph 7#aj74  7#b7 ,exceptions
 ,! ,consum] ,f9ancial ,protection ,act 
( #bjaj is am5d$--  7,a7 9 section      
#ajab7;c77#d71 by /rik+ ,director ea*   
place su* t]m appe>s & ins]t+           
,commission ( ! ,bureau2  7,b7 9 section
 #ajac7;c77#c7--  7i7 by /rik+ ,assi/ant
 ,director ( ! ,bureau = & ins]t+ ,head 
( ! ,(fice (2 &  7ii7 9 subp>agraph     
7,b71 by /rik+ ,assi/ant ,director &    
ins]t+ ,head ( ! ,(fice2  7,c7 9 section
 #ajac7;g77#b7--  7i7 by /rik+ ,assi/ant
 director & ins]t+ ,head ( ! ,(fice2 &  
7ii7 by /rik+ an assi/ant director &    
ins]t+ a ,head ( ! ,(fice ( ,f9ancial   
,protection = ,old] ,am]icans2  7,d7 9  
section #ajaf7;a71 by /rik+ ,director ( 
! ,bureau & ins]t+ ,*air ( !            
,commission2 &  7,e7 9 section          
#ajff7;a71 by /rik+ ,director ( !       
,bureau is & ins]t+ fir/ memb] ( !      
,commission is4  7b7 ,dodd-,frank ,wall 
,/reet ,re=m & ,consum] ,protection ,act
 ,! ,dodd-,frank ,wall ,/reet ,re=m &   

,consum] ,protection ,act is am5d$--    
7#a7 9 section #aaaa7;b77#a77;,d71 by   
/rik+ ,director & ins]t+ ,*air ( !      
,commission2 &  7#b7 9 section #addg1 by
 /rik+ ,director ( ! ,bureau ea* place  
su* t]m appe>s & ins]t+ ,bureau4  7c7   
,electronic ,fund ,transf] ,act ,section
 #ibj7;a77#d77;,c7 ( ! ,electronic ,fund
 ,transf] ,act1 z add$ by section       
#ajge7;a77#b7 ( ! ,consum] ,f9ancial    
,protection ,act ( #bjaj1 is am5d$ by   
/rik+ ,director ( ! ,bureau ( ,consum]  
,f9ancial ,protection & ins]t+ ,bureau (
 ,consum] ,f9ancial ,protection4  7d7   
,exp$it$ ,funds ,availability ,act ,!   
,exp$it$ ,funds ,availability ,act1 z   
am5d$ by section #ajhf ( ! ,consum]     
,f9ancial ,protection ,act ( #bjaj1 is  
am5d$ by /rik+ ,director ( ! ,bureau ea*
 place su* t]m appe>s & ins]t+ ,bureau4 
7e7 ,f$]al ,deposit ,insurance ,act     
,section #b ( ! ,f$]al ,deposit         
,insurance ,act1 z am5d$ by section     
#ccf7;a7 ( ! ,dodd-,frank ,wall ,/reet  
,re=m & ,consum] ,protection ,act1 is   

am5d$ by /rik+ ,director ( ! ,consum]   
,f9ancial ,protection ,bureau ea* place 
su* t]m appe>s & ins]t+ ,*air ( !       
,commission ( ! ,bureau ( ,consum]      
,f9ancial ,protection4  7f7 ,f$]al      
,f9ancial ,in/itutions ,exam9ation      
,c\ncil ,act ( #aigh ,section           
#ajjd7;a77#d7 ( ! ,f$]al ,f9ancial      
,in/itutions ,exam9ation ,c\ncil ,act ( 
#aigh 7#ab ,u4,s4,c4 #ccjc7;a77#d771 z  
am5d$ by section #ajia ( ! ,consum]     
,f9ancial ,protection ,act ( #bjaj1 is  
am5d$ by /rik+ ,director ( ! ,consum]   
,f9ancial ,protection ,bureau & ins]t+  
,*air ( ! ,commission ( ! ,bureau (     
,consum] ,f9ancial ,protection4  7g7    
,f9ancial ,lit]acy & ,education         
,improvem5t ,act ,section #eac ( !      
,f9ancial ,lit]acy & ,education         
,improvem5t ,act1 z am5d$ by section    
#ajac7;d77#e7 ( ! ,consum] ,f9ancial    
,protection ,act ( #bjaj1 is am5d$ by   
/rik+ ,director ea* place su* t]m appe>s
 & ins]t+ ,*air ( ! ,commission4  7h7   
,home ,mortgage ,disclosure ,act ( #aige

 ,section #cjg ( ! ,home ,mortgage      
,disclosure ,act ( #aige1 z am5d$ by    
section #ajid7f7 ( ! ,consum] ,f9ancial 
,protection ,act ( #bjaj1 is am5d$ by   
/rik+ ,director ( ! ,bureau ( ,consum]  
,f9ancial ,protection ea* place su* t]m 
appe>s & ins]t+ ,bureau ( ,consum]      
,f9ancial ,protection4  7i7 ,int]/ate   
,l& ,sales ,full ,disclosure ,act ,!    
,int]/ate ,l& ,sales ,full ,disclosure  
,act1 z am5d$ by section #ajih;,a ( !   
,consum] ,f9ancial ,protection ,act (   
#bjaj1 is am5d$--  7#a7 by am5d+ section
 #adjb7a7 to read z foll[s3  7#a7 ,*air 
means ! ,*air ( ! ,commission ( !       
,bureau ( ,consum] ,f9ancial            
,protection2  2 &  7#b7 9 section       
#adaf7;a71 by /rik+ ,director ( !       
,bureau ( ,consum] ,f9ancial ,protection
 & ins]t+ ,*air4  7j7 ,real ,e/ate      
,settlem5t ,proc$ures ,act ( #aigd      
,section #e ( ! ,real ,e/ate ,settlem5t 
,proc$ures ,act ( #aigd1 z am5d$ by     
section #adej ( ! ,dodd-,frank ,wall    
,/reet ,re=m & ,consum] ,protection     

,act1 is am5d$--  7#a7 by /rik+ ,!      
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection 7h]eaft] 9 ?is    
section ref]r$ to z ! ,director7 &      
ins]t+ ,! ,bureau ( ,consum] ,f9ancial  
,protection2 &  7#b7 by /rik+ ,director 
ea* place su* t]m appe>s & ins]t+       
,bureau4  7k7 ,s4,a4,f4,e4 ,mortgage    
,lic5s+ ,act ( #bjjh ,! ,s4,a4,f4,e4    
,mortgage ,lic5s+ ,act ( #bjjh1 z am5d$ 
by section #aajj ( ! ,consum] ,f9ancial 
,protection ,act ( #bjaj1 is am5d$--    
7#a7 by /rik+ ,director ea* place su*   
t]m appe>s 9 head+s & text1 o!r ?an :]e 
su* t]m is us$ 9 ! context ( ! ,director
 ( ! ,(fice ( ,?rift ,sup]vision1 &     
ins]t+ ,bureau2 &  7#b7 9 section #aejc1
 by /rik+ p>agraph 7#aj74  7l7 ,title   
#dd1 ,unit$ ,/ates ,code ,section       
#ceac7;c7 ( title #dd1 ,unit$ ,/ates    
,code1 z am5d$ by section #aajj;,d7b7 ( 
! ,consum] ,f9ancial ,protection ,act ( 
#bjaj1 is am5d$ by /rik+ ,director ( !  
,bureau & ins]t+ ,bureau4