,,ii  #aag? ,,congress  #b;d ,session   
,s4 #ebhj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ae1 #bjbb,mr4
 ,toomey 7= himself & ,mr4 ,hag]ty7     
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,consum] ,f9ancial   
,protection ,act ( #bjaj to subject !   
,bureau ( ,consum] ,f9ancial ,protection
 to ! regul> appropriations process1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,,cfpb ,/ability   
,act ( #bjbb4  #b4 ,mak+ ! ,bureau a    
commission  7a7 ,9 g5]al ,! ,consum]    
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edha et seq47 is am5d$-- 7#a7
 9 section #ajaa-- 7,a7 9 subsection    
7a71 by /rik+ 9 ! ,f$]al ,res]ve        
,sy/em12  7,b7 by /rik+ subsections 7b71
 7c71 & 7d72  7,c7 by r$esignat+        
subsection 7e7 z subsection 7j72  7,d7 9
 subsection 7j71 z s r$esignat$1 by     
/rik+ 1 includ+ 9 cities 9 :i* ! ,f$]al 
res]ve banks1 or bran*es ( su* banks1   

are locat$12 &  7,e7 by ins]t+ aft]     
subsection 7a7 ! foll[+3  7b7 ,au?ority 
,to prescribe regulations ,! ,bureau may
 prescribe su* regulations & issue su*  
ord]s 9 accordance ) ?is title z !      
,bureau may det]m9e to be necess>y =    
c>ry+ out ?is title & all o!r laws )9 ! 
,bureau's jurisdiction & %all ex]cise   
any au?orities grant$ "u ?is title & all
 o!r laws )9 ! ,bureau's jurisdiction4  
7c7 ,composition ( ! ,bureau  7#a7 ,9   
g5]al ,! ,bureau %all be compos$ ( #e   
memb]s :o %all be appo9t$ by !          
,presid5t1 by & ) ! advice & cons5t ( ! 
,s5ate4  7#b7 ,/agg]+ ,! memb]s ( !     
,bureau %all s]ve /agg]$ t]ms1 :i*      
initially %all be e/abli%$ by !         
,presid5t = t]ms ( #a1 #b1 #c1 #d1 & #e 
ye>s1 respectively4  7#c7 ,t]ms  7,a7 ,9
 g5]al ,ea* memb] ( ! ,bureau1 includ+ !
 ,*air1 %all s]ve = a t]m ( #e ye>s4    
7,b7 ,removal ,! ,presid5t may remove   
any memb] ( ! ,bureau = ineffici5cy1    
neglect ( duty1 or malfeasance 9 (fice4 
7,c7 ,vacancies ,any memb] ( ! ,bureau  

appo9t$ to fill a vacancy occurr+ be=e !
 expiration ( ! t]m to :i* t memb]'s    
pr$ecessor 0 appo9t$ 7includ+ ! ,*air7  
%all be appo9t$ only = ! rema9d] ( !    
t]m4  7,d7 ,cont9uation ( s]vice ,ea*   
memb] ( ! ,bureau may cont9ue to s]ve   
aft] ! expiration ( ! t]m ( (fice to :i*
 t memb] 0 appo9t$ until a successor has
 be5 appo9t$ by ! ,presid5t & confirm$  
by ! ,s5ate1 except t a memb] may n     
cont9ue to s]ve m ?an #a ye> aft] ! date
 on :i* t memb]'s t]m w\ld o!rwise      
expire4  7,e7 ,o!r employm5t prohibit$  
,no memb] ( ! ,bureau %all engage 9 any 
o!r bus9ess1 vocation1 or employm5t4    
7d7 ,affiliation ,n m ?an #c memb]s ( ! 
,bureau %all be memb]s ( any "o         
political p>ty4  7e7 ,*air ( ! ,bureau  
7#a7 ,initial ,*air ,! fir/ memb] &     
,*air ( ! ,bureau %all be ! individual  
s]v+ z ,*air ( ! ,bureau ( ,consum]     
,f9ancial ,protection on ! day be=e !   
date ( ! enactm5t ( ?is subsection4     
7#b7 ,subsequ5t ,*air ,( ! #e memb]s    
appo9t$ 9 accordance ) subsection 7c71 !

 ,presid5t %all appo9t #a memb] to s]ve 
z ! subsequ5t ,*air ( ! ,bureau4  7#c7  
,au?ority ,! ,*air %all be ! pr9cipal   
executive (fic] ( ! ,bureau1 & %all     
ex]cise all ( ! executive & adm9i/rative
 functions ( ! ,bureau1 includ+ )       
respect to-- 7,a7 ! appo9tm5t &         
sup]vision ( p]sonnel employ$ "u !      
,bureau 7o!r ?an p]sonnel employ$       
regul>ly & full "t 9 ! imm$iate (fices (
 memb]s ( ! ,bureau o!r ?an ! ,*air72   
7,b7 ! di/ribution ( bus9ess among      
p]sonnel appo9t$ & sup]vis$ by ! ,*air &
 among adm9i/rative units ( ! ,bureau2 &
  7,c7 ! use & exp5diture ( funds4  7#d7
 ,limitation ,9 c>ry+ out any ( !       
,*air's functions "u ! provisions ( ?is 
subsection ! ,*air %all be gov]n$ by    
g5]al policies ( ! ,bureau & by su*     
regulatory decisions1 f9d+s1 &          
det]m9ations z ! ,bureau may by law be  
au?oriz$ to make4  7#e7 ,reque/s or     
e/imates relat$ to appropriations       
,reque/s or e/imates = regul>1          
supplem5tal1 or defici5cy appropriations

 on behalf ( ! ,bureau may n be submitt$
 by ! ,*air )\t ! prior approval ( !    
,bureau4  7#f7 ,t]m ,! t]m ( ea* ,*air  
s]v+ "u ?is subsection %all expire on ! 
e>li] (-- 7,a7 ! date t is #e ye>s aft] 
! date on :i* ! ,*air began s]v+2 &     
7,b7 ! date on :i* ! individual :o 0    
,presid5t :ile ! ,*air 0 s]v+ leaves    
(fice4  7f7 ,initial quorum e/abli%$ ,! 
fir/ memb] & ,*air ( ! ,bureau describ$ 
"u subsection 7e77#a7 %all con/itute a  
quorum = ! transaction ( bus9ess until !
 ,presid5t has appo9t$ all #e memb]s ( !
 ,bureau 9 accordance ) subsection 7c74 
,foll[+ su* appo9tm5t ( #e memb]s1 !    
quorum requirem5ts ( subsection 7g7 %all
 apply4  7g7 ,no impairm5t by reason (  
vacancies ,no vacancy 9 ! memb]s ( !    
,bureau aft] ! e/abli%m5t ( an initial  
quorum "u subsection 7f7 %all impair !  
"r ( ! rema9+ memb]s ( ! ,bureau to     
ex]cise all ! p[]s ( ! ,bureau4 ,?ree   
memb]s ( ! ,bureau %all con/itute a     
quorum = ! transaction ( bus9ess1 except
 t if !re are only #c memb]s s]v+ on !  

,bureau because ( vacancies 9 ! ,bureau1
 #b memb]s ( ! ,bureau %all con/itute a 
quorum = ! transaction ( bus9ess4 ,if   
!re are only #b memb]s s]v+ on ! ,bureau
 because ( vacancies 9 ! ,bureau1 #b    
memb]s %all con/itute a quorum = !      
#f-mon? p]iod beg9n+ on ! date ( !      
vacancy :i* caus$ ! numb] ( ,bureau     
memb]s to decl9e to #b4  7h7 ,seal ,!   
,bureau %all h an (ficial seal4  7i7    
,comp5sation  7#a7 ,*air ,! ,*air %all  
receive comp5sation at ! rate prescrib$ 
= level ,i ( ! ,executive ,s*$ule "u    
section #ecac ( title #e1 ,unit$ ,/ates 
,code4  7#b7 ,o!r memb]s ( ! ,bureau ,! 
#d o!r memb]s ( ! ,bureau %all ea*      
receive comp5sation at ! rate prescrib$ 
= level ,,ii ( ! ,executive ,s*$ule "u  
section #ecad ( title #e1 ,unit$ ,/ates 
,code4  2  7#b7 9 section #ajab7;c71 by 
/rik+ p>agraphs 7#b71 7#c71 7#d71 &     
7#e72  7#c7 9 section #ajac7;a71 by     
/rik+ p>agraph 7#b7 & ins]t+ ! foll[+3  
7#b7 ,comp5sation ,not)/&+ any o!rwise  
applicable provision ( title #e1 ,unit$ 

,/ates ,code1 conc]n+ comp5sation1      
includ+ ! provisions ( *apt] #ea & *apt]
 #ec1 ! rates ( basic pay = all         
employees ( ! ,bureau may be set &      
adju/$ by ! ,*air4  2 &  7#d7 9 section 
#ajad7;b71 by /rik+ ,n few] ?an #f      
memb]s %all be appo9t$ ^u !             
recomm5dation ( ! regional ,f$]al       
,res]ve ,bank ,presid5ts1 on a rotat+   
basis44  7b7 ,presid5tial appo9tm5t (   
,inspector ,g5]al ( ! ,f9ancial ,product
 ,safety ,bureau ,! ,inspector ,g5]al   
,act ( #aigh 7#e ,u4,s4,c4 ,app47 is    
am5d$-- 7#a7 9 section #h;,g-- 7,a7 9   
subsection 7a77#b71 by /rik+ & ! ,bureau
 ( ,consum] ,f9ancial ,protection2  7,b7
 9 subsection 7c71 by /rik+ ,= !        
purposes ( implem5t+ ?is section & all t
 foll[s ?r\gh ! end ( ! subsection2 &   
7,c7 9 subsection 7g77#c71 by /rik+ & ! 
,bureau ( ,consum] ,f9ancial            
,protection2 &  7#b7 9 section #ab--    
7,a7 9 p>agraph 7#a71 by ins]t+ ! ,*air 
( ! ,bureau ( ,consum] ,f9ancial        
,protection2 aft] ! ,presid5t ( !       

,export-,import ,bank22 &  7,b7 9       
p>agraph 7#b71 by ins]t+ ! ,bureau (    
,consum] ,f9ancial ,protection1 aft] !  
,export-,import ,bank14  #c4 ,subject+ !
 ,bureau ( ,consum] ,f9ancial           
,protection to ! regul> appropriations  
process  7a7 ,9 g5]al ,section #ajag ( !
 ,consum] ,f9ancial ,protection ,act (  
#bjaj 7#ab ,u4,s4,c4 #edig7 is am5d$--  
7#a7 9 subsection 7a7-- 7,a7 9 !        
subsection head+1 by /rik+ 8,transf] (  
,funds ,f ,bo>d ,( ,gov]nors4--0 &      
ins]t+ ,budget & ,f9ancial              
,managem5t4--2  7,b7 by /rik+ p>agraphs 
7#a7 ?r\gh 7#c72  7,c7 by r$esignat+    
p>agraphs 7#d7 & 7#e7 z p>agraphs 7#a7 &
 7#b71 respectively2 &  7,d7 9 p>agraph 
7#a71 z s r$esignat$-- 7i7 9 ! p>agraph 
head+1 by /rik+ ,budget & f9ancial      
managem5t4-- & ins]t+ ,9 g5]al4--2  7ii7
 by /rik+ subp>agraph 7,e72 &  7iii7 by 
r$esignat+ subp>agraph 7,f7 z           
subp>agraph 7,e72  7#b7 by /rik+        
subsections 7b7 & 7c72  7#c7 by         
r$esignat+ subsections 7d7 & 7e7 z      

subsections 7b7 & 7c71 respectively2    
7#d7 9 subsection 7b71 z s r$esignat$-- 
7,a7 9 p>agraph 7#b7-- 7i7 9 ! fir/     
s5t5ce1 by ins]t+ direct be=e victims2 &
  7ii7 by /rik+ ! second s5t5ce2 &  7,b7
 by add+ at ! end ! foll[+3  7#c7       
,treatm5t ( excess am\nts ,if1 aft] !   
,bureau obta9s a civil p5alty 9 a       
judicial or adm9i/rative action "u      
,f$]al consum] f9ancial laws1 deposits t
 civil p5alty into ! ,civil ,p5alty     
,fund "u p>agraph 7#a71 &1 "u p>agraph  
7#b71 makes paym5ts to all ( ! direct   
victims ( activities = :i* t civil      
p5alty 0 impos$1 am\nts rema9 9 ! ,civil
 ,p5alty ,fund ) respect to t civil     
p5alty1 ! ,bureau %all transf] ^? excess
 am\nts to ! g5]al fund ( ! ,treasury4  
2 &  7#e7 9 subsection 7c71 z s         
r$esignat$-- 7,a7 by /rik+ p>agraphs    
7#a7 ?r\gh 7#c7 & ins]t+ ! foll[+3  7#a7
 ,au?orization ( appropriations ,!re is 
au?oriz$ to be appropriat$ su* funds z  
may be necess>y to c>ry out ?is title = 
fiscal ye> #bjbd4  2 &  7,b7 by         

r$esignat+ p>agraph 7#d7 z p>agraph     
7#b74  7b7 ,effective date ,! am5dm5ts  
made by ?is section %all take effect on 
,octob] #a1 #bjbc4  #d4 ,con=m+ am5dm5ts
  7a7 ,consum] ,f9ancial ,protection    
,act ( #bjaj  7#a7 ,9 g5]al ,except z   
provid$ "u p>agraph 7#b71 ! ,consum]    
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edha et seq47 is am5d$-- 7,a7
 by /rik+ ,director ( ! ,bureau ea*     
place ! t]m appe>s1 o!r ?an :]e ! t]m is
 us$ to ref] to a ,director o!r ?an !   
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection1 & ins]t+ ,*air ( 
! ,bureau2  7,b7 by /rik+ ,director ea* 
place ! t]m appe>s & ins]t+ ,*air1 o!r  
?an :]e ! t]m is us$ to ref] to a       
,director o!r ?an ! ,director ( !       
,bureau ( ,consum] ,f9ancial            
,protection2 &  7,c7 9 section #ajjb1 by
 /rik+ p>agraph 7#aj74  7#b7 ,exceptions
 ,! ,consum] ,f9ancial ,protection ,act 
( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is
 am5d$-- 7,a7 9 section #ajac7;c77#c7-- 
7i7 9 ! matt] prec$+ subp>agraph 7,a71  

by /rik+ ,assi/ant ,director ( ! ,bureau
 = & ins]t+ ,head ( ! ,(fice (2 &  7ii7 
9 subp>agraph 7,b71 by /rik+ ,assi/ant  
,director & ins]t+ ,head ( ! ,(fice2 &  
7,b7 9 section #ajac7;g77#b7-- 7i7 by   
/rik+ ,assi/ant director & ins]t+ ,head 
( ! ,(fice2 &  7ii7 by /rik+ an assi/ant
 director & ins]t+ a ,head ( ! ,(fice ( 
,f9ancial ,protection = ,old] ,am]icans4
  7b7 ,dodd-,frank ,wall ,/reet ,re=m & 
,consum] ,protection ,act ,!            
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecja et seq47 is am5d$-- 7#a7 9       
section #aaa7;b77#a77;,d71 by /rik+     
,director & ins]t+ ,*air2 &  7#b7 9     
section #addg1 by /rik+ ,director ea*   
place ! t]m appe>s & ins]t+ ,*air4  7c7 
,electronic ,fund ,transf] ,act ,section
 #ibj7;a77#d77;,c7 ( ! ,electronic ,fund
 ,transf] ,act 7#ae ,u4,s4,c4           
#afico-#b7;a77#d77;,c771 z add$ by      
section #ajge7;a77#b7 ( ! ,consum]      
,f9ancial ,protection ,act ( #bjaj1 is  
am5d$ by /rik+ ,director ( ! ,bureau (  

,consum] ,f9ancial ,protection & ins]t+ 
,*air ( ! ,bureau ( ,consum] ,f9ancial  
,protection4  7d7 ,exp$it$ ,funds       
,availability ,act ,! ,exp$it$ ,funds   
,availability ,act 7#ab ,u4,s4,c4 #djja 
et seq47 is am5d$ by /rik+ ,director ( !
 ,bureau ea* place ! t]m appe>s & ins]t+
 ,*air ( ! ,bureau4  7e7 ,f$]al ,deposit
 ,insurance ,act ,section #b ( ! ,f$]al 
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahab7 is am5d$ by /rik+ ,director ( !  
,consum] ,f9ancial ,protection ,bureau  
ea* place ! t]m appe>s & ins]t+ ,*air ( 
! ,consum] ,f9ancial ,protection        
,bureau4  7f7 ,f$]al ,f9ancial          
,in/itutions ,exam9ation ,c\ncil ,act ( 
#aigh ,section #ajjd7;a77#d7 ( ! ,f$]al 
,f9ancial ,in/itutions ,exam9ation      
,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4     
#ccjc7;a77#d77 is am5d$ by /rik+        
,director ( ! ,consum] ,f9ancial        
,protection ,bureau & ins]t+ ,*air ( !  
,consum] ,f9ancial ,protection ,bureau4 
7g7 ,f9ancial ,lit]acy & ,education     
,improvem5t ,act ,section #eac ( !      

,f9ancial ,lit]acy & ,education         
,improvem5t ,act 7#bj ,u4,s4,c4 #igjb7  
is am5d$ by /rik+ ,director ea* place ! 
t]m appe>s & ins]t+ ,*air4  7h7 ,home   
,mortgage ,disclosure ,act ( #aige      
,section #cjg ( ! ,home ,mortgage       
,disclosure ,act ( #aige 7#ab ,u4,s4,c4 
#bhjf7 is am5d$ by /rik+ ,director ( !  
,bureau ( ,consum] ,f9ancial ,protection
 ea* place ! t]m appe>s & ins]t+ ,*air (
 ! ,bureau ( ,consum] ,f9ancial         
,protection4  7i7 ,int]/ate ,l& ,sales  
,full ,disclosure ,act ,! ,int]/ate ,l& 
,sales ,full ,disclosure ,act 7#ae      
,u4,s4,c4 #agja et seq47 is am5d$-- 7#a7
 9 section #adjb 7#ae ,u4,s4,c4 #agja71 
by /rik+ p>agraph 7#a7 & ins]t+ !       
foll[+3  7#a7 ,*air means ! ,*air ( !   
,bureau ( ,consum] ,f9ancial            
,protection2  2 &  7#b7 by /rik+        
,director ea* place ! t]m appe>s &      
ins]t+ ,*air4  7j7 ,real ,e/ate         
,settlem5t ,proc$ures ,act ( #aigd      
,section #e ( ! ,real ,e/ate ,settlem5t 
,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4  

#bfjd7 is am5d$-- 7#a7 by /rik+ ,!      
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection 7h]eaft] 9 ?is    
section ref]r$ to z ! ,director7 &      
ins]t+ ,! ,*air ( ! ,bureau ( ,consum]  
,f9ancial ,protection 7h]eaft] 9 ?is    
section ref]r$ to z ! ,*air72 &  7#b7 by
 /rik+ ,director ea* place ! t]m appe>s 
& ins]t+ ,*air4  7k7 ,s4,a4,f4,e4       
,mortgage ,lic5s+ ,act ( #bjjh ,!       
,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act (   
#bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is  
am5d$-- 7#a7 by /rik+ ,director ea*     
place ! t]m appe>s 9 head+s & text1 o!r 
?an :]e ! t]m is us$ 9 ! context ( !    
,director ( ! ,(fice ( ,?rift           
,sup]vision1 & ins]t+ ,*air2 &  7#b7 9  
section #aejc 7#ab ,u4,s4,c4 #eajb71 by 
/rik+ p>agraph 7#aj7 & ins]t+ ! foll[+3 
7#aj7 ,*air ,! t]m ,*air means !        
,director ( ! ,bureau ( ,consum]        
,f9ancial ,protection4  4  7l7 ,title   
#dd1 ,unit$ ,/ates ,code ,section       
#ceac7;c7 ( title #dd1 ,unit$ ,/ates    
,code is am5d$ by /rik+ ,director ( !   

,bureau ( ,consum] ,f9ancial ,protection
 & ins]t+ ,*air ( ! ,bureau ( ,consum]  
,f9ancial ,protection4