,,ii  #aacth ,,congress  #ast ,session  
,s4 #bje  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,january #ca1 #bjac 
,mr4 ,moran introduced the following    
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
replace the ,director of the ,bureau of 
,consumer ,financial ,protection with a 
#e-person ,commission1 to bring the     
,bureau into the regular appropriations 
process1 to provide for a safety and    
soundness check1 and for other purposes4
  #a4 ,short title ,this ,act may be    
cited as the ,responsible ,consumer     
,financial ,protection ,regulations ,act
 of #bjac4  #b4 ,establishment of the   
,commission ,section #ajaa of the       
,consumer ,financial ,protection ,act of
 #bjaj 7#ab ,u4,s4,c4 #edia7 is         
amended--  7#a7 by striking subsections 
7b71 7c71 and 7d72  7#b7 by             
redesignating subsection 7e7 as         
subsection 7j72 and  7#c7 by inserting  
after subsection 7a7 the following new  

subsections3  7b7 ,establishment of the 
,commission  7#a7 ,in general ,there is 
hereby established a commission         
7hereafter in this title referred to as 
the ,commission7 that shall serve as the
 head of the ,bureau4  7#b7 ,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           
jurisdiction of the ,commission1 and    
shall exercise any authorities granted  
under this title and all other laws     
within the jurisdiction of the          
,commission4  7c7 ,composition of the   
,commission  7#a7 ,in general ,the      
,commission shall be composed of #e     
members1 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 shall serve  
staggered terms1 which initially shall  
be established by the ,president for    
terms of #a1 #b1 #c1 #d1 and #e years1  
respectively4  7#c7 ,terms  7,a7 ,in    
general ,each member of the ,commission1
 including the ,chair1 shall serve for a
 term of #e years4  7,b7 ,removal for   
cause ,the ,president may remove any    
member of the ,commission only for      
inefficiency1 neglect of duty1 or       
malfeasance in office4  7,c7 ,vacancies 
,any member of the ,commission appointed
 to fill a vacancy occurring before the 
expiration of the term to which the     
predecessor of that member 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 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 the
 term of that member would otherwise    
expire4  7,e7 ,other employment         
prohibited ,no member of the ,commission
 shall engage in any other business1    
vocation1 or employment during the term 
of service of that member on the        
,commission4  7d7 ,affiliation ,with    
respect to members appointed pursuant to
 subsection 7c71 not more than #c 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
 ,commission4  7#b7 ,authority ,the     
,chair shall be the principal executive 
officer of the ,bureau1 and shall       
exercise all of the executive and       
administrative functions of the ,bureau1
 including with respect to--  7,a7 the  

appointment and supervision of personnel
 employed under the ,bureau 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 ,bureau2 and
  7,c7 the use and expenditure of funds4
  7#c7 ,limitation ,in carrying out any 
of the functions of the ,chair under    
this subsection1 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  
membership 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 
membership of 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 membership  
of 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 #d members of the  
,commission other than the ,chair 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 date of    
confirmation of at least #b 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  4  #c4 ,bringing the ,bureau    
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 7b71 7c71  
and 7d72  7#c7 by redesignating         
subsection 7e7 as subsection 7b72 and   
7#d7 in subsection 7b71 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 the 
,bureau1 to carry out this title--  7,a7
 not more than #adc1jjj1jjj for fiscal  
year #bjac2 and  7,b7 not more than     
#cbi1jjj1jjj for fiscal year #bjad4  2  
and  7,b7 by redesignating paragraph    
7#d7 as paragraph 7#b74  #d4 ,safety and
 soundness check ,section               
#ajbb7;b77#b77;,a7 of the ,consumer     

,financial ,protection ,act of #bjaj    
7#ab ,u4,s4,c4 #edig7;b77#b77;,a77 is   
amended--  7#a7 in clause 7i71 by       
striking and at the end2  7#b7 in clause
 7ii71 by inserting 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  #e4 
,conforming amendments  7a7 ,consumer   
,financial ,protection ,act of #bjaj    
7#a7 ,in general ,except as provided    
under paragraph 7#a71 the ,consumer     
,financial ,protection ,act of #bjaj    
7#ab ,u4,s4,c4 #edha et seq47 is        
amended--  7,a7 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  7,b7 by striking ,director
 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    

,protection1 and inserting ,bureau2 and 
7,c7 in section #ajjb1 by striking      
paragraph 7#aj7 and inserting the       
following3  7#aj7 ,reserved4  4  7#b7   
,exceptions ,the ,consumer ,financial   
,protection ,act of #bjaj 7#ab ,u4,s4,c4
 #edha et seq47 is amended--  7,a7 in   
section #ajab7;c77#d7 7#ab ,u4,s4,c4    
#edib7;c77#d771 by striking ,director   
each place such term appears and        
inserting ,commission of the ,bureau2   
7,b7 in section #ajac7;c77#c7 7#ab      
,u4,s4,c4 #edic7;c77#c77--  7i7 by      
striking ,assistant ,director of the    
,bureau for and inserting ,head of the  
,office of2 and  7ii7 in subparagraph   
7,b71 by striking ,assistant ,director  
and inserting ,head of the ,office2     
7,c7 in section #ajac7;g77#b7 7#ab      
,u4,s4,c4 #edic7;g77#b77--  7i7 in the  
paragraph heading1 by striking          
,assistant director and inserting ,head 
of the ,office2 and  7ii7 by striking an
 assistant director and inserting a     
,head of the ,office of ,financial      

,protection for ,older ,americans2  7,d7
 in section #ajaf7;a7 7#ab ,u4,s4,c4    
#edif7;a771 by striking ,director of the
 ,bureau and inserting ,chair of the    
,commission2 and  7,e7 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  7b7 ,dodd-,frank ,wall 
,street ,reform and ,consumer           
,protection ,act ,the ,dodd-,frank ,wall
 ,street ,reform and ,consumer          
,protection ,act 7,public ,law #aaa-bjc7
 is amended--  7#a7 in section          
#aaa7;b77#a77;,d7 7#ab ,u4,s4,c4 #ecba71
 by striking ,director and inserting    
,chair of the ,commission2 and  7#b7 in 
section #addg 7#ab ,u4,s4,c4 #agjap-#b71
 by striking ,director of the ,bureau   
each place such term appears and        
inserting ,bureau4  7c7 ,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 ,bureau of    
,consumer ,financial ,protection4  7d7  
,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 ,bureau4  7e7     
,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 ,commission of the ,bureau
 of ,consumer ,financial ,protection4   

7f7 ,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 ,commission of  
the ,bureau of ,consumer ,financial     
,protection4  7g7 ,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;d7 of the ,consumer   
,financial ,protection ,act of #bjaj1 is
 amended by striking ,director each     
place such term appears and inserting   
,chair of the ,commission4  7h7 ,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 ,bureau of   
,consumer ,financial ,protection4  7i7  
,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 in section #adjb1 by   
striking paragraph 7#a7 and inserting   
the following3  7#a7 ,chair means the   
,chair of the ,commission of the ,bureau
 of ,consumer ,financial ,protection2  2
 and  7#b7 in section #adaf7;a71 by     
striking ,director of the ,bureau of    
,consumer ,financial ,protection and    
inserting ,chair4  7j7 ,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    
,bureau of ,consumer ,financial         
,protection2 and  7#b7 by striking      
,director each place such term appears  
and inserting ,bureau4  7k7 ,s4,a4,f4,e4
 ,mortgage ,licensing ,act of #bjjh ,the
 ,s4,a4,f4,e4 ,mortgage ,licensing ,act 
of #bjjh 7#ab ,u4,s4,c4 #eaja71 as      
amended by section #aajj of the         
,consumer ,financial ,protection ,act of
 #bjaj1 is amended--  7#a7 by striking  
,director each place such term appears1 
other than where such term is used in   
the context of the ,director of the     
,office of ,thrift ,supervision1 and    
inserting ,bureau2 and  7#b7 in section 
#aejc1 by striking paragraph 7#aj74  7l7
 ,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 ,bureau4