Bureau of Consumer Financial Protection Commission Act

This bill would change how the Consumer Financial Protection Bureau is run. Instead of a single director, it would be an independent agency led by a five‑member commission that can issue rules and orders under the consumer finance laws. The commission must include at least two people with private‑sector experience in consumer finance and at least one former state bank supervisor, with no more than three members from the same political party. The Chair would act as the top executive, and the current Director would serve as the first Chair until all five members are in place.

The bill mainly updates leadership and wording across many laws to refer to the “Chair” or the “Bureau” instead of the “Director,” without laying out new consumer programs in the text. It also sets quorum and pay rules for the commission and ensures the Bureau can keep operating even if there are vacancies.

• Who is affected: The Consumer Financial Protection Bureau, banks and lenders that it oversees, and consumers who use financial products.
• What changes:
  • Leadership shifts to a five‑member commission with specific experience and party‑balance rules.
  • The Chair leads daily operations; the first Chair is the current Director until all seats are filled.
  • The commission can issue regulations; many laws are updated to replace “Director” with “Chair” or “Bureau” .
  • Quorum rules allow the Bureau to function during transitions; for the first six months after enactment, the initial Chair alone can form a quorum until all five members are appointed.
• When: Upon enactment, with a six‑month transition period for quorum and staggered initial terms of 1–5 years for commissioners .