,,ii #aae? ,,congress #a/ ,session ,s4 #aje ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,janu>y #aa1 #bjag,mrs4 ,fis*] 7= h]self1 ,mr4 ,johnson1 & ,mr4 ,b>rasso7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to am5d ! ,consum] ,f9ancial ,protection ,act ( #bjaj to transition ! ,bureau ( ,consum] ,f9ancial ,protection to a #e-memb] bo>d ( directors4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,consum] ,f9ancial ,protection ,bo>d ,act ( #bjag4 #b4 ,managem5t ( ! ,bureau 7a7 ,9 g5]al ,section #ajaa ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edia7 is am5d$-- 7#a7 by /rik+ subsections 7b71 7c71 & 7d72 7#b7 by r$esignat+ subsection 7e7 z subsection 7c72 & 7#c7 by ins]t+ aft] subsection 7a7 ! foll[+3 7b7 ,managem5t ( ! ,bureau 7#a7 ,9 g5]al ,! managem5t ( ! ,bureau %all be ve/$ 9 a ,bo>d ( ,directors consi/+ ( #e memb]s1 :o %all be appo9t$ by ! ,presid5t1 by & ) ! advice & cons5t ( ! ,s5ate1 f among individuals :o-- 7,a7 are citiz5s ( ! ,unit$ ,/ates2 & 7,b7 h develop$ /rong compet5cy & und]/&+ (1 & h exp]i5ce work+ )1 f9ancial products & s]vices4 7#b7 ,t]ms 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ea* memb] ( ! ,bo>d1 includ+ ! ,*airp]son1 %all s]ve = a t]m ( #e ye>s4 7,b7 ,/agg]$ t]ms ,?ree ( ! initial memb]s ( ! ,bo>d1 includ+ ! ,*airp]son1 %all ea* s]ve an initial t]m ( #cj mon?s4 7,c7 ,removal ,! ,presid5t may remove any memb] ( ! ,bo>d = ineffici5cy1 neglect ( duty1 or malfeasance 9 (fice4 7,d7 ,vacancies ,any memb] ( ! ,bo>d appo9t$ to fill a vacancy occurr+ be=e ! expiration ( ! t]m to :i* ! pr$ecessor ( t memb] 0 appo9t$ 7includ+ ! ,*airp]son7 %all be appo9t$ only = ! rema9d] ( ! t]m4 7,e7 ,cont9uation ( s]vice ,ea* memb] ( ! ,bo>d 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]m ( t memb] w\ld o!rwise expire4 7,f7 ,successive t]ms ,a memb] ( ! ,bo>d may n be reappo9t$ to a second consecutive t]m1 except t an initial memb] ( ! ,bo>d appo9t$ = less ?an a #e-ye> t]m may be reappo9t$ to a full #e-ye> t]m & a future memb] appo9t$ to fill an unexpir$ t]m may be reappo9t$ = a full #e-ye> t]m4 7#c7 ,affiliation ,n m ?an #c memb]s ( ! ,bo>d1 & n m ?an #b memb]s ( ! ,bo>d describ$ 9 p>agraph 7#b77;,b71 %all be memb]s ( any #a political p>ty4 7#d7 ,*airp]son ( ! ,bo>d 7,a7 ,appo9tm5t ,! ,presid5t %all appo9t #a ( ! #e memb]s ( ! ,bo>d to s]ve z ,*airp]son ( ! ,bo>d4 7,b7 ,au?ority ,! ,*airp]son %all be ! pr9cipal executive (fic] ( ! ,bureau1 & %all ex]cise all ( ! executive & adm9i/rative functions ( ! ,bureau1 includ+ ) respect to-- 7i7 ! sup]vision ( p]sonnel employ$ by ! ,bureau 7o!r ?an p]sonnel employ$ regul>ly & full "t 9 ! imm$iate (fices ( memb]s ( ! ,bo>d o!r ?an ! ,*airp]son72 7ii7 ! di/ribution ( bus9ess among p]sonnel appo9t$ & sup]vis$ by ! ,*airp]son & among adm9i/rative units ( ! ,bureau2 & 7iii7 ! use & exp5diture ( funds4 7,c7 ,limitation ,9 c>ry+ out any ( ! functions ( ! ,*airp]son "u ?is p>agraph1 ! ,*airp]son %all be gov]n$ by g5]al policies ( ! ,bureau & by su* regulatory decisions1 f9d+s1 & det]m9ations z ! ,bureau may by law be au?oriz$ to make4 7,d7 ,reque/s or e/imates relat$ to appropriations ,any reque/ or e/imate = regul>1 supplem5tal1 or defici5cy appropriations on behalf ( ! ,bureau1 includ+ any reque/ = a transf] ( funds "u section #ajag7;a71 may n be submitt$ by ! ,*airp]son )\t ! prior approval ( ! ,bo>d4 7,e7 ,vacancy ,! ,presid5t may designate a memb] ( ! ,bo>d to s]ve z ,act+ ,*airp]son 9 ! ev5t ( a vacancy 9 ! (fice ( ! ,*airp]son4 7#e7 ,comp5sation 7,a7 ,*airp]son ,! ,*airp]son %all receive comp5sation at ! rate prescrib$ = level ,i ( ! ,executive ,s*$ule "u section #ecab ( title #e1 ,unit$ ,/ates ,code4 7,b7 ,o!r memb]s ( ! ,bo>d ,! #d memb]s ( ! ,bo>d o!r ?an ! ,*airp]son %all ea* receive comp5sation at ! rate prescrib$ = level ,,ii ( ! ,executive ,s*$ule "u section #ecac ( title #e1 ,unit$ ,/ates ,code4 7#f7 ,o!r employm5t prohibit$ ,a memb] ( ! ,bo>d may n engage 9 any o!r bus9ess1 vocation1 or employm5t4 4 7b7 ,te*nical & con=m+ am5dm5ts 7#a7 ,consum] ,f9ancial ,protection ,act ( #bjaj ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7,a7 9 section #ajjb 7#ab ,u4,s4,c4 #edha7-- 7i7 by /rik+ p>agraph 7#aj7 & ins]t+ ! foll[+3 7#aj7 ,bo>d ,! t]m ,bo>d means ! ,bo>d ( ,directors ( ! ,bureau ( ,consum] ,f9ancial ,protection4 2 & 7ii7 by ins]t+ aft] p>agraph 7#bi7 ! foll[+3 7#cj7 ,*airp]son ,! t]m ,*airp]son means ! ,*airp]son ( ! ,bo>d ( ,directors ( ! ,bureau ( ,consum] ,f9ancial ,protection4 2 7,b7 9 section #ajab 7#ab ,u4,s4,c4 #edib7-- 7i7 9 subsection 7a77#h71 by /rik+ appo9t$ & sup]vis$ by ! ,director & ins]t+ appo9t$ by ! ,bo>d & sup]vis$ by ! ,*airp]son2 7ii7 9 subsection 7b71 by /rik+ ,director & ins]t+ ,bo>d2 & 7iii7 9 subsection 7c7-- 7,i7 9 p>agraph 7#b77;,a71 by /rik+ ,director & ins]t+ ,bo>d2 & 7,,ii7 9 p>agraph 7#d71 by /rik+ ! ,director ea* place t t]m appe>s & ins]t+ any memb] ( ! ,bo>d2 7,c7 9 section #ajac 7#ab ,u4,s4,c4 #edic7-- 7i7 9 subsections 7a71 7b71 7d71 & 7e71 by /rik+ ,director ea* place t t]m appe>s & ins]t+ ,bo>d2 7ii7 9 subsection 7a71 by add+ at ! end ! foll[+3 7#f7 ,limitation 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! ,bo>d %all appo9t n m ?an #a employee ( ! ,bureau = e #c employees t are sep>at$ f s]vice ) ! ,bureau4 7,b7 ,exception ,! ,presid5t may provide ! ,bo>d ) an exemption f ! requirem5ts ( subp>agraph 7,a7 if ! ,bo>d demon/rates t hir+ employees 9 an am\nt great] ?an ! limitation 9 subp>agraph 7,a7 is necess>y-- 7i7 z a result ( a national security conc]n or an extraord9>y em]g5cy2 or 7ii7 to p]=m a critical mission4 2 7iii7 9 subsection 7c7-- 7,i7 9 p>agraphs 7#a7 & 7#b71 by /rik+ ,director ea* place t t]m appe>s & ins]t+ ,bo>d2 & 7,,ii7 9 p>agraph 7#c7-- 7aa7 by /rik+ ,assi/ant ,director ea* place t t]m appe>s & ins]t+ ,head ( ,(fice2 & 7bb7 by /rik+ ! ,director ea* place t t]m appe>s & ins]t+ ! ,bo>d2 & 7iv7 9 subsection 7g7-- 7,i7 9 p>agraph 7#a71 by /rik+ ,director & ins]t+ ,bo>d2 & 7,,ii7 9 p>agraph 7#b7-- 7aa7 9 ! p>agraph head+1 by /rik+ ,assi/ant director & ins]t+ ,head ( ! (fice2 & 7bb7 by /rik+ an assi/ant director & ins]t+ ! ,head ( ! ,(fice ( ,f9ancial ,protection = ,old] ,am]icans2 7,d7 9 section #ajad 7#ab ,u4,s4,c4 #edid71 by /rik+ ,director ea* place t t]m appe>s & ins]t+ ,bo>d2 7,e7 9 section #ajaf7;a7 7#ab ,u4,s4,c4 #edif7;a771 by /rik+ ,director ( ! ,bureau & ins]t+ ,*airp]son2 7,f7 9 section #ajag-- 7i7 9 subsection 7a7-- 7,i7 9 p>agraph 7#a71 by /rik+ ,director & ins]t+ ,bo>d2 7,,ii7 9 p>agraph 7#d7-- 7aa7 9 subp>agraph 7,a7-- 7,,aa7 by /rik+ ,director %all & ins]t+ ,bo>d %all2 7,,bb7 by /rik+ ,director1 & ins]t+ ,bo>d12 & 7,,cc7 by /rik+ ,director 9 ea* place t t]m appe>s & ins]t+ ,bo>d 92 7bb7 9 subp>agraph 7,d71 by /rik+ ,director & ins]t+ ,bo>d2 & 7cc7 9 subp>agraph 7,e71 by /rik+ ,director to & ins]t+ ,bo>d to2 & 7,,iii7 9 p>agraph 7#e77;,c71 by /rik+ ,director ( ! ,bureau & ins]t+ ,*airp]son2 7ii7 9 subsection 7c77#a7-- 7,i7 by /rik+ ,director1 & ins]t+ ,bo>d12 & 7,,ii7 by /rik+ ,director & & ins]t+ ! memb]s ( ! ,bo>d &2 & 7iii7 9 subsection 7e71 by /rik+ ,director ea* place t t]m appe>s & ins]t+ ,bo>d2 7,g7 9 subtitles ,b 7#ab ,u4,s4,c4 #eeaa et seq471 ,c 7#ab ,u4,s4,c4 #eeca et seq471 & ,g 7#ab ,u4,s4,c4 #efja et seq471 by /rik+ ,director ea* place t t]m appe>s & ins]t+ ,bo>d2 7,h7 9 section #ajfa7;c77#b77;,c77i7 7#ab ,u4,s4,c4 #eeha7;c77#b77;,c77i771 by /rik+ ! ,bo>d & ins]t+ ! ,national ,cr$it ,union ,adm9i/ration ,bo>d2 & 7,i7 9 section #ajff7;a7 7#ab ,u4,s4,c4 #eehf7;a771 by ins]t+ fir/ be=e ,director4 7#b7 ,f9ancial ,/ability ,act ( #bjaj ,section #aaa7;b77#a77;,d7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecba7;b77#a77;,d77 is am5d$ by /rik+ ,director ( ! ,bureau & ins]t+ ,*airp]son ( ! ,bo>d ( ,directors ( ! ,bureau4 7#c7 ,mortgage ,re=m & ,anti-,pr$atory ,l5d+ ,act ,section #addg ( ! ,mortgage ,re=m & ,anti-,pr$atory ,l5d+ ,act 7#ab ,u4,s4,c4 #agjap-#b7 is am5d$ by /rik+ ,director ea* place ! t]m appe>s & ins]t+ ,bo>d ( ,directors4 7#d7 ,electronic ,fund ,transf] ,act ,section #ibj7;a77#d77;,c7 ( ! ,electronic ,fund ,transf] ,act 7#ae ,u4,s4,c4 #afico-#b7;a77#d77;,c77 is am5d$ by /rik+ ,director ( ! ,bureau & ins]t+ ,bo>d ( ,directors ( ! ,bureau4 7#e7 ,exp$it$ ,funds ,availability ,act ,! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is am5d$ by /rik+ ,director ( ! ,bureau ea* place t t]m appe>s & ins]t+ ,bo>d ( ,directors ( ! ,bureau4 7#f7 ,f$]al ,deposit ,insurance ,act ,section #b ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahab7 is am5d$-- 7,a7 by /rik+ ,director ( ! ,consum] ,f9ancial ,protection ,bureau ea* place t t]m appe>s & ins]t+ ,*airp]son ( ! ,bo>d ( ,directors ( ! ,bureau ( ,consum] ,f9ancial ,protection2 & 7,b7 9 subsection 7d77#b71 by /rik+ ,comptroll] or ,director & ins]t+ ,comptroll] or ,*airp]son4 7#g7 ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh ,section #ajjd7;a77#d7 ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccjc7;a77#d77 is am5d$ by /rik+ ,director ( ! ,consum] ,f9ancial ,protection ,bureau & ins]t+ ,*airp]son ( ! ,bo>d ( ,directors ( ! ,bureau ( ,consum] ,f9ancial ,protection4 7#h7 ,f9ancial ,lit]acy & ,education ,improvem5t ,act ,section #eac ( ! ,f9ancial ,lit]acy & ,education ,improvem5t ,act 7#bj ,u4,s4,c4 #igjb7 is am5d$ by /rik+ ,director ea* place t t]m appe>s & ins]t+ ,*airp]son ( ! ,bo>d ( ,directors4 7#i7 ,home ,mortgage ,disclosure ,act ( #aige ,section #cjg ( ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhjf7 is am5d$ by /rik+ ,director ( ! ,bureau ( ,consum] ea* place t t]m appe>s & ins]t+ ,bo>d ( ,directors ( ! ,bureau ( ,consum]4 7#aj7 ,int]/ate ,l& ,sales ,full ,disclosure ,act ,! ,int]/ate ,l& ,sales ,full ,disclosure ,act 7#ae ,u4,s4,c4 #agja et seq47 is am5d$-- 7,a7 9 section #adjb7a7 7#ae ,u4,s4,c4 #agja7a771 by /rik+ ,director means ! ,director & ins]t+ ,bo>d means ! ,bo>d ( ,directors2 7,b7 by /rik+ ,director ea* place t t]m appe>s & ins]t+ ,bo>d2 7,c7 9 section #adjc7;c7 7#ae ,u4,s4,c4 #agjb7;c77-- 7i7 by /rik+ by him & ins]t+ by ! ,bo>d2 & 7ii7 by /rik+ he & ins]t+ ! ,bo>d2 7,d7 9 section #adjg 7#ae ,u4,s4,c4 #agjf7-- 7i7 9 subsection 7c71 by /rik+ he & ins]t+ ! ,bo>d2 & 7ii7 9 subsection 7e71 by /rik+ him & ins]t+ ! ,bo>d2 7,e7 9 section #adaa 7#ae ,u4,s4,c4 #agaj7-- 7i7 9 subsection 7a7-- 7,i7 by /rik+ 8 f9d+s & ins]t+ its f9d+2 & 7,,ii7 by /rik+ 8 recomm5dation & ins]t+ a recomm5dation2 & 7ii7 9 subsection 7b71 by /rik+ ,secret>y's ord] & ins]t+ ord] ( ! ,bo>d2 7,f7 9 section #adae 7#ae ,u4,s4,c4 #agad7-- 7i7 by /rik+ him ea* place t t]m appe>s & ins]t+ ! ,bo>d2 7ii7 9 subsection 7a71 by /rik+ he may1 9 8 discretion & ins]t+ ! ,bo>d may1 at ! discretion ( ! ,bo>d2 & 7iii7 9 subsection 7b7-- 7,i7 by /rik+ he ea* "t t t]m appe>s & ins]t+ ! ,bo>d2 & 7,,ii7 by /rik+ 9 8 discretion ea* "t t t]m appe>s & ins]t+ at ! discretion ( ! ,bo>d2 7,g7 9 section #adaf7;a7 7#ae ,u4,s4,c4 #agae7;a77-- 7i7 by /rik+ ( ! ,bureau ( ,consum] ,f9ancial ,protection ! fir/ "t t t]m appe>s2 7ii7 by /rik+ 8 functions1 duties1 & p[]s & ins]t+ ! functions1 duties1 & p[]s ( ! ,bo>d2 7iii7 by /rik+ 8 adm9i/rative law judges & ins]t+ ! adm9i/rative law judges ( ! ,bureau ( ,consum] ,f9ancial ,protection2 & 7iv7 by /rik+ himself & ins]t+ ! ,bo>d2 7,h7 9 section #adah;a 7#ae ,u4,s4,c4 #agag;a7-- 7i7 9 subsection 7b77#d71 by /rik+ ,! ,secret>y's det]m9ation or ord] & ins]t+ ,a det]m9ation or ord] ( ! ,bo>d2 & 7ii7 9 subsection 7d71 9 ! ?ird s5t5ce1 by /rik+ ! ,secret>y's det]m9ation or ord] & ins]t+ a det]m9ation or ord] ( ! ,bo>d2 7,i7 9 section #adai 7#ae ,u4,s4,c4 #agah7-- 7i7 by /rik+ him & ins]t+ ! ,bo>d2 7ii7 by /rik+ 8 rules & regulations & ins]t+ ! rules & regulations ( ! ,bo>d2 & 7iii7 by /rik+ 8 jurisdiction & ins]t+ ! jurisdiction ( ! ,bureau ( ,consum] ,f9ancial ,protection2 & 7,j7 9 section #adbj 7#ae ,u4,s4,c4 #agai7-- 7i7 by ins]t+ or any memb] ( ! ,bo>d be=e 9 any proce$+2 & 7ii7 by /rik+ him & ins]t+ ! ,bo>d or any memb] ( ! ,bo>d4 7#aa7 ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd ,section #e ( ! ,real ,e/ate ,settlem5t ,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4 #bfjd7 is am5d$-- 7,a7 by /rik+ ,director ( & ins]t+ ,bo>d ( ,directors (2 & 7,b7 by /rik+ ,director ea* place t t]m appe>s & ins]t+ ,bo>d4 7#ab7 ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh ,! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is am5d$-- 7,a7 9 section #aejc7aj7 7#ab ,u4,s4,c4 #eajb7aj77-- 7i7 9 ! p>agraph head+1 by /rik+ ,director & ins]t+ ,bo>d2 & 7ii7 by /rik+ ,director means ! ,director & ins]t+ ,bo>d means ! ,bo>d ( ,directors2 7,b7 by /rik+ ,director ea* place t t]m appe>s & ins]t+ ,bo>d2 & 7,c7 9 section #aead 7#ab ,u4,s4,c4 #eaac7-- 7i7 9 subsection 7b77#e71 by /rik+ ,secret>y's exp5ses & ins]t+ exp5ses ( ! ,bo>d2 7ii7 9 subsection 7c7-- 7,i7 9 p>agraph 7#a71 9 ! p>agraph head+1 by /rik+ ,director & ins]t+ ,bo>d2 7,,ii7 9 p>agraph 7#d7-- 7aa7 9 subp>agraph 7,a71 9 ! p>agraph head+1 by /rik+ ,director & ins]t+ ,bo>d2 & 7bb7 9 subp>agraph 7,c71 by /rik+ ,secret>y's exp5ses & ins]t+ exp5ses ( ! ,bo>d2 & 7,,iii7 9 p>agraph 7#e71 9 ! p>agraph head+1 by /rik+ ,director & ins]t+ ,bo>d2 & 7iii7 9 subsection 7d71 9 ! subsection head+1 by /rik+ ,director & ins]t+ ,bo>d4 7#ac7 ,title #dd ,section #ceac7;c7 ( title #dd1 ,unit$ ,/ates ,code1 is am5d$ by /rik+ ,director ( ! ,bureau & ins]t+ ,bo>d ( ,directors ( ! ,bureau4 7#ad7 ,deem+ ( ,"n ,any ref]5ce 9 a law1 regulation1 docum5t1 pap]1 or o!r record ( ! ,unit$ ,/ates to ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection %all be deem$ a ref]5ce to ! ,bo>d ( ,directors ( ! ,bureau ( ,consum] ,f9ancial ,protection1 unless o!rwise specifi$ 9 ?is ,act4 7c7 ,effective date ,! am5dm5ts made by ?is section %all take effect on ! date on :i* n less ?an #c p]sons h be5 confirm$ by ! ,s5ate to s]ve z memb]s ( ! ,bo>d ( ,directors ( ! ,bureau ( ,consum] ,f9ancial ,protection4