What does Preamble of Bureau of Consumer Financial Protection Commission Act do?

This bill proposes to amend the Consumer Financial Protection Act of 2010. The proposed amendment aims to establish the Bureau of Consumer Financial Protection as an independent agency. The agency would be led by a commission under the proposed changes.

What does SHORT TITLE. of Bureau of Consumer Financial Protection Commission Act do?

This bill is formally titled the Bureau of Consumer Financial Protection Commission Act.

What does MAKING THE BUREAU AN INDEPENDENT AGENCY LED BY A COMMISSION. of Bureau of Consumer Financial Protection Commission Act do?

This section amends the Consumer Financial Protection Act of 2010 to transform the Bureau into an independent agency led by a five-member commission. The commission members are appointed by the President with Senate confirmation and must include individuals with private sector experience and a former state bank supervisor. Commission members serve staggered terms, initially ranging from 1 to 5 years, with subsequent terms of 5 years. The President can remove commission members for inefficiency, neglect of duty, or malfeasance. The initial chair of the commission will be the current Director of the Bureau, until all five members are appointed. The Chair serves as the principal executive officer and oversees personnel and budget. A quorum for the commission's business is initially established by the Director, then requires three members, with reduced requirements during vacancies. The bill modifies coordination requirements with the Board of Governors and alters the criteria for appointing commission members, requiring at least half to have private sector experience.

What does DEEMING OF NAME. of Bureau of Consumer Financial Protection Commission Act do?

This section establishes that references to the Director of the Bureau of Consumer Financial Protection are to be interpreted as references to the commission leading and governing the Bureau. This change applies to references in laws, regulations, documents, papers, or other records of the United States. An exception to this deeming provision exists for subsection (e)(1) of section 1011 of the Consumer Financial Protection Act of 2010, as added by this Act.

What does CONFORMING AMENDMENTS. of Bureau of Consumer Financial Protection Commission Act do?

This section amends the Consumer Financial Protection Act of 2010. The amendments generally replace instances of 'Director of the Bureau' and 'Director' with 'Bureau'. Paragraph (10) of section 1002 of the Act is struck. Specific exceptions are made to the general replacement rule in section 1013(c)(3), 1013(g)(2), and 1016(a). In section 1013(c)(3) and (g)(2), 'Assistant Director of the Bureau for' and 'Assistant Director' are replaced with 'Head of the Office'. In section 1013(g)(2), 'an assistant director' is replaced with 'a Head of the Office of Financial Protection for Older Americans'. In section 1016(a), 'Director of the Bureau' is replaced with 'Chair of the Bureau'. Section 1066 of the Act is struck.

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Bureau of Consumer Financial Protection Commission Act

Last updated: 5/15/2025 · Introduced: 5/15/2025

Author: Bill Huizenga (R-MI)

TL;DR (AI)

This bill restructures the Bureau of Consumer Financial Protection into an independent agency governed by a five-member commission appointed by the President.
The bill mandates that at least half of the commission members possess private sector experience and includes a former state bank supervisor.
References to the 'Director of the Bureau' in existing laws and regulations will be updated to refer to the newly established commission.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 3 more.

5 sections

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