,,ii #aacth ,,congress #b;d ,session ,s4 #bbac ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,april #c1 #bjad,mrs4 ,fischer 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 five-person ,commission4 #a4 ,short title ,this ,act may be cited as the ,consumer ,financial ,protection ,commission ,act of #bjad4 #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 established a commission 7referred to in this title as the ,commission7 that shall serve as the head of the ,bureau4 7#b7 ,authority to prescribe regulations ,the ,commission-- 7,a7 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 ,commission2 and 7,b7 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 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 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 ,except as provided in paragraph 7#b71 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 for 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 the provisions of 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 ,,ii 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 ,,iii 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 #a 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 ,conforming amendments 7a7 ,consumer ,financial ,protection ,act of #bjaj 7#a7 ,in general ,except as provided under paragraph 7#b71 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 that term appears1 other than where that 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 that term appears1 other than where that 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#d71 by striking ,director each place that term appears and inserting ,commission of the ,bureau2 7,b7 in section #ajac7;c77#c7-- 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-- 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;a71 by striking ,director of the ,bureau and inserting ,chair of the ,commission2 7,e7 in section #ajag7;c77#a71 by striking the ,director the second place that term appears1 and inserting the ,commission of the ,bureau2 7,f7 in section #ajbg7l77#a71 by striking ,director and the2 and 7,g7 in section #ajff7;a71 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;,d71 by striking ,director and inserting ,chair of the ,commission2 and 7#b7 in section #addg1 by striking ,director of the ,bureau each place that term appears and inserting ,bureau4 7c7 ,electronic ,fund ,transfer ,act ,section #iba7;a77#d77;,c7 of the ,electronic ,fund ,transfer ,act 7#ae ,u4,s4,c4 #afico-#b7;a77#d77;,c77 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 seq47 is amended by striking ,director of the ,bureau each place that term appears and inserting ,bureau4 7e7 ,federal ,deposit ,insurance ,act ,section #b of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahab7 is amended by striking ,director of the ,consumer ,financial ,protection ,bureau each place that 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#d77 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 #igjb7 is amended by striking ,director each place that 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 #bhjf7 is amended by striking ,director of the ,bureau of ,consumer ,financial ,protection each place that 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 seq47 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 #bfjd7 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 that 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 #eaja et seq47 is amended-- 7#a7 by striking ,director each place that 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#aj7 and inserting the following3 7#aj7 ,reserved4 4 7l7 ,title #dd1 ,united ,states ,code ,section #ceac7;c7 of title #dd1 ,united ,states ,code1 is amended by striking ,director of the ,bureau and inserting ,bureau4 #d4 ,effective date ,this ,act1 and the amendments made by this ,act1 shall be effective as of ,july #af1 #bjah4