[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1018 Introduced in House (IH)]
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115th CONGRESS
1st Session
H. R. 1018
To replace the Director of the Bureau of Consumer Financial Protection
with a 5-person commission, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 13, 2017
Mr. DesJarlais (for himself and Mr. Duncan of Tennessee) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To replace the Director of the Bureau of Consumer Financial Protection
with a 5-person commission, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``CFPB Constitutional Reform Act of
2017''.
SEC. 2. REPLACING THE DIRECTOR WITH A 5-PERSON COMMISSION.
The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et
seq.) is amended--
(1) in section 1011--
(A) by striking subsections (b), (c), and (d);
(B) by redesignating subsection (e) as subsection
(h); and
(C) by inserting after subsection (a) the following
new subsections:
``(b) Bureau Headed by a Commission.--
``(1) In general.--The Bureau shall be headed by a
commission, as provided under this subsection.
``(2) Composition of the commission.--
``(A) In general.--The commission shall be composed
of 5 members who shall be appointed by the President,
by and with the advice and consent of the Senate, from
among individuals who--
``(i) are citizens of the United States;
and
``(ii) have strong competencies and
experiences related to consumer financial
products and services.
``(B) Staggering.--The members of the commission
shall serve staggered terms, which initially shall be
established by the President for terms of 1, 2, 3, 4,
and 5 years, respectively.
``(C) Terms.--
``(i) In general.--Except as provided under
subparagraph (B), each member of the
commission, including the Chair, shall serve
for a term of 5 years.
``(ii) Removal.--The President may remove
any member of the commission for inefficiency,
neglect of duty, or malfeasance in office.
``(iii) Vacancies.--Any member of the
commission appointed to fill a vacancy
occurring before the expiration of the term to
which that member's predecessor was appointed
(including the Chair) shall be appointed only
for the remainder of the term.
``(iv) Continuation of service.--Each
member of the commission 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 Senate, except that a
member may not continue to serve more than 1
year after the date on which that member's term
would otherwise expire.
``(v) Other employment prohibited.--No
member of the commission shall engage in any
other business, vocation, or employment.
``(c) Affiliation.--Not more than 3 members of the commission shall
be members of any one political party.
``(d) Chair.--
``(1) Appointment.--The Chair of the commission shall be
appointed by the President from among the members of the
commission.
``(2) Authority.--The Chair shall be the principal
executive officer of the commission, and shall exercise all of
the executive and administrative functions of the commission,
including with respect to--
``(A) the appointment and supervision of personnel
employed under the commission (other than personnel
employed regularly and full time in the immediate
offices of members of the commission other than the
Chair);
``(B) the distribution of business among personnel
appointed and supervised by the Chair and among
administrative units of the commission; and
``(C) the use and expenditure of funds.
``(3) 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 commission and by
such regulatory decisions, findings, and determinations as the
commission may by law be authorized to make.
``(e) No Impairment by Reason of Vacancies.--No vacancy in the
members of the commission shall impair the right of the remaining
members of the commission to exercise all the powers of the commission.
Three members of the commission shall constitute a quorum for the
transaction of business, except that if there are only 3 members
serving on the commission because of vacancies in the commission, 2
members of the commission shall constitute a quorum for the transaction
of business. If there are only 2 members serving on the commission
because of vacancies in the commission, 2 members shall constitute a
quorum for the 6-month period beginning on the date of the vacancy
which caused the number of commission members to decline to 2.
``(f) Seal.--The Commission shall have an official seal.
``(g) Compensation.--
``(1) Chair.--The Chair shall receive compensation at the
rate prescribed for level I of the Executive Schedule under
section 5313 of title 5, United States Code.
``(2) Other members of the commission.--The 4 other members
of the commission shall each receive compensation at the rate
prescribed for level II of the Executive Schedule under section
5314 of title 5, United States Code.''.
SEC. 3. DEEMING OF NAME.
Any reference in a law, regulation, document, paper, or other
record of the United States to the Director of the Bureau of Consumer
Financial Protection shall be deemed a reference to the Bureau of
Consumer Financial Protection.
SEC. 4. CONFORMING AMENDMENTS.
(a) Consumer Financial Protection Act of 2010.--
(1) In general.--Except as provided under paragraph (2),
the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481
et seq.) is amended--
(A) by striking ``Director of the Bureau'' each
place such term appears, other than where such term is
used to refer to a Director other than the Director of
the Bureau of Consumer Financial Protection, and
inserting ``Bureau'';
(B) by striking ``Director'' each place such term
appears and inserting ``Bureau'', other than where such
term is used to refer to a Director other than the
Director of the Bureau of Consumer Financial
Protection; and
(C) in section 1002, by striking paragraph (10).
(2) Exceptions.--The Consumer Financial Protection Act of
2010 (12 U.S.C. 5481 et seq.) is amended--
(A) in section 1013(c)(3)--
(i) by striking ``Assistant Director of the
Bureau for'' and inserting ``Head of the Office
of''; and
(ii) in subparagraph (B), by striking
``Assistant Director'' and inserting ``Head of
the Office'';
(B) in section 1013(g)(2)--
(i) by striking ``Assistant director'' and
inserting ``Head of the office''; and
(ii) by striking ``an assistant director''
and inserting ``a Head of the Office of
Financial Protection for Older Americans'';
(C) in section 1016(a), by striking ``Director of
the Bureau'' and inserting ``Chair of the Bureau'';
(D) in section 1017(c)(1), by striking ``Director
and other'';
(E) in section 1027(l)(1), by striking ``Director
and the Bureau'' and inserting ``Chair and the
Bureau''; and
(F) in section 1066(a), by striking ``Director of
the Bureau is'' and inserting ``first member of the
Bureau is''.
(b) Dodd-Frank Wall Street Reform and Consumer Protection Act.--The
Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C.
5301 et seq.) is amended--
(1) in section 111(b)(1)(D), by striking ``Director of the
Bureau'' and inserting ``Chair of the Bureau''; and
(2) in section 1447, by striking ``Director of the Bureau''
each place such term appears and inserting ``Bureau''.
(c) Electronic Fund Transfer Act.--Section 921(a)(4)(C) of the
Electronic Fund Transfer Act (15 U.S.C. 1693o-2(a)(4)(C)) is amended by
striking ``Director of the Bureau of Consumer Financial Protection''
and inserting ``Bureau''.
(d) Expedited Funds Availability Act.--The Expedited Funds
Availability Act (12 U.S.C. 4001 et seq.) is amended by striking
``Director of the'' each place such term appears.
(e) Federal Deposit Insurance Act.--Section 2 of the Federal
Deposit Insurance Act (12 U.S.C. 1812) is amended by striking
``Director of the Consumer Financial Protection Bureau'' each place
such term appears and inserting ``Chair of the Bureau of Consumer
Financial Protection''.
(f) Federal Financial Institutions Examination Council Act of
1978.--Section 1004(a)(4) of the Federal Financial Institutions
Examination Council Act of 1978 (12 U.S.C. 3303(a)(4)) is amended by
striking ``Director of the Consumer Financial Protection Bureau'' and
inserting ``Chair of the Bureau of Consumer Financial Protection''.
(g) Financial Literacy and Education Improvement Act.--Section 513
of the Financial Literacy and Education Improvement Act (20 U.S.C.
9702) is amended by striking ``Director of the Bureau of Consumer
Financial Protection'' each place such term appears and inserting
``Chair of the Bureau of Consumer Financial Protection''.
(h) Home Mortgage Disclosure Act of 1975.--Section 307 of the Home
Mortgage Disclosure Act of 1975 is amended by striking ``Director of
the Bureau of Consumer Financial Protection'' each place such term
appears and inserting ``Bureau of Consumer Financial Protection''.
(i) Interstate Land Sales Full Disclosure Act.--The Interstate Land
Sales Full Disclosure Act is amended--
(1) by amending section 1402(1) to read as follows:
``(1) `Chair' means the Chair of the Bureau of Consumer
Financial Protection;''; and
(2) in section 1416(a), by striking ``Director of the
Bureau of Consumer Financial Protection'' and inserting
``Chair''.
(j) Real Estate Settlement Procedures Act of 1974.--Section 5 of
the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2604) is
amended--
(1) by striking ``The Director of the Bureau of Consumer
Financial Protection (hereafter in this section referred to as
the `Director')'' and inserting ``The Bureau of Consumer
Financial Protection''; and
(2) by striking ``Director'' each place such term appears
and inserting ``Bureau''.
(k) S.A.F.E. Mortgage Licensing Act of 2008.--The S.A.F.E. Mortgage
Licensing Act of 2008 (12 U.S.C. 5101 et seq.) is amended--
(1) by striking ``Director'' each place such term appears
in headings and text and inserting ``Bureau'';
(2) by striking ``director'' each place such term appears
in headings and inserting ``Bureau''; and
(3) in section 1503, by striking paragraph (10).
(l) Title 44, United States Code.--Section 3513(c) of title 44,
United States Code is amended by striking ``Director of the Bureau''
and inserting ``Bureau''.
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