,,ii  #aagth ,,congress  #b;d ,session  
,s4 #ebhj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #ae1 
#bjbb,mr4 ,toomey 7for himself and ,mr4 
,hagerty7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs  ,a ,,bill  ,to     
amend the ,consumer ,financial          
,protection ,act of #bjaj to subject the
 ,bureau of ,consumer ,financial        
,protection to the regular              
appropriations process1 and for other   
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,,cfpb ,stability   
,act of #bjbb4  #b4 ,making the ,bureau 
a commission  7a7 ,in general ,the      
,consumer ,financial ,protection ,act of
 #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is 
amended-- 7#a7 in section #ajaa-- 7,a7  
in subsection 7a71 by striking in the   
,federal ,reserve ,system12  7,b7 by    
striking subsections 7b71 7c71 and 7d72 
7,c7 by redesignating subsection 7e7 as 
subsection 7j72  7,d7 in subsection 7j71

 as so redesignated1 by striking 1      
including in cities in which the        
,federal reserve banks1 or branches of  
such banks1 are located12 and  7,e7 by  
inserting after subsection 7a7 the      
following3  7b7 ,authority ,to prescribe
 regulations ,the ,bureau may prescribe 
such regulations and issue such orders  
in accordance with this title as the    
,bureau may determine to be necessary   
for carrying out this title and all     
other laws within the ,bureau's         
jurisdiction and shall exercise any     
authorities granted under this title and
 all other laws within the ,bureau's    
jurisdiction4  7c7 ,composition of the  
,bureau  7#a7 ,in general ,the ,bureau  
shall be composed of #e members who     
shall be appointed by the ,president1 by
 and with the advice and consent of the 
,senate4  7#b7 ,staggering ,the members 
of the ,bureau shall serve staggered    
terms1 which initially shall be         
established by the ,president for terms 
of #a1 #b1 #c1 #d1 and #e years1        

respectively4  7#c7 ,terms  7,a7 ,in    
general ,each member of the ,bureau1    
including the ,chair1 shall serve for a 
term of #e years4  7,b7 ,removal ,the   
,president may remove any member of the 
,bureau for inefficiency1 neglect of    
duty1 or malfeasance in office4  7,c7   
,vacancies ,any member of the ,bureau   
appointed to fill a vacancy occurring   
before the expiration of the term to    
which that member's predecessor was     
appointed 7including the ,chair7 shall  
be appointed only for the remainder of  
the term4  7,d7 ,continuation of service
 ,each member of the ,bureau may        
continue to serve after the expiration  
of the term of office to which that     
member was appointed until a successor  
has been appointed by the ,president and
 confirmed by the ,senate1 except that a
 member may not continue to serve more  
than #a year after the date on which    
that member's term would otherwise      
expire4  7,e7 ,other employment         
prohibited ,no member of the ,bureau    

shall engage in any other business1     
vocation1 or employment4  7d7           
,affiliation ,not more than #c members  
of the ,bureau shall be members of any  
one political party4  7e7 ,chair of the 
,bureau  7#a7 ,initial ,chair ,the first
 member and ,chair of the ,bureau shall 
be the individual serving as ,chair of  
the ,bureau of ,consumer ,financial     
,protection on the day before the date  
of the enactment of this subsection4    
7#b7 ,subsequent ,chair ,of the #e      
members appointed in accordance with    
subsection 7c71 the ,president shall    
appoint #a member to serve as the       
subsequent ,chair of the ,bureau4  7#c7 
,authority ,the ,chair shall be the     
principal executive officer of the      
,bureau1 and shall exercise all of the  
executive and administrative functions  
of the ,bureau1 including with respect  
to-- 7,a7 the appointment and           
supervision of personnel employed under 
the ,bureau 7other than personnel       
employed regularly and full time in the 

immediate offices of members of the     
,bureau other than the ,chair72  7,b7   
the distribution of business among      
personnel appointed and supervised by   
the ,chair and among administrative     
units of the ,bureau2 and  7,c7 the use 
and expenditure of funds4  7#d7         
,limitation ,in carrying out any of the 
,chair's functions under the provisions 
of this subsection the ,chair shall be  
governed by general policies of the     
,bureau and by such regulatory          
decisions1 findings1 and determinations 
as the ,bureau may by law be authorized 
to make4  7#e7 ,requests or estimates   
related to appropriations ,requests or  
estimates for regular1 supplemental1 or 
deficiency appropriations on behalf of  
the ,bureau may not be submitted by the 
,chair without the prior approval of the
 ,bureau4  7#f7 ,term ,the term of each 
,chair serving under this subsection    
shall expire on the earlier of-- 7,a7   
the date that is #e years after the date
 on which the ,chair began serving2 and 

7,b7 the date on which the individual   
who was ,president while the ,chair was 
serving leaves office4  7f7 ,initial    
quorum established ,the first member and
 ,chair of the ,bureau described under  
subsection 7e77#a7 shall constitute a   
quorum for the transaction of business  
until the ,president has appointed all  
#e members of the ,bureau in accordance 
with subsection 7c74 ,following such    
appointment of #e members1 the quorum   
requirements of subsection 7g7 shall    
apply4  7g7 ,no impairment by reason of 
vacancies ,no vacancy in the members of 
the ,bureau after the establishment of  
an initial quorum under subsection 7f7  
shall impair the right of the remaining 
members of the ,bureau to exercise all  
the powers of the ,bureau4 ,three       
members of the ,bureau shall constitute 
a quorum for the transaction of         
business1 except that if there are only 
#c members serving on the ,bureau       
because of vacancies in the ,bureau1 #b 
members of the ,bureau shall constitute 

a quorum for the transaction of         
business4 ,if there are only #b members 
serving on the ,bureau because of       
vacancies in the ,bureau1 #b members    
shall constitute a quorum for the       
#f-month period beginning on the date of
 the vacancy which caused the number of 
,bureau members to decline to #b4  7h7  
,seal ,the ,bureau shall have an        
official seal4  7i7 ,compensation  7#a7 
,chair ,the ,chair shall receive        
compensation at the rate prescribed for 
level ,i of the ,executive ,schedule    
under section #ecac of title #e1 ,united
 ,states ,code4  7#b7 ,other members of 
the ,bureau ,the #d other members of the
 ,bureau shall each receive compensation
 at the rate prescribed for level ,,ii  
of the ,executive ,schedule under       
section #ecad of title #e1 ,united      
,states ,code4  2  7#b7 in section      
#ajab7;c71 by striking paragraphs 7#b71 
7#c71 7#d71 and 7#e72  7#c7 in section  
#ajac7;a71 by striking paragraph 7#b7   
and inserting the following3  7#b7      

,compensation ,notwithstanding any      
otherwise applicable provision of title 
#e1 ,united ,states ,code1 concerning   
compensation1 including the provisions  
of chapter #ea and chapter #ec1 the     
rates of basic pay for all employees of 
the ,bureau may be set and adjusted by  
the ,chair4  2 and  7#d7 in section     
#ajad7;b71 by striking ,not fewer than  
#f members shall be appointed upon the  
recommendation of the regional ,federal 
,reserve ,bank ,presidents1 on a        
rotating basis44  7b7 ,presidential     
appointment of ,inspector ,general of   
the ,financial ,product ,safety ,bureau 
,the ,inspector ,general ,act of #aigh  
7#e ,u4,s4,c4 ,app47 is amended-- 7#a7  
in section #h;,g-- 7,a7 in subsection   
7a77#b71 by striking and the ,bureau of 
,consumer ,financial ,protection2  7,b7 
in subsection 7c71 by striking ,for the 
purposes of implementing this section   
and all that follows through the end of 
the subsection2 and  7,c7 in subsection 
7g77#c71 by striking and the ,bureau of 

,consumer ,financial ,protection2 and   
7#b7 in section #ab-- 7,a7 in paragraph 
7#a71 by inserting the ,chair of the    
,bureau of ,consumer ,financial         
,protection2 after the ,president of the
 ,export-,import ,bank22 and  7,b7 in   
paragraph 7#b71 by inserting the ,bureau
 of ,consumer ,financial ,protection1   
after the ,export-,import ,bank14  #c4  
,subjecting the ,bureau of ,consumer    
,financial ,protection to the regular   
appropriations process  7a7 ,in general 
,section #ajag of the ,consumer         
,financial ,protection ,act of #bjaj    
7#ab ,u4,s4,c4 #edig7 is amended-- 7#a7 
in subsection 7a7-- 7,a7 in the         
subsection heading1 by striking         
8,transfer of ,funds ,from ,board ,of   
,governors4--0 and inserting ,budget and
 ,financial ,management4--2  7,b7 by    
striking paragraphs 7#a7 through 7#c72  
7,c7 by redesignating paragraphs 7#d7   
and 7#e7 as paragraphs 7#a7 and 7#b71   
respectively2 and  7,d7 in paragraph    
7#a71 as so redesignated-- 7i7 in the   

paragraph heading1 by striking ,budget  
and financial management4-- and         
inserting ,in general4--2  7ii7 by      
striking subparagraph 7,e72 and  7iii7  
by redesignating subparagraph 7,f7 as   
subparagraph 7,e72  7#b7 by striking    
subsections 7b7 and 7c72  7#c7 by       
redesignating subsections 7d7 and 7e7 as
 subsections 7b7 and 7c71 respectively2 
7#d7 in subsection 7b71 as so           
redesignated-- 7,a7 in paragraph 7#b7-- 
7i7 in the first sentence1 by inserting 
direct before victims2 and  7ii7 by     
striking the second sentence2 and  7,b7 
by adding at the end the following3     
7#c7 ,treatment of excess amounts ,if1  
after the ,bureau obtains a civil       
penalty in a judicial or administrative 
action under ,federal consumer financial
 laws1 deposits that civil penalty into 
the ,civil ,penalty ,fund under         
paragraph 7#a71 and1 under paragraph    
7#b71 makes payments to all of the      
direct victims of activities for which  
that civil penalty was imposed1 amounts 

remain in the ,civil ,penalty ,fund with
 respect to that civil penalty1 the     
,bureau shall transfer those excess     
amounts to the general fund of the      
,treasury4  2 and  7#e7 in subsection   
7c71 as so redesignated-- 7,a7 by       
striking paragraphs 7#a7 through 7#c7   
and inserting the following3  7#a7      
,authorization of appropriations ,there 
is authorized to be appropriated such   
funds as may be necessary to carry out  
this title for fiscal year #bjbd4  2 and
  7,b7 by redesignating paragraph 7#d7  
as paragraph 7#b74  7b7 ,effective date 
,the amendments made by this section    
shall take effect on ,october #a1 #bjbc4
  #d4 ,conforming amendments  7a7       
,consumer ,financial ,protection ,act of
 #bjaj  7#a7 ,in general ,except as     
provided under paragraph 7#b71 the      
,consumer ,financial ,protection ,act of
 #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is 
amended-- 7,a7 by striking ,director of 
the ,bureau each place the term appears1
 other than where the term is used to   

refer to a ,director other than the     
,director of the ,bureau of ,consumer   
,financial ,protection1 and inserting   
,chair of the ,bureau2  7,b7 by striking
 ,director each place the term appears  
and inserting ,chair1 other than where  
the term is used to refer to a ,director
 other than the ,director of the ,bureau
 of ,consumer ,financial ,protection2   
and  7,c7 in section #ajjb1 by striking 
paragraph 7#aj74  7#b7 ,exceptions ,the 
,consumer ,financial ,protection ,act of
 #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is 
amended-- 7,a7 in section               
#ajac7;c77#c7-- 7i7 in the matter       
preceding subparagraph 7,a71 by striking
 ,assistant ,director of the ,bureau for
 and inserting ,head of the ,office of2 
and  7ii7 in subparagraph 7,b71 by      
striking ,assistant ,director and       
inserting ,head of the ,office2 and     
7,b7 in section #ajac7;g77#b7-- 7i7 by  
striking ,assistant director and        
inserting ,head of the ,office2 and     
7ii7 by striking an assistant director  

and inserting a ,head of the ,office of 
,financial ,protection for ,older       
,americans4  7b7 ,dodd-,frank ,wall     
,street ,reform and ,consumer           
,protection ,act ,the ,dodd-,frank ,wall
 ,street ,reform and ,consumer          
,protection ,act 7#ab ,u4,s4,c4 #ecja et
 seq47 is amended-- 7#a7 in section     
#aaa7;b77#a77;,d71 by striking ,director
 and inserting ,chair2 and  7#b7 in     
section #addg1 by striking ,director    
each place the term appears and         
inserting ,chair4  7c7 ,electronic ,fund
 ,transfer ,act ,section                
#ibj7;a77#d77;,c7 of the ,electronic    
,fund ,transfer ,act 7#ae ,u4,s4,c4     
#afico-#b7;a77#d77;,c771 as added by    
section #ajge7;a77#b7 of the ,consumer  
,financial ,protection ,act of #bjaj1 is
 amended by striking ,director of the   
,bureau of ,consumer ,financial         
,protection and inserting ,chair of the 
,bureau of ,consumer ,financial         
,protection4  7d7 ,expedited ,funds     
,availability ,act ,the ,expedited      

,funds ,availability ,act 7#ab ,u4,s4,c4
 #djja et seq47 is amended by striking  
,director of the ,bureau each place the 
term appears and inserting ,chair of the
 ,bureau4  7e7 ,federal ,deposit        
,insurance ,act ,section #b of the      
,federal ,deposit ,insurance ,act 7#ab  
,u4,s4,c4 #ahab7 is amended by striking 
,director of the ,consumer ,financial   
,protection ,bureau each place the term 
appears and inserting ,chair of the     
,consumer ,financial ,protection        
,bureau4  7f7 ,federal ,financial       
,institutions ,examination ,council ,act
 of #aigh ,section #ajjd7;a77#d7 of the 
,federal ,financial ,institutions       
,examination ,council ,act of #aigh 7#ab
 ,u4,s4,c4 #ccjc7;a77#d77 is amended by 
striking ,director of the ,consumer     
,financial ,protection ,bureau and      
inserting ,chair of the ,consumer       
,financial ,protection ,bureau4  7g7    
,financial ,literacy and ,education     
,improvement ,act ,section #eac of the  
,financial ,literacy and ,education     

,improvement ,act 7#bj ,u4,s4,c4 #igjb7 
is amended by striking ,director each   
place the term appears and inserting    
,chair4  7h7 ,home ,mortgage ,disclosure
 ,act of #aige ,section #cjg of the     
,home ,mortgage ,disclosure ,act of     
#aige 7#ab ,u4,s4,c4 #bhjf7 is amended  
by striking ,director of the ,bureau of 
,consumer ,financial ,protection each   
place the term appears and inserting    
,chair of the ,bureau of ,consumer      
,financial ,protection4  7i7 ,interstate
 ,land ,sales ,full ,disclosure ,act    
,the ,interstate ,land ,sales ,full     
,disclosure ,act 7#ae ,u4,s4,c4 #agja et
 seq47 is amended-- 7#a7 in section     
#adjb 7#ae ,u4,s4,c4 #agja71 by striking
 paragraph 7#a7 and inserting the       
following3  7#a7 ,chair means the ,chair
 of the ,bureau of ,consumer ,financial 
,protection2  2 and  7#b7 by striking   
,director each place the term appears   
and inserting ,chair4  7j7 ,real ,estate
 ,settlement ,procedures ,act of #aigd  
,section #e of the ,real ,estate        

,settlement ,procedures ,act of #aigd   
7#ab ,u4,s4,c4 #bfjd7 is amended-- 7#a7 
by striking ,the ,director of the       
,bureau of ,consumer ,financial         
,protection 7hereafter in this section  
referred to as the ,director7 and       
inserting ,the ,chair of the ,bureau of 
,consumer ,financial ,protection        
7hereafter in this section referred to  
as the ,chair72 and  7#b7 by striking   
,director each place the term appears   
and inserting ,chair4  7k7 ,s4,a4,f4,e4 
,mortgage ,licensing ,act of #bjjh ,the 
,s4,a4,f4,e4 ,mortgage ,licensing ,act  
of #bjjh 7#ab ,u4,s4,c4 #eaja et seq47  
is amended-- 7#a7 by striking ,director 
each place the term appears in headings 
and text1 other than where the term is  
used in the context of the ,director of 
the ,office of ,thrift ,supervision1 and
 inserting ,chair2 and  7#b7 in section 
#aejc 7#ab ,u4,s4,c4 #eajb71 by striking
 paragraph 7#aj7 and inserting the      
following3  7#aj7 ,chair ,the term      
,chair means the ,director of the       

,bureau of ,consumer ,financial         
,protection4  4  7l7 ,title #dd1 ,united
 ,states ,code ,section #ceac7;c7 of    
title #dd1 ,united ,states ,code is     
amended by striking ,director of the    
,bureau of ,consumer ,financial         
,protection and inserting ,chair of the 
,bureau of ,consumer ,financial         
,protection4