,,ib ,union ,cal5d> ,no4 #fhb #aad? ,,congress #b;d ,session ,h4 ,r4 #abff ,report ,no4 #aad-hgb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,m>* #d1 #bjae ,mr4 ,neugebau] 7= himself1 ,mr4 ,gu9ta1 ,mr4 ,huiz5ga ( ,mi*igan1 ,mr4 ,g>rett1 ,mr4 ,s*weik]t1 ,mr4 ,ro?fus1 ,mr4 ,luetkemey]1 ,mr4 ,pe>ce1 ,mr4 ,tipton1 ,mr4 ,williams1 ,mr4 ,ross1 ,mrs4 ,wagn]1 ,mr4 ,poliqu91 ,mr4 ,we/morel&1 ,mr4 ,b>r1 ,mr4 ,hill1 ,mr4 ,fitzpatrick1 ,mr4 ,duffy1 ,mr4 ,pitt5g]1 ,mrs4 ,love1 & ,mr4 ,mc,henry7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,decemb] #ab1 #bjaf ,additional sponsors3 ,mr4 ,mc,caul1 ,mr4 ,web] ( ,texas1 ,mr4 ,burgess1 ,mr4 ,culb]son1 ,mr4 ,c>t] ( ,texas1 ,mr4 ,brady ( ,texas1 ,mr4 ,flores1 ,mr4 ,b>ton1 ,mr4 ,conaway1 ,mr4 ,sessions1 ,mr4 ,olson1 ,mr4 ,poe ( ,texas1 ,mr4 ,hurd ( ,texas1 ,mr4 ,smi? ( ,texas1 ,mr4 ,/iv]s1 ,ms4 ,s9ema1 ,mr4 ,c(fman1 ,mr4 ,trott1 ,mr4 ,bab91 ,ms4 ,grang]1 ,mr4 ,pitts1 ,mr4 ,david ,scott ( ,georgia1 ,mrs4 ,h>tzl]1 ,mr4 ,a%=d1 ,mr4 ,cram]1 ,mr4 ,emm] ( ,m9nesota1 ,mr4 ,k+ ( ,new ,york1 ,mr4 ,we/]man1 ,mr4 ,jolly1 ,mr4 ,mess]1 ,mr4 ,z9ke1 & ,mr4 ,jody ,b4 ,hice ( ,georgia ,decemb] #ab1 #bjaf ,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be pr9t$ ,/rike out all aft] ! enact+ clause & ins]t ! "p pr9t$ 9 italic ,= text ( introduc$ bill1 see copy ( bill z introduc$ on ,m>* #d1 #bjae ,a ,,bill ,to am5d ! ,consum] ,f9ancial ,protection ,act ( #bjaj to make ! ,bureau ( ,consum] ,f9ancial ,protection an indep5d5t ,f9ancial ,product ,safety ,commission1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,f9ancial ,product ,safety ,commission ,act ( #bjae4 #b4 ,mak+ ! ,bureau an indep5d5t ,f9ancial ,product ,safety ,commission 7a7 ,9 g5]al ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7#a7 9 section #ajaa-- 7,a7 9 subsection 7a7-- 7i7 by /rik+ 9 ! ,f$]al ,res]ve ,sy/em12 7ii7 by /rik+ indep5d5t bureau & ins]t+ indep5d5t commission2 7iii7 by /rik+ ,bureau ( ,consum] ,f9ancial ,protection & ins]t+ ,f9ancial ,product ,safety ,commission 7h]e9aft] 9 ?is section ref]r$ to z ! ,commission72 & 7iv7 by /rik+ ,bureau ea* place su* t]m appe>s & ins]t+ ,commission2 7,b7 by /rik+ subsections 7b71 7c71 & 7d72 7,c7 by r$esignat+ subsection 7e7 z subsection 7i72 7,d7 9 subsection 7i71 z s r$esignat$-- 7i7 by /rik+ 1 includ+ 9 cities 9 :i* ! ,f$]al res]ve banks1 or bran*es ( su* banks1 are locat$12 & 7ii7 by /rik+ ,bureau ea* place su* t]m appe>s & ins]t+ ,commission2 & 7,e7 by ins]t+ aft] subsection 7a7 ! foll[+ new subsections3 7b7 ,au?ority ,to prescribe regulations ,! ,commission may prescribe su* regulations & issue su* ord]s 9 accordance ) ?is title z ! ,commission may det]m9e to be necess>y = c>ry+ out ?is title & all o!r laws )9 ! ,commission's jurisdiction & %all ex]cise any au?orities grant$ "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 products & s]vices4 7#b7 ,/agg]+ ,! memb]s ( ! ,commission %all s]ve /agg]$ t]ms1 :i* initially %all be e/abli%$ by ! ,presid5t = t]ms ( #a1 #b1 #c1 #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 ,! ,presid5t may remove any memb] ( ! ,commission = 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 ,n m ?an #c memb]s ( ! ,commission %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] ( ! ,commission1 & %all ex]cise all ( ! executive & adm9i/rative functions ( ! ,commission1 includ+ ) respect to-- 7,a7 ! appo9tm5t & sup]vision ( p]sonnel employ$ "u ! ,commission 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 ( ! ,commission2 & 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 2 7#b7 9 section #ajab7;c71 by /rik+ p>agraphs 7#b71 7#c71 7#d71 & 7#e72 & 7#c7 9 section #ajad7;b71 by /rik+ ,n few] ?an #f memb]s %all be appo9t$ ^u ! recomm5dation ( ! regional ,f$]al ,res]ve ,bank ,presid5ts1 on a rotat+ basis44 7b7 ,commission fund+ ,section #g ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bhi7 is am5d$ by add+ at ! end ! foll[+3 7d7 ,transf] ,= ,fiscal ,ye> #bjaf 7#a7 ,9 g5]al ,! ,f$]al res]ve banks %all transf] f ! surplus funds ( su* banks to ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em = transf] to ! ,secret>y ( ! ,treasury = deposit 9 ! g5]al fund ( ! ,treasury1 a total am\nt ( #ge1jjj1jjj 9 fiscal ye> #bjaf4 7#b7 ,allocat$ ,by ,f$ ,( ! total am\nt requir$ to be paid by ! ,f$]al res]ve banks "u p>agraph 7#a7 = fiscal ye> #bjaf1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all det]m9e ! am\nt ea* su* bank %all pay 9 su* fiscal ye>4 7#c7 ,repl5i%m5t ,( ,surplus ,fund ,prohibit$ ,dur+ fiscal ye>s #bjaf ?r\gh #bjbf1 no ,f$]al res]ve bank may repl5i% su* bank's surplus fund by ! am\nt ( any transf] by su* bank "u p>agraph 7#a74 4 #c4 ,deem+ ( "n ,any ref]5ce 9 a law1 regulation1 docum5t1 pap]1 or o!r record ( ! ,unit$ ,/ates to ! ,bureau ( ,consum] ,f9ancial ,protection %all be deem$ a ref]5ce to ! ,f9ancial ,product ,safety ,commission4 #d4 ,con=m+ am5dm5ts 7a7 ,consum] ,f9ancial ,protection ,act ( #bjaj 7#a7 ,9 g5]al ,except z provid$ "u p>agraph 7#b71 ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7,a7 by /rik+ ,director ( ! ,bureau ea* place su* t]m appe>s1 o!r ?an :]e su* t]m is us$ to ref] to a ,director o!r ?an ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection1 & ins]t+ ,f9ancial ,product ,safety ,commission2 7,b7 by /rik+ ,director ea* place su* t]m appe>s & ins]t+ ,f9ancial ,product ,safety ,commission1 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 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7,a7 9 section #ajac7;c77#c7-- 7i7 by /rik+ ,assi/ant ,director ( ! ,bureau = & ins]t+ ,head ( ! ,(fice (2 & 7ii7 9 subp>agraph 7,b71 by /rik+ ,assi/ant ,director & ins]t+ ,head ( ! ,(fice2 7,b7 9 section #ajac7;g77#b7-- 7i7 by /rik+ ,assi/ant director & ins]t+ ,head ( ! ,(fice2 & 7ii7 by /rik+ an assi/ant director & ins]t+ a ,head ( ! ,(fice ( ,f9ancial ,protection = ,old] ,am]icans2 7,c7 9 section #ajaf7;a71 by /rik+ ,director ( ! ,bureau & ins]t+ ,*air ( ! ,f9ancial ,product ,safety ,commission2 & 7,d7 9 section #ajff7;a71 by /rik+ ,director ( ! ,bureau is & ins]t+ fir/ memb] ( ! ,commission is4 7b7 ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act ,! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq47 is am5d$-- 7#a7 9 section #aaa7;b77#a77;,d71 by /rik+ ,director ( ! ,bureau & ins]t+ ,*air ( ! ,f9ancial ,product ,safety ,commission2 & 7#b7 9 section #addg1 by /rik+ ,director ( ! ,bureau ea* place su* t]m appe>s & ins]t+ ,f9ancial ,product ,safety ,commission4 7c7 ,electronic ,fund ,transf] ,act ,section #ibj7;a77#d77;,c7 ( ! ,electronic ,fund ,transf] ,act 7#ae ,u4,s4,c4 #afico-#b7;a77#d77;,c771 z add$ by section #ajge7;a77#b7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 is am5d$ by /rik+ ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection & ins]t+ ,f9ancial ,product ,safety ,commission4 7d7 ,exp$it$ ,funds ,availability ,act ,! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq471 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+ ,f9ancial ,product ,safety ,commission4 7e7 ,f$]al ,deposit ,insurance ,act ,section #b ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahab71 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 ( ! ,f9ancial ,product ,safety ,commission4 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 ( ! ,f9ancial ,product ,safety ,commission4 7g7 ,f9ancial ,lit]acy & ,education ,improvem5t ,act ,section #eac ( ! ,f9ancial ,lit]acy & ,education ,improvem5t ,act 7#bj ,u4,s4,c4 #igjb71 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 ( ! ,f9ancial ,product ,safety ,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+ ,f9ancial ,product ,safety ,commission4 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$-- 7#a7 by am5d+ section #adjb7a7 to read z foll[s3 7#a7 ,*air means ! ,*air ( ! ,f9ancial ,product ,safety ,commission2 2 & 7#b7 9 section #adaf7;a71 by /rik+ ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection & ins]t+ ,*air4 7j7 ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd ,section #e ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfjd71 z am5d$ 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+ ,! ,f9ancial ,product ,safety ,commission2 & 7#b7 by /rik+ ,director ea* place su* t]m appe>s & ins]t+ ,f9ancial ,product ,safety ,commission4 7k7 ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh ,! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab ,u4,s4,c4 #eaja et seq471 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+ ,f9ancial ,product ,safety ,commission2 & 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+ ,f9ancial ,product ,safety ,commission4 #e4 ,effective date ,?is ,act & ! am5dm5ts made by ?is ,act %all take effect on ! date on :i* n less ?an #c p]sons h be5 confirm$ by ! ,s5ate to s]ve z memb]s ( ! ,f9ancial ,product ,safety ,commission4 ,decemb] #ab1 #bjaf ,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be pr9t$