,i #aaeth ,,congress #b;d ,session ,h4 ,r4 #figb ,,in ,,the ,,house ,,of ,,representatives ,september #bh1 #bjah,ms4 ,maxine ,waters of ,california 7for herself1 ,mrs4 ,carolyn ,b4 ,maloney of ,new ,york1 ,mr4 ,clay1 ,mr4 ,al ,green of ,texas1 ,ms4 ,moore1 and ,mr4 ,cleaver7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,education and the ,workforce1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to require the ,consumer ,financial ,protection ,bureau to meet its statutory purpose1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,consumers ,first ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,findings2 sense of ,congress4 ,sec4 #c4 ,consumer ,financial ,protection ,bureau4 ,sec4 #d4 ,conforming amendments4 ,sec4 #e4 ,executive and administration powers4 ,sec4 #f4 ,offices of the ,consumer ,financial ,protection ,bureau4 ,sec4 #g4 ,consumer ,advisory ,board reforms4 ,sec4 #h4 ,investigation of the ,consumer ,financial ,protection ,bureau's ,oversight of ,student ,lending4 ,sec4 #i4 ,effective date4 #b4 ,findings2 sense of ,congress 7a7 ,findings ,the ,congress finds the following3 7#a7 ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7,public ,law #aaa-bjc7 7,dodd-,frank71 was signed into law on ,july #ba1 #bjaj1 in order to1 among other things1 advance the goals of protecting consumers from unfair1 deceptive and abusive financial services practices and products that led to the #bjjh financial crisis4 7#b7 ,title ,x of ,dodd-,frank established a new ,federal independent watchdog1 commonly known as the ,consumer ,financial ,protection ,bureau 7,consumer ,bureau71 with broad authority to ensure all hardworking ,american consumers are given clear1 accurate information that they need to shop for mortgages1 credit cards1 and other consumer financial products or services and to protect consumers from hidden fees1 abusive terms and other unfair1 deceptive1 or abusive practices through strong enforcement of ,federal consumer financial laws4 7#c7 ,before the ,consumer ,bureau was established1 ,federal financial regulators were tasked with the dual responsibilities of supervising institutions for safety and soundness and compliance with consumer protections under ,federal consumer financial laws4 ,these agencies often prioritized the profitability of their regulated entities over the protection of consumers1 even when institutions were found to have engaged in practices detrimental to their own customers' financial well-being4 7#d7 ,congress purposefully created the independent ,consumer ,bureau within the ,federal ,reserve ,system to address past regulatory gaps in our country's financial services regulatory regime1 in which ,federal financial regulators were too reluctant to exercise their rulemaking and enforcement authorities to protect consumers from the misdeeds of their regulated entities1 that resulted in the most severe global financial crisis since the ,great ,depression4 ,in doing so1 ,congress explicitly laid out in statute the ,consumer ,bureau's purpose1 five objectives1 and six primary functions4 ,specifically3 7,a7 ,section #ajba7;a7 of ,dodd-,frank states that the ,consumer ,bureau1 shall seek to implement and1 where applicable1 enforce ,federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair1 transparent1 and competitive4 7,b7 ,section #ajba7;b7 of ,dodd-,frank authorizes the ,consumer ,bureau1 to exercise its authorities under ,federal consumer financial law for the purposes of ensuring that1 with respect to consumer financial products and services--7#a7 consumers are provided with timely and understandable information to make responsible decisions about financial transactions2 7#b7 consumers are protected from unfair1 deceptive1 or abusive acts and practices and from discrimination2 7#c7 outdated1 unnecessary1 or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens2 7#d7 ,federal consumer financial law is enforced consistently1 without regard to the status of a person as a depository institution1 in order to promote fair competition2 and 7#e7 markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation44 7,c7 ,section #ajba7;c7 of ,dodd-,frank establishes the primary functions of the ,consumer ,bureau to be1 7#a7 conducting financial education programs2 7#b7 collecting1 investigating1 and responding to consumer complaints2 7#c7 collecting1 researching1 monitoring1 and publishing information relevant to the functioning of markets for consumer financial products and services to identify risks to consumers and the proper functioning of such markets2 7#d7 subject to sections #ajbd through #ajbf1 supervising covered persons for compliance with ,federal consumer financial law1 and taking appropriate enforcement action to address violations of ,federal consumer financial law2 7#e7 issuing rules1 orders1 and guidance implementing ,federal consumer financial law2 and 7#f7 performing such support activities as may be necessary or useful to facilitate the other functions of the ,bureau44 7#e7 ,under ,dodd-,frank1 the ,deputy ,director of the ,consumer ,bureau shall serve as the ,acting ,director in the absence or unavailability of the ,director1 until the ,president appoints and the ,senate confirms a new ,director4 ,despite the clear legislative history underscoring the importance of having an independent ,federal agency and the plain letter of the law establishing a succession order to fill a vacancy in the ,director's position1 when the ,consumer ,bureau ,director ,richard ,cordray resigned in ,november #bjag1 ,president ,trump refused to recognize the ,deputy ,director as the rightful head of the agency and instead unlawfully installed ,mr4 ,mick ,mulvaney1 the ,director of the ,white ,house ,office of ,management and ,budget1 to serve as the ,consumer ,bureau's ,acting ,director4 ,this appointment of a ,white ,house cabinet official to run the ,consumer ,bureau raises profound conflict of interest questions and undermines the vital independent nature of the agency4 7#f7 ,in addition to the illegality of ,mr4 ,mulvaney's appointment1 there is another problem4 ,the position of an ,acting ,director is1 by its nature1 still intended to be a temporary assignment to maintain the status quo at an agency1 until the ,president appoints and the ,senate confirms1 a permanent ,director4 ,nevertheless1 ,mr4 ,mulvaney's temporary status leading the agency has been characterized by drastic and severe changes of the ,consumer ,bureau's daily operations and priorities4 7#g7 ,the daily operations of a ,federal agency are guided by its official mission contained in its long-term strategic plan4 ,the ,consumer ,bureau's mission should embrace both the spirit and letter of the law1 by fully recognizing the agency's statutory purpose1 objectives1 and functions4 ,it is troubling that the ,consumer ,bureau1 under its new ,trump ,administration appointed leadership1 issued a ,strategic ,plan for ,fiscal ,year 7,,fy7 #bjah-;,,fy #bjbb1 that appears to deemphasize the core mandate under section #ajba7;a7 of ,dodd-,frank to1 enforce ,federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services1 by not referencing the importance of enforcement in its mission4 ,instead1 it emphasizes financial education by stating that the agency's new mission is merely1 to regulate the offering and provision of consumer financial products or services under the ,federal consumer financial laws and to educate and empower consumers to make better informed financial institutions4 ,this is in stark contrast from the ,consumer ,bureau's ,strategic ,plan for ,,fy #bjac-;,,fy #bjag1 which had an agency's mission of helping1 consumer finance markets work by making rules more effective1 by consistently and fairly enforcing those rules1 and by empowering consumers to take more control over their economic lives 7emphasis added74 7#h7 ,mr4 ,mulvaney has been praised by the ,white ,house for his efforts to undermine the ,consumer ,bureau1 even with one anonymous advisor acknowledging in a ,july #bd1 #bjah1 ,politico article that1 ,his mission was to blow that up1 which he has4 ,he is very well-suited to the chaos44 ,mr4 ,mulvaney's misguided actions have included1 among other things-- 7,a7 stopping payments from the ,civil ,penalty ,fund to harmed consumers2 7,b7 trying to unjustifiably reduce the ,consumer ,bureau's funding by initially requesting #j be transferred from the ,federal ,reserve ,board of ,governors to carry out the agency's work and by arbitrarily directing staff to cut the agency's budget by one-fifth2 7,c7 politicizing the work of the ,consumer ,bureau by making unusual efforts to fill the independent agency with political appointees2 7,d7 dropping existing lawsuits and investigations into abusive payday lenders2 7,e7 stripping away the enforcement powers of the ,office of ,fair ,lending and ,equal ,opportunity2 7,f7 changing the role of the ,office of ,students and ,young ,consumers and1 according to an ,august #bg1 #bjah1 resignation letter from ,seth ,frotman1 the ,consumer ,bureau's former ,assistant ,director and ,student ,loan ,ombudsman1 when new evidence came to light showing that the nation's largest banks were ripping off students on campuses across the country by saddling them with legally dubious account fees1 ,bureau leadership suppressed the publication of a report prepared by ,bureau staff2 7,g7 abandoning the accepted and efficient practice of having its examiners review1 as part of their routine examinations1 creditors' compliance with the ,military ,lending ,act in order to ensure the detection and assessment of risky activities that could jeopardize vital protections provided to active-duty servicemembers and their families2 7,h7 creating an ,office of ,cost ,benefit ,analysis that prioritizes businesses' expenses over harm caused to consumers1 and unduly constrains oversight of the ,consumer ,bureau's regulated entities2 7,i7 freezing data collection to the detriment of supervision and enforcement2 7,j7 seeking to block the publication of the nature of consumers' complaints and how entities resolved them in the publicly available and transparent ,consumer ,complaint ,database2 and 7,k7 restricting key input and feedback from a wide range of external stakeholders by effectively terminating members' positions on three advisory boards1 including the statutorily mandated ,consumer ,advisory ,board4 7#i7 ,the new leadership of the ,consumer ,bureau's repeated attempts to hamstring the good work and the capacity of dedicated professional1 career ,consumer ,bureau staff to hold bad actors accountable for their misdeeds will inevitably harm consumers and distort the functioning of fair and competitive consumer marketplaces1 and nonsensically repeats the mistakes made by the ,federal financial regulators that contributed to the global financial crisis4 7#aj7 ,despite the fact that the agency has been referred to as the ,consumer ,financial ,protection ,bureau since it opened its doors over seven years ago1 its new political leadership also opted to change the agency's well-known name4 ,although this decision is supposedly intended to ensure that the agency is in compliance with ,dodd-,frank1 when this change is viewed in conjunction with the other detrimental actions to undermine the effectiveness of the agency1 it can only be interpreted as an attempt to reduce the public's awareness of1 and significant support for1 the agency's role as the top ,federal consumer cop as well as to obscure the public's ability to identify easily the appropriate ,federal agency to contact when faced with predatory behavior by financial actors4 ,as such1 while some may view this particular decision as minor1 the action serves as an important symbolic1 and literal1 maneuver by the ,trump ,administration1 through its unlawful appointment of ,mr4 ,mulvaney1 to diminish and undermine the consumer-focused mission of the ,consumer ,bureau4 7#aa7 ,dodd-,frank gives the ,director of the ,consumer ,bureau broad administrative and executive powers to1 among other things3 fix the number of1 and appoint and direct1 all employees of the agency2 direct the establishment and maintenance of divisions or other offices within the agency2 determine the character of1 and the necessity for1 the obligations and expenditure of funds2 and the use and expenditure of funds4 ,these powers1 however1 are required to be exercised in a manner consistent with carrying out the responsibilities under ,title ,x of ,dodd-,frank1 which includes complying with the enumerated ,federal consumer financial laws under the ,title1 and satisfying the obligations in other applicable laws4 ,the new politically controlled leadership's destructive actions have demonstrated the need for legislation to reorient the ,director's discretionary authority to ensure the maintenance of all statutorily mandated policies1 functions1 and offices of the ,consumer ,bureau regardless of who is leading the agency4 7b7 ,sense of ,congress ,the following is the sense of ,congress3 7#a7 ,the ,consumer ,financial ,protection ,bureau should meet its statutory purpose in a transparent and accountable manner by operating in a way that is consistent with both the spirit and letter of the law1 which dictates that the agency's mission should fully reflect the agency's statutory purpose1 objectives1 and functions4 7#b7 ,dodd-,frank underscores that the agency is designed to serve as an independent ,federal agency that is primarily focused on the protection of all consumers1 without any undue influence of partisan whims and special industry interests1 in carrying out its responsibilities and duties4 7#c7 ,the official name of the agency should be consistent with this mandate and should1 figuratively and literally1 put ,consumers first by reverting to its better-known name as the ,consumer ,financial ,protection ,bureau4 7#d7 ,the statute establishing the ,consumer ,bureau has been grossly misinterpreted under the new political leadership1 in a manner that is inconsistent with the agency's statutory purpose1 objectives1 and functions1 with just one example of which is ,mr4 ,mulvaney's inane suggestion that the statutory requirement for the ,director to appear before relevant ,congressional ,committees to discuss its semi-annual reports could be interpreted as requiring the ,director merely to attend a hearing and not answer questions1 despite the well-established interpretation of similar statutory requirement for the ,chair of the ,federal ,reserve ,board of ,governors to appear before the ,house ,financial ,services ,committee and the ,senate ,banking1 ,housing1 and ,urban ,affairs ,committee on a semi-annual basis about the monetary policy report1 as required by the ,humphrey-,hawkins ,full ,employment ,act4 ,in the face of such blatant1 and disrespectful1 attempts to warp the authorizing and oversight role of the first branch of the ,federal government--the ,united ,states ,congress--by the ,trump ,administration1 ,congress must1 in this instance1 now refine the ,consumer ,bureau's authority to ensure that the vital role that the ,consumer ,bureau should be playing within the country's financial regulatory regime is not effectively destroyed by the agency's current leadership4 7#e7 ,while the legislation is a direct response to address many of the misguided decisions that have been orchestrated by the new political leadership at the ,consumer ,bureau that have been exposed to the public1 as of the date of the bill's introduction1 and sharply criticized by numerous ,federal and state officials1 including law enforcement1 as well as organizations representing servicemembers1 senior citizens1 and other vulnerable consumer populations1 this legislation should not be viewed as an exhaustive list to fix all the damaging actions that may have otherwise occurred at this agency since the departure of former ,director ,cordray in ,november #bjag1 particularly since detailed information revealing the full scope1 nature1 and extent of the current flawed operation of the agency1 and the adverse impact resulting from these actions1 may not yet be publicly available4 ,rather1 this legislation should be interpreted as an attempt to highlight1 and resolve1 a small sample of some of the publicly known egregious statements1 decisions1 and actions that have occurred during the disastrous tenure of the new political leadership at the agency4 #c4 ,consumer ,financial ,protection ,bureau 7a7 ,in general ,section #ajaa7;a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edia7;a77 is amended by striking ,bureau of ,consumer ,financial ,protection and inserting ,consumer ,financial ,protection ,bureau4 7b7 ,deeming of name ,any reference in any law1 regulation1 document1 record1 or other paper of the ,united ,states to the ,bureau of ,consumer ,financial ,protection shall be deemed a reference to the ,consumer ,financial ,protection ,bureau4 7c7 ,name use requirement ,section #ajaa of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edia7 is amended by adding at the end the following3 7f7 ,name use requirement ,the ,consumer ,financial ,protection ,bureau shall refer to itself in any public communication1 including on any website1 as the ,consumer ,financial ,protection ,bureau1 ,consumer ,bureau1 or the ,,cfpb4 4 #d4 ,conforming amendments 7a7 ,in general ,the ,acts described under subsection 7b7 are amended-- 7#a7 by striking ,bureau of ,consumer ,financial ,protection each place such term appears and inserting ,consumer ,financial ,protection ,bureau2 and 7#b7 by striking ,bureau each place such term appears 7where such term is a reference to the ,bureau of ,consumer ,financial ,protection but is not part of such term7 and inserting ,consumer ,bureau4 7b7 ,acts ,to conform ,the ,acts described in this subsection are as follows3 7#a7 ,the ,alternative ,mortgage ,transaction ,parity ,act of #aihb 7#ab ,u4,s4,c4 #chja et seq474 7#b7 ,the ,consumer ,credit ,protection ,act 7#ae ,u4,s4,c4 #afja et seq474 7#c7 ,the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act 7#ab ,u4,s4,c4 #ecja et seq474 7#d7 ,the ,expedited ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq474 7#e7 ,the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq474 7#f7 ,the ,federal ,financial ,institutions ,examination ,council ,act of #aigh 7#ab ,u4,s4,c4 #cbja et seq474 7#g7 ,the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahaa note et seq474 7#h7 ,the ,financial ,literacy and ,education ,improvement ,act 7#bj ,u4,s4,c4 #igja et seq474 7#i7 ,the ,gramm-,leach-,bliley ,act 7#ab ,u4,s4,c4 #ahaa note et seq474 7#aj7 ,the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhja et seq474 7#aa7 ,the ,homeowners ,protection ,act of #aiih 7#ab ,u4,s4,c4 #dija et seq474 7#ab7 ,the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app #b74 7#ac7 ,the ,interstate ,land ,sales ,full ,disclosure ,act 7#ae ,u4,s4,c4 #agja et seq474 7#ad7 ,the ,omnibus ,appropriations ,act1 #bjji 7,public ,law #aaa-h74 7#ae7 ,the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfja et seq474 7#af7 ,title ,,lxii of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #ba et seq474 7#ag7 ,the ,right to ,financial ,privacy ,act of #aigh 7#ab ,u4,s4,c4 #cdja et seq474 7#ah7 ,the ,s4,a4,f4,e4 ,mortgage ,licensing ,act of #bjjh 7#ab ,u4,s4,c4 #eaja et seq474 7#ai7 ,the ,telemarketing and ,consumer ,fraud and ,abuse ,prevention ,act 7#ae ,u4,s4,c4 #faja et seq474 7#bj7 ,title #e1 ,united ,states ,code4 7#ba7 ,title #aj1 ,united ,states ,code4 7#bb7 ,title #dd1 ,united ,states ,code4 #e4 ,executive and administration powers 7a7 ,office ,responsibilities ,section #ajab of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edib7 is amended-- 7#a7 by redesignating subsection 7c7 as subsection 7d72 and 7#b7 by inserting after subsection 7b7 the following3 7c7 ,office ,responsibilities ,notwithstanding subsections 7a7 and 7b71 section #ajac7;a71 and any other provision of law1 with respect to the specific functional units and offices described under subsections 7b71 7c71 7d71 7e71 7g71 and 7h7 of section #ajac and the advisory boards described under section #ajad1 the ,director-- 7#a7 shall ensure that such functional units1 offices1 and boards perform the functions1 duties1 and coordination assigned to them under the applicable provision of section #ajac or #ajad2 and 7#b7 may not reorganize or rename such units1 offices1 and boards in a manner not provided for under the applicable provision of section #ajac or #ajad4 4 7b7 ,duty ,to provide adequate staffing ,section #ajac7;a77#a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edic7;a77#a77 is amended by adding at the end the following3 7,d7 ,duty to provide adequate staffing ,the ,director shall ensure that the specific functional units and offices described under subsections 7b71 7c71 7d71 7e71 7g71 and 7h7 of section #ajac1 as well as other units and offices with supervisory and enforcement duties1 are provided with sufficient staff to carry out the functions1 duties1 and coordination of those units and offices4 4 7c7 ,limitation on political appointees ,section #ajac7;a77#a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edic7;a77#a77 is amended by adding at the end the following3 7,d7 ,limitation on political appointees 7i7 ,in general ,in appointing employees of the ,consumer ,bureau who are political appointees1 the ,director shall ensure that the number and duties of such political appointees are as similar as possible to those of the other ,federal primary financial regulatory agencies4 7ii7 ,political appointees defined ,for purposes of this subparagraph1 the term political appointee means an employee who holds-- 7,i7 a position which has been excepted from the competitive service by reason of its confidential1 policy-determining1 policy-making1 or policy-advocating character2 7,,ii7 a position in the ,senior ,executive ,service as a noncareer appointee 7as such term is defined in section #cacb7;a7 of title #e1 ,united ,states ,code72 or 7,,iii7 a position under the ,executive ,schedule 7subchapter ,,ii of chapter #ec of title #e1 ,united ,states ,code74 4 7d7 ,public availability of complaint information 7#a7 ,in general ,section #ajac7;b77#c7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edic7;b77#c77 is amended-- 7,a7 in subparagraph 7,a7-- 7i7 by inserting publicly available before website2 7ii7 by inserting publicly available before database1 each place such term appears2 and 7iii7 by adding at the end the following3 ,the ,director shall ensure that the landing page of the main website of the ,consumer ,bureau contains a clear and conspicuous hyperlink to the consumer complaint database described in this subparagraph and shall ensure that such database is user-friendly and in plain writing 7as such term is defined in the ,plain ,writing ,act of #bjaj74 ,the ,director shall ensure that all information on the website or the database that explains how to file a complaint with the ,consumer ,bureau1 as well as all reports of the ,consumer ,bureau with respect to information contained in the database1 shall be provided in each of the #e most commonly spoken languages1 other than ,english1 in the ,united ,states1 as determined by the ,bureau of the ,census on an ongoing basis1 and in formats accessible to individuals with hearing or vision impairments42 and 7,b7 by adding at the end the following3 7,e7 ,public availability of information 7i7 ,in general ,the ,director shall-- 7,i7 make all consumer complaints available to the public on a website of the ,consumer ,bureau2 7,,ii7 place a clear and conspicuous hyperlink on the landing page of the main website of the ,consumer ,bureau to the website described under subclause 7,i72 and 7,,iii7 ensure that such website-- 7aa7 is searchable and sortable by both consumer financial product or service and by covered person2 and 7bb7 is user-friendly and written in plain language4 7ii7 ,inclusion of complaints submitted with inquiries ,for purposes of clause 7i71 in addition to all complaints described under subparagraph 7,a71 consumer complaints shall include any complaints submitted with1 or as part of1 an inquiry described under section #ajcd4 7iii7 ,removal of personally identifiable information ,in making the information described under clause 7i7 available to the public1 the ,director shall remove all personally identifiable information4 4 7#b7 ,rule of construction ,the ,director of the ,consumer ,financial ,protection ,bureau shall ensure that the database and website described under section #ajac7;b77#c7 of the ,consumer ,financial ,protection ,act of #bjaj have1 at a minimum1 the same availability1 transparency1 and functionality that such database and website had prior to ,november #bd1 #bjag4 7e7 ,memoranda of understanding 7#a7 ,reestablishment of memoranda of understanding ,the memoranda of understanding between the ,consumer ,financial ,protection ,bureau and the ,department of ,education titled ,memorandum of ,understanding ,between the ,bureau of ,consumer ,financial ,protection and the ,u4,s4 ,department of ,education ,concerning the ,sharing of ,information 7,october #ai1 #bjaa7 and ,memorandum of ,understanding ,concerning ,supervisory and ,oversight ,cooperation and ,related ,information ,sharing ,between the ,u4,s4 ,department of ,education and the ,consumer ,financial ,protection ,bureau 7,january #i1 #bjad7-- 7,a7 shall remain in effect and may not be terminated by any party to such memorandums2 and 7,b7 may only be amended or revised if the parties to the memoranda determine that such amendment or revision would promote better interagency coordination to the benefit of consumers4 7#b7 ,report on current ,m,o,us ,not later than the end of the #cj-;day period beginning on the date of enactment of this ,act1 the ,director of the ,consumer ,financial ,protection ,bureau shall issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate listing-- 7,a7 each memorandum of understanding in effect with the ,consumer ,bureau on ,november #bd1 #bjag2 7,b7 any changes made to such a memorandum of understanding since such date1 including any memorandum of understanding rescinded since such date2 and 7,c7 a justification for each such change or rescission4 7#c7 ,semi-annual report on ,m,o,us ,section #ajaf7;c7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edif7;c77 is amended-- 7,a7 in paragraph 7#h71 by striking and at the end2 7,b7 in paragraph 7#i71 by striking the period and inserting a semicolon2 and 7,c7 by adding at the end the following3 7#aj7 a list of each memorandum of understanding in effect with the ,consumer ,bureau1 any changes made to a memorandum of understanding since the last report was made under subsection 7b71 and a justification for each such change2 4 #f4 ,offices of the ,consumer ,financial ,protection ,bureau 7a7 ,clarification of the duties of the ,office of ,fair ,lending and ,equal ,opportunity ,section #ajac7;c77#b7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edic7;c77#b77 is amended-- 7#a7 by striking ,office of ,fair ,lending and ,equal ,opportunity shall have such powers and duties as the ,director may delegate to the ,office1 including and inserting powers and duties of the ,office of ,fair ,lending and ,equal ,opportunity shall include2 7#b7 in subparagraph 7,c71 by striking and at the end2 7#c7 in subparagraph 7,d71 by striking the period and inserting a semicolon2 and 7#d7 by adding at the end the following3 7,e7 implementing the ,consumer ,bureau's enforcement and supervisory authority with respect to fair lending laws2 and 7,f7 such additional powers and duties as the ,director may determine appropriate4 4 7b7 ,office of ,students and ,young ,consumers 7#a7 ,in general ,section #ajac of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edic7 is amended-- 7,a7 by redesignating subsection 7h7 as subsection 7i72 and 7,b7 by inserting after subsection 7g7 the following3 7h7 ,office of ,students and ,young ,consumers 7#a7 ,in general ,the ,director shall1 not later than the end of the #fj-;day period beginning on the date of enactment of this section1 establish an ,office of ,students and ,young ,consumers1 which shall work to empower students1 young people1 and their families to make more informed financial decisions about saving and paying for college1 accessing safer and more affordable financial products and services1 all matters related to private education loans 7as defined under section #ajce7;e771 and repaying student loan debt1 including private education loans4 7#b7 ,head of the ,office ,the head of the ,office of ,students and ,young ,consumers shall be the ,assistant ,director and ,student ,loan ,ombudsman1 and the ,assistant ,director and ,student ,loan ,ombudsman shall carry out all functions established under section #ajce through the ,office of ,students and ,young ,consumers4 7#c7 ,supervisory1 enforcement1 and regulatory matters ,the ,office of ,students and ,young ,consumers shall assist in all supervisory1 enforcement1 and regulatory matters of the ,consumer ,bureau related to the functions of the ,office4 7#d7 ,coordination ,the ,director shall enter into memoranda of understanding and similar agreements with the ,department of ,education and other ,federal and ,state agencies1 as appropriate1 in order to carry out the business of the ,office of ,students and ,young ,consumers4 4 7#b7 ,renaming and appointment clarification of the ,private ,education ,loan ,ombudsman 7,a7 ,in general ,section #ajce of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eece7 is amended-- 7i7 in the heading of the section by striking ,,private ,,education and inserting ,,assistant ,,director ,,and ,,student2 and 7ii7 in subsection 7a71 by striking ,the ,secretary1 in consultation with the ,director1 shall designate a ,private ,education ,loan ,ombudsman and inserting ,the ,director shall designate an individual as the ,assistant ,director and ,student ,loan ,ombudsman2 7iii7 in subsection 7b71 by striking ,the ,secretary and the ,director and inserting ,the ,director2 and 7iv7 in subsection 7d77#b71 by inserting the ,director1 before the ,secretary14 7,b7 ,clerical amendment ,the table of contents under section #a7;b7 of the ,dodd-,frank ,wall ,street ,reform and ,consumer ,protection ,act is amended1 in the item relating to section #ajce1 by striking ,,private ,,education and inserting ,,assistant ,,director ,,and ,,student4 7,c7 ,deeming of name ,any reference in any law1 regulation1 document1 record1 or other paper of the ,united ,states to the ,private ,education ,loan ,ombudsman shall be deemed a reference to the ,assistant ,director and ,student ,loan ,ombudsman4 7c7 ,semi-,annual report to ,congress on certain offices of the ,consumer ,bureau ,section #ajaf7;c7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edif7;c771 as amended by section #e7;e77#c71 is further amended by adding at the end the following3 7#aa7 with respect to each of the specific functional units and offices established under section #ajac-- 7,a7 a detailed description of the activities of the unit or office since the last report was made under subsection 7b72 and 7,b7 an analysis of the efforts of the ,consumer ,bureau to achieve the duties of the unit or office2 and 7#ab7 with respect to each specific functional units and offices established under section #ajac1 as well as each other unit and office with supervisory and enforcement duties1 a break down of the number of political and professional career staff assigned to and employed by each unit or office at the end of the reporting period4 4 7d7 ,function of any unit or office established ,to conduct cost benefit analysis ,any unit or office established to conduct cost benefit analysis within the ,consumer ,financial ,protection ,bureau shall1 as its sole function1 carry out the considerations required by section #ajbb7;b77#b77;,a7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7;b77#b77;,a774 #g4 ,consumer ,advisory ,board reforms 7a7 ,in general ,section #ajad of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edif7 is amended-- 7#a7 in subsection 7b71 by adding at the end the following3 ,any change to the charter for the ,consumer ,advisory ,board affecting the membership shall not preclude prior or current members from applying for consideration to serve on a reconstituted ,consumer ,advisory ,board42 and 7#b7 in subsection 7c7-- 7,a7 by striking meet from and inserting meet in person from2 and 7,b7 by adding at the end the following3 ,the ,consumer ,bureau shall provide adequate notice to the members of the ,consumer ,advisory ,board of the time and date of each meeting1 and of any meeting cancellations4 7b7 ,inclusion of the ,director in meetings and access to ,consumer ,bureau staff ,section #ajad of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edif7 is amended by adding at the end the following3 7e7 ,inclusion of the ,director in meetings and access to ,consumer ,bureau staff ,with respect to each in person meeting of the ,consumer ,advisory ,board-- 7#a7 the ,director shall attend such meeting2 and 7#b7 the ,director shall ensure that the members of the ,consumer ,advisory ,board have an opportunity to meet and engage with all appropriate staff and office of the ,consumer ,bureau4 4 7c7 ,treatment of members of the ,consumer ,advisory ,board ,notwithstanding any other law-- 7#a7 any member of the ,consumer ,advisory ,board of the ,consumer ,financial ,protection ,bureau on ,november #a1 #bjag1 may continue to serve as a member of such advisory board until ,march #bg1 #bjbj1 and may not be removed from such position by the ,director of the ,consumer ,bureau until such date2 and 7#b7 any member of the ,consumer ,advisory ,board of the ,consumer ,financial ,protection ,bureau on the date of enactment of this ,act1 may continue to serve as a member of such advisory board until ,march #bg1 #bjbj1 and may not be removed from such position by the ,director of the ,consumer ,bureau until such date4 #h4 ,investigation of the ,consumer ,financial ,protection ,bureau's ,oversight of ,student ,lending ,not later than the end of the #cj-;day period beginning on the date of the enactment of this ,act1 the ,director of the ,consumer ,financial ,protection ,bureau shall provide the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with all relevant final documents1 draft documents1 emails1 and other records related to the allegations made by ,assistant ,director and ,student ,loan ,ombudsman ,seth ,frotman in his resignation letter on ,august #bg1 #bjah1 including whether the political leadership of the ,consumer ,bureau suppressed a broader and more informative version of the ,campus ,banking ,report publication4 #i4 ,effective date ,this ,act and the amendments made by this ,act shall take effect on the date of the enactment of this ,act1 except that the ,director of the ,consumer ,financial ,protection ,bureau shall have #cj days to complete any operational changes to the ,consumer ,bureau required by this ,act or an amendment made by this ,act4