#aacth ,,congress #b;d ,session ,h4 ,r4 #caic ,,an ,,act ,to amend the ,consumer ,financial ,protection ,act of #bjaj to strengthen the review authority of the ,financial ,stability ,oversight ,council of regulations issued by the ,bureau of ,consumer ,financial ,protection1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,consumer ,financial ,freedom and ,washington ,accountability ,act4 #b4 ,financial ,product ,safety ,commission 7a7 ,establishment ,section #ajaa of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edia7 is amended to read as follows3 #ajaa4 ,establishment of the ,financial ,product ,safety ,commission 7a7 ,establishment ,there is established an independent commission to be known as the ,financial ,product ,safety ,commission 7hereinafter referred to in this section as the ,commission71 which shall regulate the offering and provision of consumer financial products or services under the ,federal consumer financial laws4 ,the ,commission shall be considered an ,executive agency1 as defined in section #aje of title #e1 ,united ,states ,code4 ,except as otherwise provided expressly by law1 all ,federal laws dealing with public or ,federal contracts1 property1 works1 officers1 employees1 budgets1 or funds1 including the provisions of chapters #e and #g of title #e1 shall apply to the exercise of the powers of the ,commission4 7b7 ,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 jurisdiction4 7c7 ,composition of the ,commission 7#a7 ,in general ,the ,commission shall be composed of the ,vice ,chairman for ,supervision of the ,federal ,reserve ,system and #d additional members who shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 from among individuals who-- 7,a7 are citizens of the ,united ,states2 and 7,b7 have strong competencies and experiences related to consumer financial protection4 7#b7 ,staggering ,the members of the ,commission appointed under paragraph 7#a7 shall serve staggered terms1 which initially shall be established by the ,president for terms of #a1 #b1 #d1 and #e years1 respectively4 7#c7 ,terms 7,a7 ,in general ,each member of the ,commission appointed under paragraph 7#a71 including the ,chair1 shall serve for a term of #e years4 7,b7 ,removal ,the ,president may remove any member of the ,commission appointed under paragraph 7#a74 7,c7 ,vacancies ,any member of the ,commission appointed under paragraph 7#a7 appointed to fill a vacancy occurring before the expiration of the term to which that member's predecessor was appointed 7including the ,chair7 shall be appointed only for the remainder of the term4 7,d7 ,continuation of service ,each member of the ,commission appointed under paragraph 7#a7 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 ,senate1 except that a member may not continue to serve more than #a year after the date on which that member's term would otherwise expire4 7,e7 ,other employment prohibited ,no member of the ,commission appointed under paragraph 7#a7 shall engage in any other business1 vocation1 or employment4 7d7 ,affiliation ,with respect to members appointed pursuant to subsection 7c77#a71 not more than #b shall be members of any one political party4 7e7 ,chair of the ,commission 7#a7 ,appointment ,the ,chair of the ,commission shall be appointed by the ,president from among the members of the ,commission appointed under subsection 7c77#a74 7#b7 ,authority ,the ,chair shall be the principal executive officer of the ,commission1 and shall exercise all of the executive and administrative functions of the ,commission1 including with respect to-- 7,a7 the appointment and supervision of personnel employed under the ,commission 7other than personnel employed regularly and full time in the immediate offices of members of the ,commission other than the ,chair72 7,b7 the distribution of business among personnel appointed and supervised by the ,chair and among administrative units of the ,commission2 and 7,c7 the use and expenditure of funds4 7#c7 ,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 decisions1 findings1 and determinations as the ,commission may by law be authorized to make4 7#d7 ,requests or estimates related to appropriations ,requests or estimates for regular1 supplemental1 or deficiency appropriations on behalf of the ,commission may not be submitted by the ,chair without the prior approval of the ,commission4 7f7 ,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 ,commission4 ,three members of the ,commission shall constitute a quorum for the transaction of business1 except that if there are only #c members serving on the ,commission because of vacancies in the ,commission1 #b members of the ,commission shall constitute a quorum for the transaction of business4 ,if there are only #b members serving on the ,commission because of vacancies in the ,commission1 #b members shall constitute a quorum for the #f-month period beginning on the date of the vacancy which caused the number of ,commission members to decline to #b4 7g7 ,seal ,the ,commission shall have an official seal4 7h7 ,compensation 7#a7 ,chair ,the ,chair shall receive compensation at the rate prescribed for level ,i of the ,executive ,schedule under section #ecac of title #e1 ,united ,states ,code4 7#b7 ,other members of the ,commission ,the #c other members of the ,commission appointed under subsection 7c77#a7 shall each receive compensation at the rate prescribed for level ,,ii of the ,executive ,schedule under section #ecad of title #e1 ,united ,states ,code4 7i7 ,initial quorum established ,during any time period prior to the confirmation of at least two members of the ,commission1 one member of the ,commission shall constitute a quorum for the transaction of business4 ,following the confirmation of at least #b additional commissioners1 the quorum requirements of subsection 7f7 shall apply4 7j7 ,offices ,the principal office of the ,commission shall be in the ,district of ,columbia4 ,the ,commission may establish regional offices of the ,commission in order to carry out the responsibilities assigned to the ,commission under the ,federal consumer financial laws4 4 7b7 ,bringing the ,commission into the regular appropriations process ,section #ajag of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edig7 is amended-- 7#a7 in subsection 7a7-- 7,a7 by amending the heading of such subsection to read as follows3 ,budget1 financial management1 and audit4--2 7,b7 by striking paragraphs 7#a71 7#b71 and 7#c72 7,c7 by redesignating paragraphs 7#d7 and 7#e7 as paragraphs 7#a7 and 7#b71 respectively2 and 7,d7 by striking subparagraphs 7,e7 and 7,f7 of paragraph 7#a71 as so redesignated2 7#b7 by striking subsections 7b7 and 7c72 7#c7 by redesignating subsections 7d7 and 7e7 as subsections 7b7 and 7c71 respectively2 and 7#d7 in subsection 7c71 as so redesignated-- 7,a7 by striking paragraphs 7#a71 7#b71 and 7#c7 and inserting the following3 7#a7 ,authorization of appropriations ,there is authorized to be appropriated to carry out this title #cjj1jjj1jjj for each of fiscal years #bjad and #bjae4 2 and 7,b7 by redesignating paragraph 7#d7 as paragraph 7#b74 7c7 ,ensuring the independence of the ,commission ,the ,consumer ,financial ,protection ,act of #bjaj is amended-- 7#a7 in section #ajab7;c7 7#ab ,u4,s4,c4 #edib7;c771 by striking paragraphs 7#b71 7#c71 7#d71 and 7#e72 and 7#b7 in section #ajad7;b7 7#ab ,u4,s4,c4 #edid7;b771 by striking ,not fewer than #f members shall be appointed upon the recommendation of the regional ,federal ,reserve ,bank ,presidents1 on a rotating basis44 7d7 ,conforming amendments 7#a7 ,consumer ,financial ,protection ,act of #bjaj 7,a7 ,in general ,except as provided under subparagraph 7,b71 the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is amended-- 7i7 by striking ,director of the each place such term appears1 other than where such term is used to refer to a ,director other than the ,director of the ,bureau of ,consumer ,financial ,protection2 7ii7 by striking ,director each place such term appears and inserting ,financial ,product ,safety ,commission1 other than where such term is used to refer to a ,director other than the ,director of the ,bureau of ,consumer ,financial ,protection2 and 7iii7 in section #ajjb 7#ab ,u4,s4,c4 #edha71 by striking paragraph 7#aj74 7,b7 ,exceptions ,the ,consumer ,financial ,protection ,act of #bjaj is amended-- 7i7 in section #ajab7;c77#d7 7#ab ,u4,s4,c4 #edib7;c77#d771 by striking ,director each place such term appears and inserting ,financial ,product ,safety ,commission2 7ii7 in section #ajac7;c77#c7 7#ab ,u4,s4,c4 #edic7;c77#c77-- 7,i7 by striking ,assistant ,director of the ,bureau for and inserting ,head of the ,office of2 and 7,,ii7 in subparagraph 7,b71 by striking ,assistant ,director and inserting ,head of the ,office2 7iii7 in section #ajac7;g77#b7 7#ab ,u4,s4,c4 #edic7;g77#b77-- 7,i7 by striking ,assistant director and inserting ,head of the ,office2 and 7,,ii7 by striking an assistant director and inserting a ,head of the ,office of ,financial ,protection for ,older ,americans2 7iv7 in section #ajaf7;a7 7#ab ,u4,s4,c4 #edif7;a771 by striking ,director of the ,bureau and inserting ,chair of the ,commission2 and 7v7 in section #ajff7;a7 7#ab ,u4,s4,c4 #eehf7;a771 by striking ,director of the ,bureau is and inserting first member of the ,commission is4 7#b7 ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is amended-- 7,a7 in the table of contents for such ,act by amending the item relating to section #ajaa to read as follows3 ,sec4 #ajaa4 ,establishment of the ,financial ,product ,safety ,commission4 2 7,b7 in section #aaa7;b77#a77;,d7 7#ab ,u4,s4,c4 #ecba7;b77#a77;,d771 by striking ,director and inserting ,chair of the ,financial ,product ,safety ,commission2 and 7,c7 in section #addg 7#ab ,u4,s4,c4 #agjap-#b71 by striking ,director of the ,bureau each place such term appears and inserting ,financial ,product ,safety ,commission4 7#c7 ,electronic ,fund ,transfer ,act ,section #ibj7;a77#d77;,c7 of the ,electronic ,fund ,transfer ,act 7#ae ,u4,s4,c4 #afico-#b7;a77#d77;,c771 as added by section #ajge7;a77#b7 of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director of the ,bureau of ,consumer ,financial ,protection and inserting ,financial ,product ,safety ,commission4 7#d7 ,expedited ,funds ,availability ,act ,the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq471 as amended by section #ajhf of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director of the ,bureau each place such term appears and inserting ,financial ,product ,safety ,commission4 7#e7 ,federal ,deposit ,insurance ,act ,section #b of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahab71 as amended by section #ccf7;a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 is amended by striking ,director of the ,consumer ,financial ,protection ,bureau each place such term appears and inserting ,chair of the ,financial ,product ,safety ,commission4 7#f7 ,federal ,financial ,institutions ,examination ,council ,act of #aigh ,section #ajjd7;a77#d7 of the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #ccjc7;a77#d771 as amended by section #ajia of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director of the ,consumer ,financial ,protection ,bureau and inserting ,chair of the ,financial ,product ,safety ,commission4 7#g7 ,financial ,literacy and ,education ,improvement ,act ,section #eac of the ,financial ,literacy and ,education ,improvement ,act 7#bj ,u4,s4,c4 #igjb71 as amended by section #ajac7;d77#e7 of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director each place such term appears and inserting ,chair of the ,commission4 7#h7 ,home ,mortgage ,disclosure ,act of #aige ,section #cjg of the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhjf71 as amended by section #ajid7f7 of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director of the ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,financial ,product ,safety ,commission4 7#i7 ,interstate ,land ,sales ,full ,disclosure ,act ,the ,interstate ,land ,sales ,full ,disclosure ,act 7#ae ,u4,s4,c4 #agja et seq471 as amended by section #ajih;,a of the ,consumer ,financial ,protection ,act of #bjaj1 is amended-- 7,a7 by amending section #adjb7a7 7#ae ,u4,s4,c4 #agja7a77 to read as follows3 7#a7 ,chair means the ,chair of the ,financial ,product ,safety ,commission2 2 and 7,b7 in section #adaf7;a7 7#ae ,u4,s4,c4 #agae7;a771 by striking ,director of the ,bureau of ,consumer ,financial ,protection and inserting ,chair4 7#aj7 ,real ,estate ,settlement ,procedures ,act of #aigd ,section #e of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfjd71 as amended by section #adej of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act1 is amended-- 7,a7 by striking ,the ,director of the ,bureau of ,consumer ,financial ,protection 7hereafter in this section referred to as the ,director7 and inserting ,the ,financial ,product ,safety ,commission2 and 7,b7 by striking ,director each place such term appears and inserting ,financial ,product ,safety ,commission4 7#aa7 ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh ,the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaja et seq471 as amended by section #aajj of the ,consumer ,financial ,protection ,act of #bjaj1 is amended-- 7,a7 by striking ,director each place such term appears in headings and text1 other than where such term is used in the context of the ,director of the ,office of ,thrift ,supervision1 and inserting ,financial ,product ,safety ,commission2 and 7,b7 in section #aejc 7#ab ,u4,s4,c4 #eajb71 by striking paragraph 7#aj74 7#ab7 ,title #dd1 ,united ,states ,code ,section #ceac7;c7 of title #dd1 ,united ,states ,code1 as amended by section #aajj;,d7b7 of the ,consumer ,financial ,protection ,act of #bjaj1 is amended by striking ,director of the ,bureau and inserting ,financial ,product ,safety ,commission4 7e7 ,deeming of names 7#a7 ,bureau of ,consumer ,financial ,protection ,any reference in a law1 regulation1 document1 paper1 or other record of the ,united ,states to the ,bureau of ,consumer ,financial ,protection shall be deemed a reference to the ,financial ,product ,safety ,commission4 7#b7 ,director ,any reference in a law1 regulation1 document1 paper1 or other record of the ,united ,states to the ,director of the ,bureau of ,consumer ,financial ,protection shall be deemed a reference to the ,chair of the ,financial ,product ,safety ,commission4 #c4 ,rate of pay for employees of the ,financial ,product ,safety ,commission 7a7 ,in general ,section #ajac7;a77#b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #edic7;a77#b77 is amended to read as follows3 7#b7 ,compensation ,the rates of basic pay for all employees of the ,financial ,product ,safety ,commission shall be set and adjusted in accordance with the ,general ,schedule set forth in section #eccb of title #e1 ,united ,states ,code4 4 7b7 ,effective date ,the amendment made by subsection 7a7 shall apply to service by an employee of the ,financial ,product ,safety ,commission following the #ij-;day period beginning on the date of enactment of this ,act4 #d4 ,consumer right to financial privacy 7a7 ,requirement of the ,financial ,product ,safety ,commission ,to obtain permission before collecting nonpublic personal information 7#a7 ,required notification and permission ,section #ajbb7;c77#i77;,a7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #eeab7;c77#i77;,a77 is amended-- 7,a7 by striking may not obtain from a covered person or service provider and inserting may not request1 obtain1 access1 collect1 use1 retain1 or disclose2 7,b7 by striking personally identifiable financial and inserting nonpublic personal2 and 7,c7 by striking from the financial records and all that follows through the period at the end and inserting unless-- 7i7 the ,financial ,product ,safety ,commission clearly and conspicuously discloses to the consumer1 in writing or in an electronic form1 what information will be requested1 obtained1 accessed1 collected1 used1 retained1 or disclosed2 and 7ii7 before such information is requested1 obtained1 accessed1 collected1 used1 retained1 or disclosed1 the consumer informs the ,financial ,product ,safety ,commission that such information may be requested1 obtained1 accessed1 collected1 used1 retained1 or disclosed4 4 7#b7 ,application of requirement to contractors of the ,financial ,product ,safety ,commission ,section #ajbb7;c77#i77;,b7 of such ,act 7#ab ,u4,s4,c4 #eeab7;c77#i77;,b77 is amended to read as follows3 7,b7 ,application of requirement to contractors of the ,financial ,product ,safety ,commission ,subparagraph 7,a7 shall apply to any person directed or engaged by the ,financial ,product ,safety ,commission to collect information to the extent such information is being collected on behalf of the ,financial ,product ,safety ,commission4 4 7#c7 ,definition of nonpublic personal information ,section #ajbb7;c77#i7 of such ,act 7#ab ,u4,s4,c4 #eeab7;c77#i77 is amended by adding at the end the following3 7,c7 ,definition of nonpublic personal information ,in this paragraph1 the term nonpublic personal information has the meaning given the term in section #eji of the ,gramm-,leach-,bliley ,act 7#ae ,u4,s4,c4 #fhji74 4 7b7 ,removal of exemption for the ,financial ,product ,safety ,commission from the ,right to ,financial ,privacy ,act ,section #aaac of the ,right to ,financial ,privacy ,act of #aigh 7#ab ,u4,s4,c4 #cdac7 is amended by striking subsection 7r74 #e4 ,consumer financial protection safety and soundness improvements 7a7 ,council voting procedure ,section #ajbc7;c77#c77;,a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeac7;c77#c77;,a77 is amended-- 7#a7 by striking #b_/c and inserting a majority2 and 7#b7 by inserting before the period the following3 1 excluding the ,chair of the ,financial ,product ,safety ,commission4 7b7 ,review authority of the ,council ,section #ajbc of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeac7 is amended-- 7#a7 in subsection 7a7-- 7,a7 by striking may and inserting shall2 and 7,b7 by striking regulation or provision would put the safety and soundness of the ,united ,states banking system or the stability of the financial system of the ,united ,states at risk and inserting regulation which is the subject of the petition is inconsistent with the safe and sound operations of ,united ,states financial institutions2 and 7#b7 in subsection 7c7-- 7,a7 in paragraph 7#c77;,b77ii71 by striking would put the safety and soundness of the ,united ,states banking system or the stability of the financial system of the ,united ,states at risk and inserting is inconsistent with the safe and sound operations of ,united ,states financial institutions2 7,b7 in paragraph 7#d7-- 7i7 by striking subparagraph 7,b72 and 7ii7 by redesignating subparagraph 7,c7 as subparagraph 7,b72 7,c7 by striking paragraph 7#e72 and 7,d7 by redesignating paragraphs 7#f71 7#g71 and 7#h7 as paragraphs 7#e71 7#f71 and 7#g71 respectively4 7c7 ,safety and soundness check ,section #ajbb7;b77#b77;,a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7;b77#b77;,a77 is amended-- 7#a7 in clause 7i71 by striking and at the end2 7#b7 in clause 7ii71 by adding and at the end2 and 7#c7 by adding at the end the following3 7iii7 the impact of such rule on the financial safety or soundness of an insured depository institution2 4 #f4 ,analysis of regulations ,section #ajbb of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7 is amended by adding at the end the following new subsection3 7e7 ,analysis of regulations 7#a7 ,in general ,each time the ,commission proposes a new rule or regulation1 the ,commission shall-- 7,a7 carry out an initial regulatory flexibility analysis for such proposed rule or regulation1 which shall be carried out as closely as possible to those initial regulatory flexibility analyses required under section #fjc of title #e1 ,united ,states ,code1 but which shall analyze the financial impact of the proposed rule or regulation on covered persons1 regardless of size2 and 7,b7 carry out an analysis of whether the proposed rule or regulation will impair the ability of individuals and small businesses to have access to credit4 7#b7 ,report ,the ,commission shall issue a report to the ,council on each analysis carried out under paragraph 7#a71 and make such analysis available to the public4 7#c7 ,use of existing resources ,the ,commission shall use existing resources to carry out the requirements of this subsection4 4 #g4 ,repeal of exclusive rulemaking authority ,section #ajbb7;b7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7;b77 is amended by striking paragraph 7#d74 ,passed the ,house of ,representatives ,february #bg1 #bjad4;,clerk4