Summary

Replaces the single‑Director structure of the consumer financial protection agency with a five‑member independent agency commission and updates federal law so titles and references match the new governance. It establishes membership rules, fixed and staggered terms, removal standards, quorum and chair authority, an agency seal, and continued rulemaking and enforcement authority for the reconstituted agency. Also changes all affected federal consumer‑finance statutes and official references so they refer to the new commission, makes numerous conforming editorial edits across related laws, and provides a transitional rule about treating existing references to the Director as references to the new commission (with one narrow exception).

Key Points

• Converts the consumer financial protection agency from a single‑Director model to a five‑member independent commission.
• Creates staggered, fixed terms for Commissioners, sets removal standards, and establishes quorum and Chair rules.
• Designates the agency formally as an "independent agency" (rather than an "independent bureau") and provides an official seal.
• Requires all federal statutes and official references to be conformed to the new commission structure, with one narrow statutory exception.
• Gives the commission the same regulatory and enforcement authorities that the Bureau previously exercised under the Director model.
• Makes widespread editorial and cross‑reference changes across Dodd‑Frank and other consumer finance statutes to reflect new leadership titles.
• Imposes administrative transition tasks (updates to agency forms, regulations, delegation orders, and legal citations).
• May change the pace and political dynamics of rulemaking and enforcement because decisions shift from a single official to a multi‑member body.

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