,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #aejj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #e1 #bjai,ms4    
,wat]s 7= h]self1 ,mrs4 ,c>olyn ,b4     
,maloney ( ,new ,york1 ,ms4 ,velzquez1  
,mr4 ,%]man1 ,mr4 ,meeks1 ,mr4 ,clay1   
,mr4 ,david ,scott ( ,georgia1 ,mr4     
,gre5 ( ,texas1 ,mr4 ,cleav]1 ,mr4      
,p]lmutt]1 ,mr4 ,himes1 ,mr4 ,fo/]1     
,mrs4 ,beatty1 ,mr4 ,heck1 ,mr4 ,v>gas1 
,mr4 ,gonzalez ( ,texas1 ,mr4 ,lawson ( 
,florida1 ,mr4 ,san ,nicolas1 ,ms4      
,tlaib1 ,ms4 ,port]1 ,mrs4 ,axne1 ,ms4  
,pressley1 ,ms4 ,ocasio-,cortez1 ,ms4   
,wexton1 ,mr4 ,lyn*1 ,ms4 ,gabb>d1 ,ms4 
,adams1 ,ms4 ,dean1 ,mr4 ,g>ca (        
,ill9ois1 & ,ms4 ,g>cia ( ,texas7       
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices1 & 9
 addition to ! ,committee on ,education 
& ,labor1 = a p]iod to be subsequ5tly   
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to require ! ,consum]         

,f9ancial ,protection ,bureau to meet   
its /atutory purpose1 & = o!r purposes4 
#a4 ,%ort title2 table ( cont5ts  7a7   
,%ort title ,?is ,act may be cit$ z !   
,consum]s ,fir/ ,act4  7b7 ,table (     
cont5ts ,! table ( cont5ts = ?is ,act is
 z foll[s3  ,sec4 #a4 ,%ort title2 table
 ( cont5ts4 ,sec4 #b4 ,f9d+s2 s5se (    
,congress4 ,sec4 #c4 ,consum] ,f9ancial 
,protection ,bureau4 ,sec4 #d4 ,con=m+  
am5dm5ts4 ,sec4 #e4 ,executive &        
adm9i/ration p[]s4 ,sec4 #f4 ,(fices ( !
 ,consum] ,f9ancial ,protection ,bureau4
 ,sec4 #g4 ,consum] ,advisory ,bo>d     
re=ms4 ,sec4 #h4 ,effective date4  #b4  
,f9d+s2 s5se ( ,congress  7a7 ,f9d+s ,! 
,congress f9ds ! foll[+3 7#a7 ,!        
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7,public ,law 
#aaa-bjc7 7,dodd-,frank71 0 sign$ into  
law on ,july #ba1 #bjaj1 9 ord] to1     
among o!r ?+s1 advance ! goals (        
protect+ consum]s f pr$atory f9ancial   
s]vices practices & products t l$ to !  
#bjjg-bjji f9ancial crisis4  7#b7 ,title

 ,x ( ,dodd-,frank e/abli%$ a new ,f$]al
 indep5d5t wat*dog1 kn[n z ! ,consum]   
,f9ancial ,protection ,bureau 7,consum] 
,bureau71 ) broad au?ority to ensure t  
all h>dwork+ consum]s are giv5 cle>1    
accurate in=mation t !y ne$ to %op =    
mortgages1 cr$it c>ds1 & o!r consum]    
f9ancial products or s]vices & to       
protect consum]s f hidd5 fees1 abusive  
t]ms1 & o!r unfair1 deceptive1 or       
abusive acts or practices ?r\gh /rong   
implem5tation & en=cem5t ( ,f$]al       
consum] f9ancial laws4  7#c7 ,be=e !    
,consum] ,bureau 0 e/abli%$1 ,f$]al     
f9ancial regulators 7 task$ ) ! dual    
responsibilities ( sup]vis+ in/itutions 
= safety & s\ndness & compliance )      
consum] protections "u ,f$]al consum]   
f9ancial laws4 ,^! ag5cies (t5          
prioritiz$ ! pr(itability ( _! regulat$ 
entities ov] ! protection ( consum]s1   
ev5 :5 in/itutions 7 f\nd to h engag$ 9 
practices detrim5tal to _! own cu/om]s' 
f9ancial well-be+4  7#d7 ,congress      
purposefully creat$ ! indep5d5t ,consum]

 ,bureau )9 ! ,f$]al ,res]ve ,sy/em to  
address pa/ regulatory gaps 9 our       
c\ntry's f9ancial regulatory            
regime--gaps t result$ 9 ! mo/ sev]e    
global f9ancial crisis s9ce ! ,great    
,depression4 ,among o!r ?+s1 ,f$]al     
f9ancial regulators 7 too reluctant to  
ex]cise _! rulemak+1 sup]visory1 &      
en=cem5t au?orities to protect consum]s 
f ! misde$s ( ! ,consum] ,bureau's      
regulat$ entities4 ,9 creat+ ! ,consum] 
,bureau1 ,congress explicitly laid out 9
 /atute ! ,consum] ,bureau's purpose1   
five objectives1 & six prim>y functions4
 ,specifically3  7,a7 ,section #ajba7;a7
 ( ,dodd-,frank /ates t ! ,consum]      
,bureau1 %all seek to implem5t &1 :]e   
applicable1 en=ce ,f$]al consum]        
f9ancial law consi/5tly = ! purpose (   
ensur+ t all consum]s h access to m>kets
 = consum] f9ancial products & s]vices &
 t m>kets = consum] f9ancial products & 
s]vices are fair1 transp>5t1 &          
competitive4  7,b7 ,section #ajba7;b7 ( 
,dodd-,frank au?orizes ! ,consum]       

,bureau1 to ex]cise its au?orities "u   
,f$]al consum] f9ancial law = ! purposes
 ( ensur+ t1 ) respect to consum]       
f9ancial products & s]vices--7#a7       
consum]s are provid$ ) timely &         
und]/&able in=mation to make responsible
 decisions ab\t f9ancial transactions2  
7#b7 consum]s are protect$ f unfair1    
deceptive1 or abusive acts & practices &
 f discrim9ation2 7#c7 outdat$1         
unnecess>y1 or unduly burd5some         
regulations are regul>ly id5tifi$ &     
address$ 9 ord] to r$uce unw>rant$      
regulatory burd5s2 7#d7 ,f$]al consum]  
f9ancial law is en=c$ consi/5tly1 )\t   
reg>d to ! /atus ( a p]son z a          
depository in/itution1 9 ord] to promote
 fair competition2 & 7#e7 m>kets =      
consum] f9ancial products & s]vices     
op]ate transp>5tly & effici5tly to      
facilitate access & innovation44  7,c7  
,section #ajba7;c7 ( ,dodd-,frank       
e/abli%es ! prim>y functions ( !        
,consum] ,bureau to be1 7#a7 conduct+   
f9ancial education programs2 7#b7       

collect+1 inve/igat+1 & respond+ to     
consum] compla9ts2 7#c7 collect+1       
rese>*+1 monitor+1 & publi%+ in=mation  
relevant to ! function+ ( m>kets =      
consum] f9ancial products & s]vices to  
id5tify risks to consum]s & ! prop]     
function+ ( su* m>kets2 7#d7 subject to 
sections #ajbd ?r\gh #ajbf1 sup]vis+    
cov]$ p]sons = compliance ) ,f$]al      
consum] f9ancial law1 & tak+ appropriate
 en=cem5t action to address violations (
 ,f$]al consum] f9ancial law2 7#e7 issu+
 rules1 ord]s1 & guidance implem5t+     
,f$]al consum] f9ancial law2 & 7#f7     
p]=m+ su* support activities z may be   
necess>y or useful to facilitate ! o!r  
functions ( ! ,bureau44  7#e7 ,9 do+ s1 
,congress explicitly laid out ^!        
consum]-focus$ purpose1 objectives1 &   
prim>y functions = ! ,consum] ,bureau to
 ensure t all consum]s & all communities
 are protect$4 ,?is is ( extreme        
importance to communities ( color :o h  
be5 disproportionately impact$ by !     
inequities ( ! f9ancial sy/em1 result+ 9

 an extreme racial weal? divide4        
,decades ( segregation & discrim9ation h
 prev5t$ consum]s ( colors f amass+     
weal? equal to _! :ite c\nt]p>ts1 :ile  
pr$atory f9ancial practices ( h /ripp$  
consum]s ( color ( _! nom9al exi/+      
weal?4 ,= example1 ov] ! pa/ #cj ye>s1 !
 av]age weal? ( ,:ite families has gr[n 
by #hd p]c5t--#a4b times ! rate ( gr[? =
 ! ,lat9o population & ?ree times ! rate
 ( gr[? = ! ,black population4 ,9 light 
( hi/orical practices & curr5t-day      
disp>ities 9 bank+ & l5d+ practices1 !  
,consum] ,bureau plays a key role 9     
protect+ communities ( color f          
weal?-/ripp+ f9ancial products & ensur+ 
_! "r to weal? build+ opportunities4 ,! 
ag5cy's en=cem5t actions 9 auto l5d+1   
mortgages1 & cr$it c>ds1 & its rulemak+ 
ef=ts h s\ght to address ! pr$atory     
f9ancial products su* z payday loans &  
prepaid c>ds t are prolific 9           
communities ( color4 ,! ,consum] ,bureau
 is ess5tial 9 protect+ vuln]able       
communities f discrim9atory f9ancial    

practices t has bo? p]petuat$ &         
exac]bat$ ! racial weal? gap4  7#f7 ,"u 
,dodd-,frank1 ! ,deputy ,director ( !   
,consum] ,bureau %all s]ve z ! ,act+    
,director 9 ! abs5ce or unavailability (
 ! ,director1 until ! ,presid5t appo9ts 
& ! ,s5ate confirms a new ,director4    
,despite ! pla9 lett] ( ! law e/abli%+ a
 succession ord] to fill a vacancy 9 !  
,director's position & ! cle>           
legislative hi/ory und]scor+ !          
importance ( hav+ an indep5d5t ,f$]al   
consum]-focus$ ag5cy1 :5 ! ,consum]     
,bureau ,director ,ri*>d ,cordray       
resign$ 9 ,novemb] #bjag1 ,presid5t     
,trump refus$ to recognize ! ,deputy    
,director z ! rightful head ( ! ag5cy & 
in/ead in/all$ ,mr4 ,mick ,mulvaney1 !  
,director ( ! ,:ite ,h\se ,(fice (      
,managem5t & ,budget1 to s]ve z !       
,consum] ,bureau's ,act+ ,director4 ,?is
 appo9tm5t ( a ,:ite ,h\se cab9et       
(ficial to run ! ,consum] ,bureau raises
 pr(\nd conflict ( int]e/ que/ions &    
und]m9es ! vital indep5d5t nature ( !   

ag5cy4  7#g7 ,additionally1 ! position (
 ,act+ ,director is1 by its nature1     
int5d$ to be a tempor>y assignm5t to    
ma9ta9 ! /atus quo at an ag5cy & to     
ensure ! ag5cy is fulfill+ its /atutory 
purpose & m&ates1 until ! ,presid5t     
appo9ts1 & ! ,s5ate confirms a p]man5t  
,director4 ,nev]!less1 dur+ 8 t5ure1    
,mr4 ,mulvaney in/itut$ dra/ic & sev]e  
*anges to ! ,consum] ,bureau's daily    
op]ations & priorities contr>y to !     
ag5cy's /atutory purpose & m&ates4  7#h7
 ,! daily op]ations ( a ,f$]al ag5cy are
 guid$ by its (ficial mission conta9$ 9 
its long-t]m /rategic plan4 ,! ,consum] 
,bureau's mission %\ld embrace bo? ! _s 
& pla9 lett] ( ! law by fully recogniz+ 
! ag5cy's /atutory purpose1 objectives1 
& functions4 ,x is tr\bl+ t ! ,consum]  
,bureau1 "u ,mr4 ,mulvaney1 issu$ a     
,/rategic ,plan = ,fiscal ,ye> 7,,fy7   
#bjah-;,,fy #bjbb t appe>s to           
deemphasize ! ,consum] ,bureau's core   
m&ate "u section #ajba7;a7 (            
,dodd-,frank to1 en=ce ,f$]al consum]   

f9ancial law consi/5tly = ! purpose (   
ensur+ t all consum]s h access to m>kets
 = consum] f9ancial products & s]vices1 
by n ref]5c+ ! importance ( en=cem5t 9  
its mission4 ,in/ead1 x emphasizes      
f9ancial education by /at+ t ! ag5cy's  
new mission is1 to regulate ! (f]+ &    
provision ( consum] f9ancial products or
 s]vices "u ! ,f$]al consum] f9ancial   
laws & to educate & emp[] consum]s to   
make bett] in=m$ f9ancial decisions4    
,?is is 9 />k contra/ f ! ,consum]      
,bureau's ,/rategic ,plan = ,,fy        
#bjac-;,,fy #bjag1 :i* /at$ t ! ag5cy's 
mission is help+1 consum] f9ance m>kets 
"w by mak+ rules m effective1 by        
consi/5tly & fairly en=c+ ^? rules1 & by
 emp[]+ consum]s to take m control ov]  
_! economic lives 7emphasis add$74  7#i7
 ,mr4 ,mulvaney has be5 prais$ by !     
,:ite ,h\se = 8 ef=ts to und]m9e !      
,consum] ,bureau1 ) "o anonym\s advisor 
ackn[l$g+ 9 a ,july #bd1 #bjah1         
,politico article t1 ,8 mission 0 to bl[
 t up1 :i* he has4 ,he is v well-suit$  

to ! *aos44 ,mr4 ,mulvaney's misguid$   
actions h includ$1 among o!r ?+s--  7,a7
 /opp+ paym5ts f ! ,civil ,p5alty ,fund 
to h>m$ consum]s2  7,b7 try+ to r$uce ! 
,consum] ,bureau's fund+ & /aff+ by     
initially reque/+ #j be transf]r$ f !   
,f$]al ,res]ve ,bo>d ( ,gov]nors to c>ry
 out ! ag5cy's "w1 impos+ a freeze on   
hir+ pr(essional c>e] /aff1 & by        
arbitr>ily direct+ /aff to cut ! ag5cy's
 budget by #a_/e2  7,c7 politiciz+ ! "w 
( ! ,consum] ,bureau by mak+ unusual    
ef=ts to fill ! indep5d5t ag5cy )       
political appo9tees2  7,d7 r$uc+ !      
,consum] ,bureau's en=cem5t "w1 includ+ 
tak+ only six en=cem5t actions 9 ! fir/ 
?ree qu>t]s ( #bjah 7comp>$ ) #ed       
en=cem5t actions tak5 by ! ag5cy 9      
#bjae1 #db en=cem5t actions 9 #bjaf &   
#cf en=cem5t actions 9 #bjag71 & dropp+ 
exi/+ lawsuits & inve/igations into     
pr$atory payday l5d]s2  7,e7 tak+ /eps t
 w\ld und]m9e ef=ts to promote fair l5d+
 & combat discrim9atory practices1      
includ+ by hir+1 & lat] refus+ to       

remove1 a political appo9tee ) a hi/ory 
( raci/ writt5 comm5t>y to ov]see !     
,(fice ( ,sup]vision1 ,en=cem5t1 & ,fair
 ,l5d+1 /ripp+ away ! en=cem5t p[]s ( ! 
,(fice ( ,fair ,l5d+ & ,equal           
,opportunity1 seek+ to curb ! ,consum]  
,bureau's data collection "u ! ,home    
,mortgage ,disclosure ,act1 & indicat+ !
 ,consum] ,bureau w\ld reconsid] its    
approa* t[>d en=c+ ! ,equal ,cr$it      
,opportunity ,act2  7,f7 *ang+ ! role ( 
! ,(fice ( ,/ud5ts & ,"y ,consum]s &1   
accord+ to an ,augu/ #bg1 #bjah1        
resignation lett] f ,se? ,frotman1 !    
,consum] ,bureau's =m] ,assi/ant        
,director & ,/ud5t ,loan ,ombudsman1 :5 
new evid5ce came to light %[+ t !       
nation's l>ge/ banks 7 ripp+ (f /ud5ts  
on campuses across ! c\ntry by saddl+ !m
 ) legally dubi\s acc\nt fees1 ,bureau  
lead]%ip suppress$ ! publication ( a    
report prep>$ by ,bureau /aff2  7,g7    
ab&on+ ! accept$ & effici5t practice (  
hav+ its exam9]s review1 z "p ( _! r\t9e
 exam9ations1 cr$itors' compliance ) !  

,milit>y ,l5d+ ,act 9 ord] to ensure !  
detection & assessm5t ( risky activities
 t c\ld jeop>dize vital protections     
provid$ to active-duty s]vicememb]s & _!
 families2  7,h7 creat+ an ,(fice ( ,co/
 ,b5efit ,analysis t prioritizes        
bus9esses' exp5ses ov] h>m caus$ to     
consum]s1 & unduly con/ra9s ov]sight ( !
 ,consum] ,bureau's regulat$ entities2  
7,i7 freez+ data collection to !        
detrim5t ( sup]vision & en=cem5t2  7,j7 
seek+ to block ! publication ( ! nature 
( consum]s' compla9ts & h[ entities     
resolv$ !m 9 ! publicly available &     
transp>5t ,consum] ,compla9t ,database2 
7,k7 re/rict+ key input & fe$back f a   
wide range ( ext]nal /akehold]s by      
effectively t]m9at+ memb]s' positions on
 ?ree advisory bo>ds1 includ+ !         
/atutorily m&at$ ,consum] ,advisory     
,bo>d2  7,l7 propos+ policies1 includ+  
^? reg>d+ no-action lett]s1 model       
disclosure pilot projects1 & product    
s&boxes1 t c\ld put _m k9ds ( f9ancial  
in/itutions 9 an en=cem5t-free zone1    

lett+ bad actors t h>m consum]s (f !    
hook entirely f en=cem5t1 & all[+ !m to 
ignore ! law2 &  7,m7 neglect+ to impose
 promptly any civil money p5alty on a   
bank :5 x 0 f\nd to be1 among o!r ?+s1  
improp]ly obta9+ consum] reports &      
furni%+ to consum] report+ ag5cies      
inaccurate in=mation ab\t consum]s'     
cr$it4  7#aj7 ,! repeat$ ef=ts "u ,mr4  
,mulvaney's lead]%ip to ham/r+ ! good   
"w1 passion1 commitm5t1 & ! capacity (  
d$icat$ pr(essional1 c>e] ,consum]      
,bureau /aff to fulfill ! ag5cy's       
/atutory mission has likely contribut$  
to l[ employee morale4 ,accord+ to a    
gov]nm5t-wide annual survey publi%$ 9   
,decemb] #bjah t 0 conduct$ by !        
nonpr(it1 nonp>tisan ,p>tn]%ip = ,public
 ,s]vice1 ! ,consum] ,bureau exp]i5c$ ! 
l>ge/ decl9e 9 employee morale = a      
gov]nm5t ag5cy ( its size4 ,a workplace 
) l[ morale und]m9es1 among o!r ?+s1 !  
ag5cy's ability to hold bad actors      
acc\ntable :5 !y h>m consum]s1 & if     
unaddress$1 w di/ort ! function+ ( fair 

& competitive consum] m>ketplaces4      
7#aa7 ,despite ! fact t ! ag5cy has be5 
ref]r$ to z ! ,consum] ,f9ancial        
,protection ,bureau s9ce x 0 creat$ 9   
#bjaj1 ,mr4 ,mulvaney opt$ to *ange !   
ag5cy's well-kn[n "n4 ,al?\gh ?is       
decision is suppos$ly int5d$ to ensure t
 ! ag5cy is 9 compliance ) ,dodd-,frank1
 :5 ?is *ange is view$ 9 conjunction ) !
 o!r detrim5tal actions to und]m9e !    
effectiv5ess ( ! ag5cy1 x c only be     
int]pret$ z an attempt to r$uce !       
public's aw>5ess (1 & significant       
support =1 ! ag5cy's role z ! top ,f$]al
 consum] cop z well z to obscure !      
public's ability to easily id5tify !    
appropriate ,f$]al ag5cy to contact :5  
fac$ ) pr$atory behavior by f9ancial    
actors4 ,z su*1 :ile "s may view ?is    
p>ticul> decision z m9or1 ! action s]v$ 
z an important symbolic & lit]al maneuv]
 by ! ,trump ,adm9i/ration1 ?r\gh its   
appo9tm5t ( ,mr4 ,mulvaney1 to dim9i% & 
und]m9e ! consum]-focus$ mission ( !    
,consum] ,bureau4 ,director ,ka?y       

,kran+]1 :o 0 duly nom9at$ by !         
,presid5t & confirm$ by ! ,s5ate1       
ann\nc$ plans 9 an email to /aff on     
,decemb] #ai1 #bjah1 to rev]se c\rse &  
return to utiliz+ ! ag5cy's well-kn[n   
"n4 ,h[ev]1 que/ions rema9 reg>d+ h[ ?is
 *ange w be implem5t$ & to :at ext5t !  
ag5cy may cont9ue to utilize ,mr4       
,mulvaney's pref]r$ "n 9 c]ta9          
circum/ances4  7#ab7 ,dur+ ,mr4         
,mulvaney's m ?an #ab-mon? t5ure runn+ !
 ag5cy1 he only appe>$ once be=e ! ,h\se
 ,f9ancial ,s]vices ,committee to       
discuss 8 activities at ! ,consum]      
,bureau4 ,?is is despite ! fact t ! law 
requires1 at a m9imum1 ! ,director's    
te/imony be=e ! ,committee              
semi-annually4 ,?is weak congressional  
ov]sight "u ! direction ( ! previ\s     
,republican ,majority pales 9 comp>ison 
to _! ov]sight ( ! ,consum] ,bureau dur+
 =m] ,director ,ri*>d ,cordray's t5ure4 
,dur+ ,director ,cordray's t5ure1 he &  
o!r s5ior ,consum] ,bureau (ficials     
te/ifi$ be=e ,congress m ?an #fj times2 

! ag5cy 0 compell$ to produce m ?an     
#bjj1jjj pages ( docum5ts 9 response to 
ov] #ij lett]s ( inquiry2 m ?an #bj     
subpo5as 7 s5t to ! ,consum] ,bureau2 & 
sev]al ( ! ,consum] ,bureau's =m] &     
curr5t employees 7 compell$ to sit =    
depositions ov] #ba days1 t la/$ #acf   
h\rs1 & produc$ #c1aid pages (          
transcripts4  7#ac7 ,dodd-,frank gives !
 ,director ( ! ,consum] ,bureau broad   
adm9i/rative & executive p[]s to1 among 
o!r ?+s3 fix ! numb] (1 & appo9t &      
direct1 all employees ( ! ag5cy2 direct 
! e/abli%m5t & ma9t5ance ( divisions or 
o!r (fices )9 ! ag5cy2 det]m9e ! "* (1 &
 ! necessity =1 ! obligations &         
exp5diture ( funds2 & ! use & exp5diture
 ( funds4 ,^! p[]s1 h[ev]1 are requir$  
to be ex]cis$ 9 a mann] consi/5t ) c>ry+
 out ! responsibilities "u ,title ,x (  
,dodd-,frank1 :i* includes comply+ ) !  
enum]at$ ,f$]al consum] f9ancial laws "u
 ! ,title1 & satisfy+ ! obligations 9   
o!r applicable laws4 ,mr4 ,mulvaney's   
de/ructive actions h demon/rat$ ! ne$ = 

legislation to reori5t ! ,director's    
discretion>y au?ority to ensure !       
ma9t5ance ( all /atutorily m&at$        
policies1 functions1 & (fices ( !       
,consum] ,bureau reg>dless ( :o is lead+
 ! ag5cy4  7b7 ,s5se ( ,congress ,!     
foll[+ is ! s5se ( ,congress3 7#a7 ,!   
,consum] ,f9ancial ,protection ,bureau  
%\ld meet its /atutory purpose 9 a      
transp>5t & acc\ntable mann] by op]at+ 9
 a way t is consi/5t ) bo? ! _s & pla9  
lett] ( ! law4 ,?is includes ! ag5cy    
fully c>ry+ out ! ag5cy's /atutory      
purpose1 objectives1 & functions1 & !   
ag5cy be+ transp>5t1 timely1 &          
responsive to all reque/s f ,congress4  
7#b7 ,dodd-,frank und]scores t ! ag5cy  
is design$ to s]ve z an indep5d5t ,f$]al
 ag5cy t is prim>ily focus$ on !        
protection ( all consum]s1 )\t any undue
 influ5ce ( p>tisan :ims & special      
indu/ry int]e/s1 9 c>ry+ out its        
responsibilities & duties4  7#c7 ,!     
(ficial "n ( ! ag5cy %\ld be consi/5t ) 
?is m&ate1 & ! ag5cy %\ld1 figuratively 

& lit]ally1 put ,consum]s fir/ by us+   
its bett]-kn[n "n z ! ,consum] ,f9ancial
 ,protection ,bureau4 ,?us1 any rema9+  
utilization by ! ag5cy ( ! "n1 ,bureau (
 ,consum] ,f9ancial ,protection1 or !   
acronym ,,bcfp1 %\ld cease 9 all =ms4   
7#d7 ,! /atute e/abli%+ ! ,consum]      
,bureau has be5 grossly mis9t]pret$ "u  
,mr4 ,mulvaney's lead]%ip1 9 a mann] t  
is inconsi/5t ) ! ag5cy's /atutory      
purpose1 objectives1 & functions4 ,"o   
example ( ?is 0 ,mr4 ,mulvaney's inane  
sugge/ion t ! /atutory requirem5t = !   
,director to appe> be=e relevant        
,congressional ,committees to discuss   
its semi-annual reports c\ld be         
int]pret$ z requir+ ! ,director m]ely to
 att5d a he>+ & n answ] que/ions1       
despite ! well-e/abli%$ int]pretation ( 
a simil> /atutory requirem5t = ! ,*air (
 ! ,f$]al ,res]ve ,bo>d ( ,gov]nors to  
appe> be=e ! ,h\se ,f9ancial ,s]vices   
,committee & ! ,s5ate ,bank+1 ,h\s+1 &  
,urban ,affairs ,committee on a         
semi-annual basis ab\t ! monet>y policy 

report1 z requir$ by ! ,humphrey-,hawk9s
 ,full ,employm5t ,act4 ,9 ! face ( su* 
blatant & disrespectful attempts to w>p 
! au?oriz+ & ov]sight role ( ! fir/     
bran* ( ! ,f$]al ,gov]nm5t--! ,unit$    
,/ates ,congress--by ! ,trump           
,adm9i/ration1 ,congress mu/1 9 ?is     
in/ance1 n[ ref9e ! ,consum] ,bureau's  
au?ority to ensure t ! vital role t !   
,consum] ,bureau %\ld be play+ )9 !     
c\ntry's f9ancial regulatory regime is n
 effectively de/roy$ by ! ag5cy's curr5t
 lead]%ip4  7#e7 ,! ,consum] ,bureau1 n[
 "u a new ,director1 %\ld promptly      
rev]se all anti-consum] actions tak5    
dur+ ,mr4 ,mulvaney's t5ure1 includ+ !  
actions id5tifi$ by ?is legislation1 to 
ensure t ! ag5cy is fully comply+ ) its 
/atutory purpose1 objectives1 &         
functions to protect all consum]s1      
includ+ communities ( color & vuln]able 
populations4 ,"o important action is = !
 ,consum] ,bureau to resume robu/ fair  
l5d+ en=cem5t to ensure t e consum] has 
fair & equal access to af=dable f9ancial

 products & s]vices4 ,ano!r demon/ration
 ( ?is w\ld be = ! ,consum] ,bureau to  
imm$iately resume sup]vision ( its      
regulat$ entities = compliance ) !      
,milit>y ,l5d+ ,act to ensure = ! mo/   
robu/ & effici5t protection (           
active-duty s]vicememb]s & _! families4 
,o!r examples include ! ,consum] ,bureau
 significantly revis+ its /rategic plan 
to align x ) its /atutory purpose1      
objectives & functions1 & = ! ag5cy to  
imm$iately resume coord9at+ closely )   
o!r ,f$]al ag5cies1 su* z ! ,dep>tm5t ( 
,education & ! ,dep>tm5t ( ,def5se1 &   
,/ate regulators1 z is requir$ by       
section #ajae ( ,dodd-,frank to1 promote
 consi/5t regulatory treatm5t ( consum] 
f9ancial & inve/m5t products & s]vices4 
7#f7 ,:ile ! legislation is a direct    
response to address _m ( ! misguid$     
decisions t h be5 or*e/rat$ "u ,mr4     
,mulvaney's lead]%ip at ! ,consum]      
,bureau t h be5 expos$ to ! public1 z ( 
! date ( ! bill's introduction1 & %>ply 
criticiz$ by num]\s ,f$]al & ,/ate      

(ficials1 includ+ law en=cem5t1 z well z
 organizations repres5t+ s]vicememb]s1  
s5ior citiz5s1 & o!r vuln]able consum]  
populations1 ?is legislation %\ld n be  
view$ z an exhau/ive li/ to fix all !   
damag+ actions t may h occurr$ at ?is   
ag5cy s9ce ! dep>ture ( =m] ,director   
,cordray 9 ,novemb] #bjag1 p>ticul>ly   
s9ce detail$ in=mation reveal+ ! full   
scope1 nature1 & ext5t ( ! curr5t flaw$ 
op]ation ( ! ag5cy1 & ! adv]se impact   
result+ f ^! actions1 may n yet be      
publicly available4 ,r1 ?is legislation 
%\ld be int]pret$ z an attempt to       
highlight & resolve a small sample ( !  
publicly kn[n egregi\s /atem5ts1        
decisions1 & actions t h occurr$ s9ce   
,novemb] #bjag4  #c4 ,consum] ,f9ancial 
,protection ,bureau  7a7 ,9 g5]al       
,section #ajaa7;a7 ( ! ,consum]         
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edia7;a77 is am5d$ by /rik+  
,bureau ( ,consum] ,f9ancial ,protection
 & ins]t+ ,consum] ,f9ancial ,protection
 ,bureau4  7b7 ,deem+ ( "n ,any ref]5ce 

9 any law1 regulation1 docum5t1 record1 
or o!r pap] ( ! ,unit$ ,/ates to !      
,bureau ( ,consum] ,f9ancial ,protection
 %all be deem$ a ref]5ce to ! ,consum]  
,f9ancial ,protection ,bureau4  7c7 ,"n 
use requirem5t ,section #ajaa ( !       
,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #edia7 is am5d$ by 
add+ at ! end ! foll[+3  7f7 ,"n use    
requirem5t ,! ,consum] ,f9ancial        
,protection ,bureau %all ref] to itself 
9 any public communication1 includ+ on  
any website1 z ! ,consum] ,f9ancial     
,protection ,bureau or ! ,,cfpb4  4  #d4
 ,con=m+ am5dm5ts  7a7 ,9 g5]al ,! ,acts
 describ$ "u subsection 7b7 are am5d$ by
 /rik+ ,bureau ( ,consum] ,f9ancial     
,protection ea* place su* t]m appe>s &  
ins]t+ ,consum] ,f9ancial ,protection   
,bureau4  7b7 ,acts ,to con=m ,! ,acts  
describ$ 9 ?is subsection are z foll[s3 
7#a7 ,! ,alt]native ,mortgage           
,transaction ,p>ity ,act ( #aihb 7#ab   
,u4,s4,c4 #chja et seq474  7#b7 ,!      
,consum] ,cr$it ,protection ,act 7#ae   

,u4,s4,c4 #afja et seq474  7#c7 ,!      
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecja et seq474  7#d7 ,! ,exp$it$      
,funds ,availability ,act 7#ab ,u4,s4,c4
 #djja et seq474  7#e7 ,! ,f$]al        
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahaa et seq474  7#f7 ,! ,f$]al         
,f9ancial ,in/itutions ,exam9ation      
,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4     
#cbja et seq474  7#g7 ,! ,f9ancial      
,in/itutions ,re=m1 ,recov]y1 &         
,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4   
#ahaa note et seq474  7#h7 ,! ,f9ancial 
,lit]acy & ,education ,improvem5t ,act  
7#bj ,u4,s4,c4 #igja et seq474  7#i7 ,! 
,gramm-,lea*-,bliley ,act 7#ab ,u4,s4,c4
 #ahaa note et seq474  7#aj7 ,! ,home   
,mortgage ,disclosure ,act ( #aige 7#ab 
,u4,s4,c4 #bhja et seq474  7#aa7 ,!     
,home[n]s ,protection ,act ( #aiih 7#ab 
,u4,s4,c4 #dija et seq474  7#ab7 ,!     
,inspector ,g5]al ,act ( #aigh 7#e      
,u4,s4,c4 ,app #b74  7#ac7 ,! ,int]/ate 
,l& ,sales ,full ,disclosure ,act 7#ae  

,u4,s4,c4 #agja et seq474  7#ad7 ,!     
,omnibus ,appropriations ,act1 #bjji    
7,public ,law #aaa-h74  7#ae7 ,! ,real  
,e/ate ,settlem5t ,proc$ures ,act (     
#aigd 7#ab ,u4,s4,c4 #bfja et seq474    
7#af7 ,title ,,lxii ( ! ,revis$ ,/atutes
 ( ! ,unit$ ,/ates 7#ab ,u4,s4,c4 #ba et
 seq474  7#ag7 ,! ,"r to ,f9ancial      
,privacy ,act ( #aigh 7#ab ,u4,s4,c4    
#cdja et seq474  7#ah7 ,! ,s4,a4,f4,e4  
,mortgage ,lic5s+ ,act ( #bjjh 7#ab     
,u4,s4,c4 #eaja et seq474  7#ai7 ,!     
,telem>ket+ & ,consum] ,fraud & ,abuse  
,prev5tion ,act 7#ae ,u4,s4,c4 #faja et 
seq474  7#bj7 ,title #e1 ,unit$ ,/ates  
,code4  7#ba7 ,title #aj1 ,unit$ ,/ates 
,code4  7#bb7 ,title #dd1 ,unit$ ,/ates 
,code4  #e4 ,executive & adm9i/ration   
p[]s  7a7 ,(fice ,responsibilities      
,section #ajab ( ! ,consum] ,f9ancial   
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edib7 is am5d$--  7#a7 by r$esignat+   
subsection 7c7 z subsection 7d72 &  7#b7
 by ins]t+ aft] subsection 7b7 ! foll[+3
  7c7 ,(fice ,responsibilities ,not)/&+ 

subsections 7a7 & 7b71 section          
#ajac7;a71 & any o!r provision ( law1 ) 
respect to ! specific functional units &
 (fices describ$ "u subsections 7b71    
7c71 7d71 7e71 7g71 & 7h7 ( section     
#ajac & ! advisory bo>ds describ$ "u    
section #ajad1 ! ,director--  7#a7 %all 
ensure t su* functional units1 (fices1 &
 bo>ds p]=m ! functions1 duties1 &      
coord9ation assign$ to !m "u !          
applicable provision ( section #ajac or 
#ajad2 &  7#b7 may n reorganize or r5ame
 su* units1 (fices1 & bo>ds 9 a mann] n 
provid$ = "u ! applicable provision (   
section #ajac or #ajad4  4  7b7 ,duty   
,to provide adequate /aff+ ,section     
#ajac7;a77#a7 ( ! ,consum] ,f9ancial    
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edic7;a77#a77 is am5d$ by add+ at ! end
 ! foll[+3  7,d7 ,duty to provide       
adequate /aff+ ,! ,director %all ensure 
t ! specific functional units & (fices  
describ$ "u subsections 7b71 7c71 7d71  
7e71 7g71 & 7h7 ( section #ajac1 z well 
z o!r units & (fices ) sup]visory &     

en=cem5t duties1 are provid$ ) suffici5t
 /aff to c>ry out ! functions1 duties1 &
 coord9ation ( ^? units & (fices4  4    
7c7 ,limitation on political appo9tees  
,section #ajac7;a77#a7 ( ! ,consum]     
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edic7;a77#a77 is am5d$ by    
add+ at ! end ! foll[+3  7,d7           
,limitation on political appo9tees  7i7 
,9 g5]al ,9 appo9t+ employees ( !       
,bureau :o are political appo9tees1 !   
,director %all ensure t ! numb] & duties
 ( su* political appo9tees are z simil> 
z possible to ^? ( ! o!r ,f$]al prim>y  
f9ancial regulatory ag5cies4  7ii7      
,political appo9tees def9$ ,= purposes (
 ?is subp>agraph1 ! t]m political       
appo9tee means an employee :o holds--   
7,i7 a position :i* has be5 except$ f ! 
competitive s]vice by reason ( its      
confid5tial1 policy-det]m9+1            
policy-mak+1 or policy-advocat+ "*2     
7,,ii7 a position 9 ! ,s5ior ,executive 
,s]vice z a nonc>e] appo9tee 7z su* t]m 
is def9$ 9 section #cacb7;a7 ( title #e1

 ,unit$ ,/ates ,code72 or  7,,iii7 a    
position "u ! ,executive ,s*$ule        
7sub*apt] ,,ii ( *apt] #ec ( title #e1  
,unit$ ,/ates ,code74  4  7d7 ,public   
availability ( compla9t in=mation  7#a7 
,9 g5]al ,section #ajac7;b77#c7 ( !     
,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #edic7;b77#c77 is  
am5d$--  7,a7 9 subp>agraph 7,a7-- 7i7  
by ins]t+ publicly available be=e       
website2  7ii7 by ins]t+ publicly       
available be=e database1 ea* place su*  
t]m appe>s2 &  7iii7 by add+ at ! end ! 
foll[+3 ,! ,director %all ensure t ! l&+
 page ( ! ma9 website ( ! ,bureau       
conta9s a cle> & conspicu\s hyp]l9k to !
 consum] compla9t database describ$ 9   
?is subp>agraph & %all ensure t su*     
database is us]-fri5dly & 9 pla9 writ+  
7z su* t]m is def9$ 9 ! ,pla9 ,writ+    
,act ( #bjaj74 ,! ,director %all ensure 
t all in=mation on ! website or !       
database t expla9s h[ to file a compla9t
 ) ! ,bureau1 z well z all reports ( !  
,bureau ) respect to in=mation conta9$ 9

 ! database1 %all be provid$ 9 ea* ( !  
#e mo/ commonly spok5 languages1 o!r ?an
 ,engli%1 9 ! ,unit$ ,/ates1 z det]m9$  
by ! ,bureau ( ! ,c5sus on an ongo+     
basis1 & 9 =mats accessible to          
individuals ) he>+ or vision            
impairm5ts42 &  7,b7 by add+ at ! end ! 
foll[+3  7,e7 ,public availability (    
in=mation  7i7 ,9 g5]al ,! ,director    
%all--  7,i7 make all consum] compla9ts 
available to ! public on a website ( !  
,bureau2  7,,ii7 place a cle> &         
conspicu\s hyp]l9k on ! l&+ page ( ! ma9
 website ( ! ,bureau to ! website       
describ$ "u subclause 7,i72 &  7,,iii7  
ensure t su* website-- 7aa7 is se>*able 
& sortable by bo? consum] f9ancial      
product or s]vice & by cov]$ p]son2 &   
7bb7 is us]-fri5dly & writt5 9 pla9     
language4  7ii7 ,inclusion ( compla9ts  
submitt$ ) inquiries ,= purposes (      
clause 7i71 9 addition to all compla9ts 
describ$ "u subp>agraph 7,a71 consum]   
compla9ts %all include any compla9ts    
submitt$ )1 or z "p (1 an inquiry       

describ$ "u section #ajcd4  7iii7       
,removal ( p]sonally id5tifiable        
in=mation ,9 mak+ ! in=mation describ$  
"u clause 7i7 available to ! public1 !  
,director %all remove all p]sonally     
id5tifiable in=mation4  4  7#b7 ,rule ( 
con/ruction  7,a7 ,9 g5]al ,! ,director 
( ! ,consum] ,f9ancial ,protection      
,bureau %all ensure-- 7i7 t ! database &
 website describ$ "u section            
#ajac7;b77#c7 ( ! ,consum] ,f9ancial    
,protection ,act ( #bjaj h1 at a m9imum1
 ! same availability1 transp>5cy1 &     
functionality t su* database & website  
_h prior to ,novemb] #bd1 #bjag2 &  7ii7
 t consum]s are able1 at a m9imum1 to   
submit compla9ts to ! ,bureau ) respect 
to-- 7,i7 any cov]$ p]son or s]vice     
provid]2 &  7,,ii7 any f9ancial product 
or s]vice4  7,b7 ,def9itions ,= purposes
 ( ?is p>agraph1 ! t]ms cov]$ p]son1    
f9ancial product or s]vice1 & s]vice    
provid] h ! mean+ giv5 ^? t]ms1         
respectively1 "u section #ajjb ( !      
,consum] ,f9ancial ,protection ,act (   

#bjaj4  7e7 ,memor&a ( und]/&+  7#a7    
,report on curr5t ,m,o,us ,n lat] ?an ! 
end ( ! #cj-;day p]iod beg9n+ on ! date 
( enactm5t ( ?is ,act1 ! ,director ( !  
,consum] ,f9ancial ,protection ,bureau  
%all issue a report to ! ,committee on  
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate li/+--  7,a7 ea* memor&um (      
und]/&+ 9 effect ) ! ,bureau on ,novemb]
 #bd1 #bjag2  7,b7 any *anges made to   
su* a memor&um ( und]/&+ s9ce su* date1 
includ+ any memor&um ( und]/&+ resc9d$  
s9ce su* date2 &  7,c7 a ju/ification = 
ea* su* *ange or rescission4  7#b7      
,semi-annual report on ,m,o,us ,section 
#ajaf7;c7 ( ! ,consum] ,f9ancial        
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edif7;c77 is am5d$--  7,a7 9 p>agraph  
7#h71 by /rik+ & at ! end2  7,b7 9      
p>agraph 7#i71 by /rik+ ! p]iod & ins]t+
 a semicolon2 &  7,c7 by add+ at ! end !
 foll[+3  7#aj7 a li/ ( ea* memor&um (  
und]/&+ 9 effect ) ! ,bureau1 any *anges

 made to a memor&um ( und]/&+ s9ce ! la/
 report 0 made "u subsection 7b71 & a   
ju/ification = ea* su* *ange2  4  #f4   
,(fices ( ! ,consum] ,f9ancial          
,protection ,bureau  7a7 ,cl>ification (
 ! duties ( ! ,(fice ( ,fair ,l5d+ &    
,equal ,opportunity ,section            
#ajac7;c77#b7 ( ! ,consum] ,f9ancial    
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edic7;c77#b77 is am5d$--  7#a7 by /rik+
 ,(fice ( ,fair ,l5d+ & ,equal          
,opportunity %all h su* p[]s & duties z 
! ,director may delegate to ! ,(fice1   
includ+ & ins]t+ p[]s & duties ( !      
,(fice ( ,fair ,l5d+ & ,equal           
,opportunity %all include2  7#b7 9      
subp>agraph 7,c71 by /rik+ & at ! end2  
7#c7 9 subp>agraph 7,d71 by /rik+ !     
p]iod & ins]t+ a semicolon2 &  7#d7 by  
add+ at ! end ! foll[+3  7,e7 implem5t+ 
! ,bureau's en=cem5t & sup]visory       
au?ority ) respect to fair l5d+ laws2 & 
7,f7 su* additional p[]s & duties z !   
,director may det]m9e appropriate4  4   
7b7 ,(fice ( ,/ud5ts & ,"y ,consum]s    

7#a7 ,9 g5]al ,section #ajac ( !        
,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #edic7 is am5d$--  
7,a7 by r$esignat+ subsection 7h7 z     
subsection 7i72 &  7,b7 by ins]t+ aft]  
subsection 7g7 ! foll[+3  7h7 ,(fice (  
,/ud5ts & ,"y ,consum]s  7#a7 ,9 g5]al  
,! ,director %all1 n lat] ?an ! end ( ! 
#fj-;day p]iod beg9n+ on ! date (       
enactm5t ( ?is section1 e/abli% an      
,(fice ( ,/ud5ts & ,"y ,consum]s1 :i*   
%all "w to emp[] /ud5ts1 "y p1 & _!     
families to make m in=m$ f9ancial       
decisions ab\t sav+ & pay+ = college1   
access+ saf] & m af=dable f9ancial      
products & s]vices1 all matt]s relat$ to
 private education loans 7z def9$ "u    
section #ajce7;e771 & repay+ /ud5t loan 
debt1 includ+ private education loans4  
7#b7 ,head ( ! ,(fice ,! head ( ! ,(fice
 ( ,/ud5ts & ,"y ,consum]s %all be !    
,assi/ant ,director & ,/ud5t ,loan      
,ombudsman1 & ! ,assi/ant ,director &   
,/ud5t ,loan ,ombudsman %all c>ry out   
all functions e/abli%$ "u section #ajce 

?r\gh ! ,(fice ( ,/ud5ts & ,"y          
,consum]s4  7#c7 ,sup]visory1 en=cem5t1 
& regulatory matt]s ,! ,(fice ( ,/ud5ts 
& ,"y ,consum]s %all assi/ 9 all        
sup]visory1 en=cem5t1 & regulatory      
matt]s ( ! ,bureau relat$ to ! functions
 ( ! ,(fice4  7#d7 ,coord9ation ,!      
,director %all ent] into memor&a (      
und]/&+ & simil> agreem5ts ) ! ,dep>tm5t
 ( ,education & o!r ,f$]al & ,/ate      
ag5cies1 z appropriate1 9 ord] to c>ry  
out ! bus9ess ( ! ,(fice ( ,/ud5ts & ,"y
 ,consum]s4  4  7#b7 ,r5am+ & appo9tm5t 
cl>ification ( ! ,private ,education    
,loan ,ombudsman  7,a7 ,9 g5]al ,section
 #ajce ( ! ,consum] ,f9ancial           
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#eece7 is am5d$-- 7i7 9 ! head+ ( !     
section by /rik+ ,,private ,,education &
 ins]t+ ,,assi/ant ,,director ,,&       
,,/ud5t2  7ii7 9 subsection 7a71 by     
/rik+ ,! ,secret>y1 9 consultation ) !  
,director1 %all designate a ,private    
,education ,loan ,ombudsman & ins]t+ ,! 
,director %all designate an individual z

 ! ,assi/ant ,director & ,/ud5t ,loan   
,ombudsman2  7iii7 9 subsection 7b71 by 
/rik+ ,! ,secret>y & ! ,director &      
ins]t+ ,! ,director2 &  7iv7 9          
subsection 7d77#b71 by ins]t+ !         
,director1 be=e ! ,secret>y14  7,b7     
,cl]ical am5dm5t ,! table ( cont5ts "u  
section #a7;b7 ( ! ,dodd-,frank ,wall   
,/reet ,re=m & ,consum] ,protection ,act
 is am5d$1 9 ! item relat+ to section   
#ajce1 by /rik+ ,,private ,,education & 
ins]t+ ,,assi/ant ,,director ,,&        
,,/ud5t4  7,c7 ,deem+ ( "n ,any ref]5ce 
9 any law1 regulation1 docum5t1 record1 
or o!r pap] ( ! ,unit$ ,/ates to !      
,private ,education ,loan ,ombudsman    
%all be deem$ a ref]5ce to ! ,assi/ant  
,director & ,/ud5t ,loan ,ombudsman4    
7c7 ,semi-,annual report to ,congress on
 c]ta9 (fices ( ! ,bureau ,section      
#ajaf7;c7 ( ! ,consum] ,f9ancial        
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edif7;c771 z am5d$ by section          
#e7;e77#c71 is fur!r am5d$ by add+ at ! 
end ! foll[+3  7#aa7 ) respect to ea* ( 

! specific functional units & (fices    
e/abli%$ "u section #ajac-- 7,a7 a      
detail$ description ( ! activities ( !  
unit or (fice s9ce ! la/ report 0 made  
"u subsection 7b72 &  7,b7 an analysis (
 ! ef=ts ( ! ,bureau to a*ieve ! duties 
( ! unit or (fice2 &  7#ab7 ) respect to
 ea* specific functional units & (fices 
e/abli%$ "u section #ajac1 z well z ea* 
o!r unit & (fice ) sup]visory & en=cem5t
 duties1 a break d[n ( ! numb] (        
political & pr(essional c>e] /aff       
assign$ to & employ$ by ea* unit or     
(fice at ! end ( ! report+ p]iod4  4    
7d7 ,function ( any unit or (fice       
e/abli%$ ,to conduct co/ b5efit analysis
 ,any unit or (fice e/abli%$ to conduct 
co/ b5efit analysis )9 ! ,consum]       
,f9ancial ,protection ,bureau %all1 z   
its sole function1 c>ry out !           
consid]ations requir$ by section        
#ajbb7;b77#b77;,a7 ( ! ,consum]         
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #eeab7;b77#b77;,a774  #g4     
,consum] ,advisory ,bo>d re=ms  7a7 ,9  

g5]al ,section #ajad ( ! ,consum]       
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edid7 is am5d$-- 7#a7 by     
am5d+ subsection 7b7 to read z foll[s3  
7b7 ,memb]%ip  7#a7 ,qualifications ,9  
appo9t+ ! memb]s ( ! ,consum] ,advisory 
,bo>d1 ! ,director %all-- 7,a7 seek to  
assemble a div]se & inclusive gr\p (    
exp]ts 9 consum] protection1 f9ancial   
s]vices1 community developm5t1 fair l5d+
 & civil rights1 & consum] f9ancial     
products or s]vices & repres5tatives (  
depository in/itutions t prim>ily s]ve  
und]s]v$ communities1 & repres5tatives (
 communities t h be5 significantly      
impact$ by high]-pric$ mortgage loans1 &
 seek repres5tation ( ! int]e/s ( cov]$ 
p]sons & consum]s1 )\t reg>d to p>ty    
affiliation2 &  7,b7 ensure t at lea/   
#b_/c ( ! memb]s repres5t ! int]e/s (   
consum]s1 includ+ exp]ts 9 consum]      
protection1 fair l5d+1 civil rights1 &  
repres5tatives ( communities t h be5    
significantly impact$ by high]-pric$    
mortgage loans & o!r products t result$ 

9 consum] h>m4  7#b7 ,numb] ( memb]s ,! 
,director %all appo9t n few] ?an #be    
memb]s to ! ,consum] ,advisory ,bo>d1 & 
n few] ?an #f memb]s %all be appo9t$ ^u 
! recomm5dation ( ! regional ,f$]al     
,res]ve ,bank ,presid5ts1 on a rotat+   
basis4  7#c7 ,memb]%ip rights aft] *>t] 
*ange ,any *ange to ! *>t] = ! ,consum] 
,advisory ,bo>d affect+ ! memb]%ip %all 
n preclude prior or curr5t memb]s f     
apply+ = consid]ation to s]ve on a      
recon/itut$ ,consum] ,advisory ,bo>d4  2
 &  7#b7 9 subsection 7c7-- 7,a7 by     
/rik+ meet f & ins]t+ meet 9 p]son f2 & 
7,b7 by add+ at ! end ! foll[+3 ,!      
,bureau %all provide adequate notice to 
! memb]s ( ! ,consum] ,advisory ,bo>d ( 
! "t & date ( ea* meet+1 & ( any meet+  
cancellations4  7b7 ,inclusion ( !      
,director 9 meet+s & access to ,bureau  
/aff ,section #ajad ( ! ,consum]        
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edid7 is am5d$ by add+ at !  
end ! foll[+3  7e7 ,inclusion ( !       
,director 9 meet+s & access to ,bureau  

/aff ,) respect to ea* 9 p]son meet+ ( !
 ,consum] ,advisory ,bo>d-- 7#a7 !      
,director %all att5d su* meet+ 9 p]son2 
&  7#b7 ! ,director %all ensure t !     
memb]s ( ! ,consum] ,advisory ,bo>d h an
 opportunity to meet & engage 9 p]son ) 
all appropriate /aff & (fice ( !        
,bureau4  4  7c7 ,treatm5t ( memb]s ( ! 
,consum] ,advisory ,bo>d ,not)/&+ any   
o!r law-- 7#a7 any memb] ( ! ,consum]   
,advisory ,bo>d ( ! ,consum] ,f9ancial  
,protection ,bureau on ,novemb] #a1     
#bjag1 may cont9ue to s]ve z a memb] (  
su* advisory bo>d until ,m>* #bg1 #bjbj1
 & may n be remov$ f su* position )\t   
cause by ! ,director ( ! ,bureau until  
su* date2 &  7#b7 any memb] ( ! ,consum]
 ,advisory ,bo>d ( ! ,consum] ,f9ancial 
,protection ,bureau on ! date ( enactm5t
 ( ?is ,act1 may cont9ue to s]ve z a    
memb] ( su* advisory bo>d until ,m>*    
#bg1 #bjbj1 & may n be remov$ f su*     
position )\t cause by ! ,director ( !   
,bureau until su* date4  7d7 ,additional
 requirem5ts = advisory committees      

,section #ajac ( ! ,consum] ,f9ancial   
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edic7 is am5d$ by add+ at ! end !      
foll[+3  7j7 ,advisory committee        
requirem5ts  7#a7 ,qualifications ,9    
appo9t+ memb]s ( any advisory committee1
 o!r ?an ! ,consum] ,advisory ,bo>d1 !  
,director %all ensure t at lea/ #a_/c ( 
! memb]s repres5t ! int]e/s ( consum]s1 
includ+ exp]ts 9 consum] protection1    
fair l5d+1 civil rights1 &              
repres5tatives ( communities t h be5    
significantly impact$ by high]-pric$    
mortgage loans & o!r products t result$ 
9 consum] h>m4  7#b7 ,selection ( memb]s
 repres5t+ m9ority-own$ & wom5-own$     
bus9esses ,9 appo9t+ memb]s ( any       
advisory committee1 ! ,director %all    
seek to promote div]sity & inclusion 9  
mak+ appo9tm5ts1 includ+ by appo9t+     
individuals :o repres5t m9ority-own$ &  
wom5-own$ bus9esses4  4  #h4 ,effective 
date ,?is ,act & ! am5dm5ts made by ?is 
,act %all take effect on ! date ( !     
enactm5t ( ?is ,act1 except t !         

,director ( ! ,consum] ,f9ancial        
,protection ,bureau %all h #cj days to  
complete any op]ational *anges to !     
,bureau requir$ by ?is ,act or an       
am5dm5t made by ?is ,act4