,,ib ,union ,calendar ,no4 #ce #aafth ,,congress #ast ,session ,h4 ,r4 #aejj ,report ,no4 #aaf-eg1 ,part ,i ,,in ,,the ,,house ,,of ,,representatives ,march #e1 #bjai ,ms4 ,waters 7for herself1 ,mrs4 ,carolyn ,b4 ,maloney of ,new ,york1 ,ms4 ,velzquez1 ,mr4 ,sherman1 ,mr4 ,meeks1 ,mr4 ,clay1 ,mr4 ,david ,scott of ,georgia1 ,mr4 ,green of ,texas1 ,mr4 ,cleaver1 ,mr4 ,perlmutter1 ,mr4 ,himes1 ,mr4 ,foster1 ,mrs4 ,beatty1 ,mr4 ,heck1 ,mr4 ,vargas1 ,mr4 ,gonzalez of ,texas1 ,mr4 ,lawson of ,florida1 ,mr4 ,san ,nicolas1 ,ms4 ,tlaib1 ,ms4 ,porter1 ,mrs4 ,axne1 ,ms4 ,pressley1 ,ms4 ,ocasio-,cortez1 ,ms4 ,wexton1 ,mr4 ,lynch1 ,ms4 ,gabbard1 ,ms4 ,adams1 ,ms4 ,dean1 ,mr4 ,garca of ,illinois1 and ,ms4 ,garcia of ,texas7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,education and ,labor1 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 ,may #aj1 #bjai ,reported from the ,committee on ,financial ,services with an amendment ,strike out all after the enacting clause and insert the part printed in italic ,may #aj1 #bjai ,committee on ,education and ,labor discharged2 committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed,for text of introduced bill1 see copy of bill as introduced on ,march #e1 #bjai ,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 ,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 predatory financial services practices and products that led to the #bjjg-bjji financial crisis4 7#b7 ,title ,x of ,dodd-,frank established a new ,federal independent watchdog1 known as the ,consumer ,financial ,protection ,bureau 7,consumer ,bureau71 with broad authority to ensure that all hardworking 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 terms1 and other unfair1 deceptive1 or abusive acts or practices through strong implementation and 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 regulatory regime--gaps that resulted in the most severe global financial crisis since the ,great ,depression4 ,among other things1 ,federal financial regulators were too reluctant to exercise their rulemaking1 supervisory1 and enforcement authorities to protect consumers from the misdeeds of the ,consumer ,bureau's regulated entities4 ,in creating the ,consumer ,bureau1 ,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 ,in doing so1 ,congress explicitly laid out these consumer-focused purpose1 objectives1 and primary functions for the ,consumer ,bureau to ensure that all consumers and all communities are protected4 ,this is of extreme importance to communities of color who have been disproportionately impacted by the inequities of the financial system1 resulting in an extreme racial wealth divide4 ,decades of segregation and discrimination have prevented consumers of colors from amassing wealth equal to their white counterparts1 while predatory financial practices of have stripped consumers of color of their nominal existing wealth4 ,for example1 over the past #cj years1 the average wealth of ,white families has grown by #hd percent--#a4b times the rate of growth for the ,latino population and three times the rate of growth for the ,black population4 ,in light of historical practices and current-day disparities in banking and lending practices1 the ,consumer ,bureau plays a key role in protecting communities of color from wealth-stripping financial products and ensuring their right to wealth building opportunities4 ,the agency's enforcement actions in auto lending1 mortgages1 and credit cards1 and its rulemaking efforts have sought to address the predatory financial products such as payday loans and prepaid cards that are prolific in communities of color4 ,the ,consumer ,bureau is essential in protecting vulnerable communities from discriminatory financial practices that has both perpetuated and exacerbated the racial wealth gap4 7#f7 ,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 plain letter of the law establishing a succession order to fill a vacancy in the ,director's position and the clear legislative history underscoring the importance of having an independent ,federal consumer-focused agency1 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 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#g7 ,additionally1 the position of ,acting ,director is1 by its nature1 intended to be a temporary assignment to maintain the status quo at an agency and to ensure the agency is fulfilling its statutory purpose and mandates1 until the ,president appoints1 and the ,senate confirms a permanent ,director4 ,nevertheless1 during his tenure1 ,mr4 ,mulvaney instituted drastic and severe changes to the ,consumer ,bureau's daily operations and priorities contrary to the agency's statutory purpose and mandates4 7#h7 ,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 plain letter of the law by fully recognizing the agency's statutory purpose1 objectives1 and functions4 ,it is troubling that the ,consumer ,bureau1 under ,mr4 ,mulvaney1 issued a ,strategic ,plan for ,fiscal ,year 7,,fy7 #bjah-;,,fy #bjbb that appears to deemphasize the ,consumer ,bureau's 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 is1 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 decisions4 ,this is in stark contrast from the ,consumer ,bureau's ,strategic ,plan for ,,fy #bjac-;,,fy #bjag1 which stated that the agency's mission is 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#i7 ,mr4 ,mulvaney has been praised by the ,white ,house for his efforts to undermine the ,consumer ,bureau1 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 reduce the ,consumer ,bureau's funding and staffing by initially requesting #j be transferred from the ,federal ,reserve ,board of ,governors to carry out the agency's work1 imposing a freeze on hiring professional career staff1 and by arbitrarily directing staff to cut the agency's budget by #a_/e2 7,c7 politicizing the work of the ,consumer ,bureau by making unusual efforts to fill the independent agency with political appointees2 7,d7 reducing the ,consumer ,bureau's enforcement work1 including taking only six enforcement actions in the first three quarters of #bjah 7compared with #ed enforcement actions taken by the agency in #bjae1 #db enforcement actions in #bjaf and #cf enforcement actions in #bjag71 and dropping existing lawsuits and investigations into predatory payday lenders2 7,e7 taking steps that would undermine efforts to promote fair lending and combat discriminatory practices1 including by hiring1 and later refusing to remove1 a political appointee with a history of racist written commentary to oversee the ,office of ,supervision1 ,enforcement1 and ,fair ,lending1 stripping away the enforcement powers of the ,office of ,fair ,lending and ,equal ,opportunity1 seeking to curb the ,consumer ,bureau's data collection under the ,home ,mortgage ,disclosure ,act1 and indicating the ,consumer ,bureau would reconsider its approach toward enforcing the ,equal ,credit ,opportunity ,act2 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 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 ,board2 7,l7 proposing policies1 including those regarding no-action letters1 model disclosure pilot projects1 and product sandboxes1 that could put many kinds of financial institutions in an enforcement-free zone1 letting bad actors that harm consumers off the hook entirely from enforcement1 and allowing them to ignore the law2 and 7,m7 neglecting to impose promptly any civil money penalty on a bank when it was found to be1 among other things1 improperly obtaining consumer reports and furnishing to consumer reporting agencies inaccurate information about consumers' credit4 7#aj7 ,the repeated efforts under ,mr4 ,mulvaney's leadership to hamstring the good work1 passion1 commitment1 and the capacity of dedicated professional1 career ,consumer ,bureau staff to fulfill the agency's statutory mission has likely contributed to low employee morale4 ,according to a government-wide annual survey published in ,december #bjah that was conducted by the nonprofit1 nonpartisan ,partnership for ,public ,service1 the ,consumer ,bureau experienced the largest decline in employee morale for a government agency of its size4 ,a workplace with low morale undermines1 among other things1 the agency's ability to hold bad actors accountable when they harm consumers1 and if unaddressed1 will distort the functioning of fair and competitive consumer marketplaces4 7#aa7 ,despite the fact that the agency has been referred to as the ,consumer ,financial ,protection ,bureau since it was created in #bjaj1 ,mr4 ,mulvaney 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 easily identify 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 served as an important symbolic and literal maneuver by the ,trump ,administration1 through its appointment of ,mr4 ,mulvaney1 to diminish and undermine the consumer-focused mission of the ,consumer ,bureau4 ,director ,kathy ,kraninger1 who was duly nominated by the ,president and confirmed by the ,senate1 announced plans in an email to staff on ,december #ai1 #bjah1 to reverse course and return to utilizing the agency's well-known name4 ,however1 questions remain regarding how this change will be implemented and to what extent the agency may continue to utilize ,mr4 ,mulvaney's preferred name in certain circumstances4 7#ab7 ,during ,mr4 ,mulvaney's more than #ab-month tenure running the agency1 he only appeared once before the ,house ,financial ,services ,committee to discuss his activities at the ,consumer ,bureau4 ,this is despite the fact that the law requires1 at a minimum1 the ,director's testimony before the ,committee semi-annually4 ,this weak congressional oversight under the direction of the previous ,republican ,majority pales in comparison to their oversight of the ,consumer ,bureau during former ,director ,richard ,cordray's tenure4 ,during ,director ,cordray's tenure1 he and other senior ,consumer ,bureau officials testified before ,congress more than #fj times2 the agency was compelled to produce more than #bjj1jjj pages of documents in response to over #ij letters of inquiry2 more than #bj subpoenas were sent to the ,consumer ,bureau2 and several of the ,consumer ,bureau's former and current employees were compelled to sit for depositions over #ba days1 that lasted #acf hours1 and produced #c1aid pages of transcripts4 7#ac7 ,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 ,mr4 ,mulvaney'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 plain letter of the law4 ,this includes the agency fully carrying out the agency's statutory purpose1 objectives1 and functions1 and the agency being transparent1 timely1 and responsive to all requests from ,congress4 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 mandate1 and the agency should1 figuratively and literally1 put ,consumers first by using its better-known name as the ,consumer ,financial ,protection ,bureau4 ,thus1 any remaining utilization by the agency of the name1 ,bureau of ,consumer ,financial ,protection1 or the acronym ,,bcfp1 should cease in all forms4 7#d7 ,the statute establishing the ,consumer ,bureau has been grossly misinterpreted under ,mr4 ,mulvaney's leadership1 in a manner that is inconsistent with the agency's statutory purpose1 objectives1 and functions4 ,one example of this was ,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 a 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 blatant and disrespectful 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 ,the ,consumer ,bureau1 now under a new ,director1 should promptly reverse all anti-consumer actions taken during ,mr4 ,mulvaney's tenure1 including the actions identified by this legislation1 to ensure that the agency is fully complying with its statutory purpose1 objectives1 and functions to protect all consumers1 including communities of color and vulnerable populations4 ,one important action is for the ,consumer ,bureau to resume robust fair lending enforcement to ensure that every consumer has fair and equal access to affordable financial products and services4 ,another demonstration of this would be for the ,consumer ,bureau to immediately resume supervision of its regulated entities for compliance with the ,military ,lending ,act to ensure for the most robust and efficient protection of active-duty servicemembers and their families4 ,other examples include the ,consumer ,bureau significantly revising its strategic plan to align it with its statutory purpose1 objectives and functions1 and for the agency to immediately resume coordinating closely with other ,federal agencies1 such as the ,department of ,education and the ,department of ,defense1 and ,state regulators1 as is required by section #ajae of ,dodd-,frank to1 promote consistent regulatory treatment of consumer financial and investment products and services4 7#f7 ,while the legislation is a direct response to address many of the misguided decisions that have been orchestrated under ,mr4 ,mulvaney's 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 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 highlight and resolve a small sample of the publicly known egregious statements1 decisions1 and actions that have occurred since ,november #bjag4 #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 ,bureau or the ,,cfpb4 4 #d4 ,conforming amendments 7a7 ,in general ,the ,acts and provisions described under subsection 7b7 are amended by striking ,bureau of ,consumer ,financial ,protection each place such term appears 7including in headings and items in table of contents7 and inserting ,consumer ,financial ,protection ,bureau4 7b7 ,acts ,to conform ,the ,acts and provisions 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 ,section #fbf of the ,financial ,services and ,general ,government ,appropriations ,act1 #bjji 7,division ,d of ,public ,law #aaa-h2 #ab ,u4,s4,c4 #eech74 7#aj7 ,the ,gramm-,leach-,bliley ,act 7#ab ,u4,s4,c4 #ahaa note et seq474 7#aa7 ,the ,home ,mortgage ,disclosure ,act of #aige 7#ab ,u4,s4,c4 #bhja et seq474 7#ab7 ,section #aj7;a77#d7 of the ,homeowners ,protection ,act of #aiih 7#ab ,u4,s4,c4 #dija et seq474 7#ac7 ,the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app #b74 7#ad7 ,the ,interstate ,land ,sales ,full ,disclosure ,act 7#ae ,u4,s4,c4 #agja et seq474 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 ,sections #eeb;a7w7 and #cacb7;a77#a77;,d7 of title #e1 ,united ,states ,code4 7#ba7 ,section #ihg7;g77#c77;,e7 of title #aj1 ,united ,states ,code4 7#bb7 ,sections #cejb7e7 and #ceac7;c7 of 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,e7 ,limitation on political appointees 7i7 ,in general ,in appointing employees of the ,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 ,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 ,bureau1 as well as all reports of the ,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 ,bureau2 7,,ii7 place a clear and conspicuous hyperlink on the landing page of the main website of the ,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 7,a7 ,in general ,the ,director of the ,consumer ,financial ,protection ,bureau shall ensure-- 7i7 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 #bjag2 and 7ii7 that consumers are able1 at a minimum1 to submit complaints to the ,bureau with respect to-- 7,i7 any covered person or service provider2 and 7,,ii7 any financial product or service4 7,b7 ,definitions ,for purposes of this paragraph1 the terms covered person1 financial product or service1 and service provider have the meaning given those terms1 respectively1 under section #ajjb of the ,consumer ,financial ,protection ,act of #bjaj4 7e7 ,memoranda of understanding 7#a7 ,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 ,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#b7 ,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 ,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 7f7 ,additional report information on consumer savings ,section #ajac of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edic7 is amended by adding at the end the following3 7i7 ,additional report information on consumer savings ,in issuing each report required under section #ejb7;d7 of the ,credit ,,card ,act of #bjji1 the ,bureau shall include a numerical estimate of the amount that such ,act has saved consumers in fees impacted by such ,act1 relative to the level of such fees prior to the enactment of such ,act4 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 ,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 #edic71 as amended by section #e7;f71 is further amended by adding at the end the following3 7j7 ,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 ,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 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 ,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#b71 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 ,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 #edid7 is amended-- 7#a7 by amending subsection 7b7 to read as follows3 7b7 ,membership 7#a7 ,qualifications ,in appointing the members of the ,consumer ,advisory ,board1 the ,director shall-- 7,a7 seek to assemble a diverse and inclusive group of experts in consumer protection1 financial services1 community development1 fair lending and civil rights1 and consumer financial products or services and representatives of depository institutions that primarily serve underserved communities1 and representatives of communities that have been significantly impacted by higher-priced mortgage loans1 and seek representation of the interests of covered persons and consumers1 without regard to party affiliation2 and 7,b7 ensure that at least #b_/c of the members represent the interests of consumers1 including experts in consumer protection1 fair lending1 civil rights1 and representatives of communities that have been significantly impacted by higher-priced mortgage loans and other products that resulted in consumer harm4 7#b7 ,number of members ,the ,director shall appoint not fewer than #be members to the ,consumer ,advisory ,board1 and not fewer than #f members shall be appointed upon the recommendation of the regional ,federal ,reserve ,bank ,presidents1 on a rotating basis4 7#c7 ,membership rights after charter change ,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 ,board4 2 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 ,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 ,bureau staff ,section #ajad of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edid7 is amended by adding at the end the following3 7e7 ,inclusion of the ,director in meetings and access to ,bureau staff ,with respect to each in person meeting of the ,consumer ,advisory ,board-- 7#a7 the ,director shall attend such meeting in person2 and 7#b7 the ,director shall ensure that the members of the ,consumer ,advisory ,board have an opportunity to meet and engage in person with all appropriate staff and office of the ,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 without cause by the ,director of the ,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 without cause by the ,director of the ,bureau until such date4 7d7 ,additional requirements for advisory committees ,section #ajac of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #edic71 as amended by section #f7;b77#a71 is further amended by adding at the end the following3 7k7 ,advisory committee requirements 7#a7 ,qualifications ,in appointing members of any advisory committee1 other than the ,consumer ,advisory ,board1 the ,director shall ensure that at least #a_/c of the members represent the interests of consumers1 including experts in consumer protection1 fair lending1 civil rights1 and representatives of communities that have been significantly impacted by higher-priced mortgage loans and other products that resulted in consumer harm4 7#b7 ,selection of members representing minority-owned and women-owned businesses ,in appointing members of any advisory committee1 the ,director shall seek to promote diversity and inclusion in making appointments1 including by appointing individuals who represent minority-owned and women-owned businesses4 4 #h4 ,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 ,bureau required by this ,act or an amendment made by this ,act4 ,may #aj1 #bjai ,reported from the ,committee on ,financial ,services with an amendment,may #aj1 #bjai ,committee on ,education and ,labor discharged2 committed to the ,committee of the ,whole ,house on the ,state of the ,union and ordered to be printed