,,ii  #aadth ,,congress  #b;d ,session  
,s4 #caif  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #ac1     
#bjaf,mrs4 ,fischer 7for herself1 ,mr4  
,barrasso1 ,mr4 ,flake1 and ,mr4        
,johnson7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs  ,a ,,bill  ,to     
amend the ,consumer ,financial          
,protection ,act of #bjaj to transition 
the ,bureau of ,consumer ,financial     
,protection to a #e-member board of     
directors4  #a4 ,short title ,this ,act 
may be cited as the ,consumer ,financial
 ,protection ,board ,act of #bjaf4  #b4 
,management of the ,bureau  7a7 ,in     
general ,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 7c72 and  7#c7 by     
inserting after subsection 7a7 the      
following3  7b7 ,management of the      

,bureau  7#a7 ,in general ,the          
management of the ,bureau shall be      
vested in a ,board of ,directors        
consisting 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 developed strong competency   
and understanding of1 and have          
experience working with1 financial      
products and services4  7#b7 ,terms     
7,a7 ,in general ,except as provided in 
subparagraph 7,b71 each member of the   
,board1 including the ,chairperson1     
shall serve for a term of #e years4     
7,b7 ,staggered terms ,three of the     
initial members of the ,board1 including
 the ,chairperson1 shall each serve an  
initial term of #cj months4  7,c7       
,removal ,the ,president may remove any 
member of the ,board for inefficiency1  
neglect of duty1 or malfeasance in      
office4  7,d7 ,vacancies ,any member of 
the ,board appointed to fill a vacancy  

occurring before the expiration of the  
term to which the predecessor of that   
member was appointed 7including the     
,chairperson7 shall be appointed only   
for the remainder of the term4  7,e7    
,continuation of service ,each member of
 the ,board 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,f7           
,successive terms ,a member of the      
,board may not be reappointed to a      
second consecutive term1 except that an 
initial member of the ,board appointed  
for less than a #e-year term may be     
reappointed to a full #e-year term and a
 future member appointed to fill an     
unexpired term may be reappointed for a 
full #e-year term4  7#c7 ,affiliation   
,not more than #c members of the ,board1

 and not more than #b members of the    
,board described in paragraph 7#b77;,b71
 shall be members of any #a political   
party4  7#d7 ,chairperson of the ,board 
7,a7 ,appointment ,the ,president shall 
appoint #a of the #e members of the     
,board to serve as ,chairperson of the  
,board4  7,b7 ,authority ,the           
,chairperson 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--  7i7 the   
supervision of personnel employed by the
 ,bureau 7other than personnel employed 
regularly and full time in the immediate
 offices of members of the ,board other 
than the ,chairperson72  7ii7 the       
distribution of business among personnel
 appointed and supervised by the        
,chairperson and among administrative   
units of the ,bureau2 and  7iii7 the use
 and expenditure of funds4  7,c7        
,limitation ,in carrying out any of the 
functions of the ,chairperson under this

 paragraph1 the ,chairperson shall be   
governed by general policies of the     
,bureau and by such regulatory          
decisions1 findings1 and determinations 
as the ,bureau may by law be authorized 
to make4  7,d7 ,requests or estimates   
related to appropriations ,any request  
or estimate for regular1 supplemental1  
or deficiency appropriations on behalf  
of the ,bureau1 including any request   
for a transfer of funds under section   
#ajag7;a71 may not be submitted by the  
,chairperson without the prior approval 
of the ,board4  7,e7 ,vacancy ,the      
,president may designate a member of the
 ,board to serve as ,acting ,chairperson
 in the event of a vacancy in the office
 of the ,chairperson4  7#e7             
,compensation  7,a7 ,chairperson ,the   
,chairperson shall receive compensation 
at the rate prescribed for level ,i of  
the ,executive ,schedule under section  
#ecab of title #e1 ,united ,states      
,code4  7,b7 ,other members of the      
,board ,the #d members of the ,board    

other than the ,chairperson shall each  
receive compensation at the rate        
prescribed for level ,,ii of the        
,executive ,schedule under section #ecac
 of title #e1 ,united ,states ,code4    
7#f7 ,other employment prohibited ,a    
member of the ,board may not engage in  
any other business1 vocation1 or        
employment4  4  7b7 ,technical and      
conforming amendments  7#a7 ,consumer   
,financial ,protection ,act of #bjaj    
,the ,consumer ,financial ,protection   
,act of #bjaj 7#ab ,u4,s4,c4 #edha et   
seq47 is amended--  7,a7 in section     
#ajjb 7#ab ,u4,s4,c4 #edha7-- 7i7 by    
striking paragraph 7#aj7 and inserting  
the following3  7#aj7 ,board ,the term  
,board means the ,board of ,directors of
 the ,bureau of ,consumer ,financial    
,protection4  2 and  7ii7 by inserting  
after paragraph 7#bi7 the following3    
7#cj7 ,chairperson ,the term            
,chairperson means the ,chairperson of  
the ,board of ,directors of the ,bureau 
of ,consumer ,financial ,protection4  2 

7,b7 in section #ajab 7#ab ,u4,s4,c4    
#edib7--  7i7 in subsection 7a77#h71 by 
striking appointed and supervised by the
 ,director and inserting appointed by   
the ,board and supervised by the        
,chairperson2  7ii7 in subsection 7b71  
by striking ,director and inserting     
,board2 and  7iii7 in subsection 7c7--  
7,i7 in paragraph 7#b77;,a71 by striking
 ,director and inserting ,board2 and    
7,,ii7 in paragraph 7#d71 by striking   
the ,director each place that term      
appears and inserting any member of the 
,board2  7,c7 in section #ajac 7#ab     
,u4,s4,c4 #edic7--  7i7 in subsections  
7a71 7b71 7d71 and 7e71 by striking     
,director each place that term appears  
and inserting ,board2  7ii7 in          
subsection 7a71 by adding at the end the
 following3  7#f7 ,limitation  7,a7 ,in 
general ,except as provided in          
subparagraph 7,b71 the ,board shall     
appoint not more than #a employee of the
 ,bureau for every #c employees that are
 separated from service with the        

,bureau4  7,b7 ,exception ,the          
,president may provide the ,board with  
an exemption from the requirements of   
subparagraph 7,a7 if the ,board         
demonstrates that hiring employees in an
 amount greater than the limitation in  
subparagraph 7,a7 is necessary--  7i7 as
 a result of a national security concern
 or an extraordinary emergency2 or  7ii7
 to perform a critical mission4  2      
7iii7 in subsection 7c7-- 7,i7 in       
paragraphs 7#a7 and 7#b71 by striking   
,director each place that term appears  
and inserting ,board2 and  7,,ii7 in    
paragraph 7#c7-- 7aa7 by striking       
,assistant ,director each place that    
term appears and inserting ,head of     
,office2 and  7bb7 by striking the      
,director each place that term appears  
and inserting the ,board2 and  7iv7 in  
subsection 7g7--  7,i7 in paragraph     
7#a71 by striking ,director and         
inserting ,board2 and  7,,ii7 in        
paragraph 7#b7--  7aa7 in the paragraph 
heading1 by striking ,assistant director

 and inserting ,head of the office2 and 
7bb7 by striking an assistant director  
and inserting the ,head of the ,office  
of ,financial ,protection for ,older    
,americans2  7,d7 in section #ajad 7#ab 
,u4,s4,c4 #edid71 by striking ,director 
each place that term appears and        
inserting ,board2  7,e7 in section      
#ajaf7;a7 7#ab ,u4,s4,c4 #edif7;a771 by 
striking ,director of the ,bureau and   
inserting ,chairperson2  7,f7 in section
 #ajag-- 7i7 in subsection 7a7--  7,i7  
in paragraph 7#a71 by striking ,director
 and inserting ,board2  7,,ii7 in       
paragraph 7#d7--  7aa7 in subparagraph  
7,a7-- 7,,aa7 by striking ,director     
shall and inserting ,board shall2 7,,bb7
 by striking ,director1 and inserting   
,board12 and 7,,cc7 by striking         
,director in each place that term       
appears and inserting ,board in2  7bb7  
in subparagraph 7,d71 by striking       
,director and inserting ,board2 and     
7cc7 in subparagraph 7,e71 by striking  
,director to and inserting ,board to2   

and  7,,iii7 in paragraph 7#e77;,c71 by 
striking ,director of the ,bureau and   
inserting ,chairperson2  7ii7 in        
subsection 7c77#a7--  7,i7 by striking  
,director1 and inserting ,board12 and   
7,,ii7 by striking ,director and and    
inserting the members of the ,board and2
 and  7iii7 in subsection 7e71 by       
striking ,director each place that term 
appears and inserting ,board2  7,g7 in  
subtitles ,b 7#ab ,u4,s4,c4 #eeaa et    
seq471 ,c 7#ab ,u4,s4,c4 #eeca et seq471
 and ,g 7#ab ,u4,s4,c4 #efja et seq471  
by striking ,director each place that   
term appears and inserting ,board2  7,h7
 in section #ajfa7;c77#b77;,c77i7 7#ab  
,u4,s4,c4 #eeha7;c77#b77;,c77i771 by    
striking the ,board and inserting the   
,national ,credit ,union ,administration
 ,board2 and  7,i7 in section #ajff7;a7 
7#ab ,u4,s4,c4 #eehf7;a771 by inserting 
first before ,director4  7#b7 ,financial
 ,stability ,act of #bjaj ,section      
#aaa7;b77#a77;,d7 of the ,financial     
,stability ,act of #bjaj 7#ab ,u4,s4,c4 

#ecba7;b77#a77;,d77 is amended by       
striking ,director of the ,bureau and   
inserting ,chairperson of the ,board of 
,directors of the ,bureau4  7#c7        
,mortgage ,reform and ,anti-,predatory  
,lending ,act ,section #addg of the     
,mortgage ,reform and ,anti-,predatory  
,lending ,act 7#ab ,u4,s4,c4 #agjap-#b7 
is amended by striking ,director each   
place the term appears and inserting    
,board of ,directors4  7#d7 ,electronic 
,fund ,transfer ,act ,section           
#ibj7;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 and   
inserting ,board of ,directors of the   
,bureau4  7#e7 ,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 ,board of   
,directors of the ,bureau4  7#f7        
,federal ,deposit ,insurance ,act       

,section #b of the ,federal ,deposit    
,insurance ,act 7#ab ,u4,s4,c4 #ahab7 is
 amended--  7,a7 by striking ,director  
of the ,consumer ,financial ,protection 
,bureau each place that term appears and
 inserting ,chairperson of the ,board of
 ,directors of the ,bureau of ,consumer 
,financial ,protection2 and  7,b7 in    
subsection 7d77#b71 by striking         
,comptroller or ,director and inserting 
,comptroller or ,chairperson4  7#g7     
,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       
,chairperson of the ,board of ,directors
 of the ,bureau of ,consumer ,financial 
,protection4  7#h7 ,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 ,chairperson of  
the ,board of ,directors4  7#i7 ,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 each place 
that term appears and inserting ,board  
of ,directors of the ,bureau of         
,consumer4  7#aj7 ,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     
#adjb7a7 7#ae ,u4,s4,c4 #agja7a771 by   
striking ,director means the ,director  
and inserting ,board means the ,board of
 ,directors2  7,b7 by striking ,director
 each place that term appears and       
inserting ,board2  7,c7 in section      
#adjc7;c7 7#ae ,u4,s4,c4 #agjb7;c77--   
7i7 by striking by him and inserting by 
the ,board2 and  7ii7 by striking he and

 inserting the ,board2  7,d7 in section 
#adjg 7#ae ,u4,s4,c4 #agjf7-- 7i7 in    
subsection 7c71 by striking he and      
inserting the ,board2 and  7ii7 in      
subsection 7e71 by striking him and     
inserting the ,board2  7,e7 in section  
#adaa 7#ae ,u4,s4,c4 #agaj7--  7i7 in   
subsection 7a7-- 7,i7 by striking his   
findings and inserting its finding2 and 
7,,ii7 by striking his recommendation   
and inserting a recommendation2 and     
7ii7 in subsection 7b71 by striking     
,secretary's order and inserting order  
of the ,board2  7,f7 in section #adae   
7#ae ,u4,s4,c4 #agad7-- 7i7 by striking 
him each place that term appears and    
inserting the ,board2  7ii7 in          
subsection 7a71 by striking he may1 in  
his discretion and inserting the ,board 
may1 at the discretion of the ,board2   
and  7iii7 in subsection 7b7--  7,i7 by 
striking he each time that term appears 
and inserting the ,board2 and  7,,ii7 by
 striking in his discretion each time   
that term appears and inserting at the  

discretion of the ,board2  7,g7 in      
section #adaf7;a7 7#ae ,u4,s4,c4        
#agae7;a77-- 7i7 by striking of the     
,bureau of ,consumer ,financial         
,protection the first time that term    
appears2  7ii7 by striking his          
functions1 duties1 and powers and       
inserting the functions1 duties1 and    
powers of the ,board2  7iii7 by striking
 his administrative law judges and      
inserting the administrative law judges 
of the ,bureau of ,consumer ,financial  
,protection2 and  7iv7 by striking      
himself and inserting the ,board2  7,h7 
in section #adah;a 7#ae ,u4,s4,c4       
#agag;a7--  7i7 in subsection 7b77#d71  
by striking ,the ,secretary's           
determination or order and inserting ,a 
determination or order of the ,board2   
and  7ii7 in subsection 7d71 in the     
third sentence1 by striking the         
,secretary's determination or order and 
inserting a determination or order of   
the ,board2  7,i7 in section #adai 7#ae 
,u4,s4,c4 #agah7-- 7i7 by striking him  

and inserting the ,board2  7ii7 by      
striking his rules and regulations and  
inserting the rules and regulations of  
the ,board2 and  7iii7 by striking his  
jurisdiction and inserting the          
jurisdiction of the ,bureau of ,consumer
 ,financial ,protection2 and  7,j7 in   
section #adbj 7#ae ,u4,s4,c4 #agai7--   
7i7 by inserting or any member of the   
,board before in any proceeding2 and    
7ii7 by striking him and inserting the  
,board or any member of the ,board4     
7#aa7 ,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  
,director of and inserting ,board of    
,directors of2 and  7,b7 by striking    
,director each place that term appears  
and inserting ,board4  7#ab7            
,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 in     

section #aejc7aj7 7#ab ,u4,s4,c4        
#eajb7aj77--  7i7 in the paragraph      
heading1 by striking ,director and      
inserting ,board2 and  7ii7 by striking 
,director means the ,director and       
inserting ,board means the ,board of    
,directors2  7,b7 by striking ,director 
each place that term appears and        
inserting ,board2 and  7,c7 in section  
#aead 7#ab ,u4,s4,c4 #eaac7--  7i7 in   
subsection 7b77#e71 by striking         
,secretary's expenses and inserting     
expenses of the ,board2  7ii7 in        
subsection 7c7--  7,i7 in paragraph     
7#a71 in the paragraph heading1 by      
striking ,director and inserting ,board2
  7,,ii7 in paragraph 7#d7--  7aa7 in   
subparagraph 7,a71 in the paragraph     
heading1 by striking ,director and      
inserting ,board2 and  7bb7 in          
subparagraph 7,c71 by striking          
,secretary's expenses and inserting     
expenses of the ,board2 and  7,,iii7 in 
paragraph 7#e71 in the paragraph        
heading1 by striking ,director and      

inserting ,board2 and  7iii7 in         
subsection 7d71 in the subsection       
heading1 by striking ,director and      
inserting ,board4  7#ac7 ,title #dd     
,section #ceac7;c7 of title #dd1 ,united
 ,states ,code1 is amended by striking  
,director of the ,bureau and inserting  
,board of ,directors of the ,bureau4    
7#ad7 ,deeming of ,name ,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 ,board of  
,directors of the ,bureau of ,consumer  
,financial ,protection1 unless otherwise
 specified in this ,act4  7c7 ,effective
 date ,the amendments made by this      
section shall take effect on the date on
 which not less than #c persons have    
been confirmed by the ,senate to serve  
as members of the ,board of ,directors  
of the ,bureau of ,consumer ,financial  
,protection4