H.R. 3445

119th CONGRESS 1st Session

To amend the Consumer Financial Protection Act of 2010 to make the Bureau of Consumer Financial Protection an independent agency led by a commission, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES · May 15, 2025 · Sponsor: Mr. Huizenga · Committee: Committee on Financial Services

Table of contents

• H.R. 3445
  • SEC. 1. Short title
  • SEC. 2. Making the Bureau an independent agency led by a commission
  • SEC. 3. Deeming of name
  • SEC. 4. Conforming amendments

SEC. 1. Short title

• This Act may be cited as the Bureau of Consumer Financial Protection Commission Act.

SEC. 2. Making the Bureau an independent agency led by a commission

• The Consumer Financial Protection Act of 2010 () is amended— 12 U.S.C. 5481 et seq.
  • in section 1011—
    • in subsection (a)—
      • (i) by striking ; and
      • (ii) by striking independent bureauand inserting independent agency;
    • by striking subsections (b), (c), and (d);
    • by redesignating subsection (e) as subsection (j);
    • in subsection (j), as so redesignated, by striking ; and
      • (b) Authority To prescribe regulations
        • The commission of the Bureau may prescribe such regulations and issue such orders in accordance with this title as the Bureau may determine to be necessary for carrying out this title and all other laws within the Bureau’s jurisdiction and shall exercise any authorities granted under this title and all other laws within the Bureau’s jurisdiction.
      • (c) Composition of the commission
        • (1) In general
          • The management of the Bureau shall be vested in a commission, which shall be composed of 5 members who shall be appointed by the President, by and with the advice and consent of the Senate, and—
            • at least 2 of whom shall have private sector experience in the provision of consumer financial products and services; and
            • at least 1 of whom shall have been employed as a State bank supervisor (as defined in section 3 of the Federal Deposit Insurance Act ()). 12 U.S.C. 1803
        • (2) 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.
        • (3) Terms
          • (A) In general
            • Except with respect to the initial staggered terms described under paragraph (2), each member of the commission, including the Chair, shall serve for a term of 5 years.
          • (B) Removal
            • The President may remove any member of the commission for inefficiency, neglect of duty, or malfeasance in office.
          • (C) 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.
          • (D) 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.
          • (E) Other employment prohibited
            • No member of the commission shall engage in any other business, vocation, or employment.
      • (d) Affiliation
        • Not more than 3 members of the commission shall be members of any one political party.
      • (e) Chair of the commission
        • (1) Initial Chair
          • The first member and Chair of the commission shall be the individual serving as Director of the Bureau of Consumer Financial Protection on the day before the date of the enactment of this subsection. Such individual shall serve until the President has appointed all 5 members of the commission in accordance with subsection (c).
        • (2) Subsequent Chair
          • Of the 5 members appointed in accordance with subsection (c), the President shall appoint 1 member to serve as the subsequent Chair of the commission.
        • (3) 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—
            • 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);
            • the distribution of business among personnel appointed and supervised by the Chair and among administrative units of the commission; and
            • the use and expenditure of funds.
        • (4) 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.
        • (5) Requests or estimates related to appropriations
          • Requests or estimates for regular, supplemental, or deficiency appropriations on behalf of the commission may not be submitted by the Chair without the prior approval of the commission.
        • (6) Designation
          • The Chair shall be known as both the of the Bureau and the . Chair of the commission Chair of the Bureau
      • (f) Initial quorum established
        • For the 6 month period beginning on the date of enactment of this subsection, the first member and Chair of the commission described under subsection (e)(1) shall constitute a quorum for the transaction of business until the President has appointed all 5 members of the commission in accordance with subsection (c). Following such appointment of 5 members, the quorum requirements of subsection (g) shall apply.
      • (g) No impairment by reason of vacancies
        • No vacancy in the members of the commission after the establishment of an initial quorum under subsection (f) 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.
      • (h) Seal
        • The Bureau shall have an official seal.
      • (i) 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.
    • by inserting after subsection (a) the following new subsections:
  • in section 1012(c)—
    • in the heading, by striking and inserting ;
    • by striking ; and
    • by striking paragraphs (2), (3), (4), and (5); and
  • in section 1014(b), by striking Not fewer than 6 members shall be appointed upon the recommendation of the regional Federal Reserve Bank Presidents, on a rotating basis.and inserting Not fewer than half of all members shall have private sector experience in the provision of consumer financial products and services..

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, except in subsection (e)(1) of section 1011 of the Consumer Financial Protection Act of 2010 (), as added by this Act, shall be deemed a reference to the commission leading and governing the Bureau of Consumer Financial Protection, as described under section 1011 of the Consumer Financial Protection Act of 2010. 12 U.S.C. 5491

SEC. 4. Conforming amendments

• (a) Consumer Financial Protection Act of 2010
  • (1) In general
    • Except as provided under paragraph (2), the Consumer Financial Protection of 2010 () is amended— 12 U.S.C. 5481 et seq.
      • by striking 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;
      • by striking 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
      • in section 1002, by striking paragraph (10).
  • (2) Exceptions
    • (A) In general
      • The Consumer Financial Protection Act of 2010 () is amended— 12 U.S.C. 5481 et seq.
        • (i) in section 1013(c)(3)—
        • by striking Assistant Director of the Bureau forand inserting Head of the Office of; and
        • in subparagraph (B), by striking Assistant Directorand inserting Head of the Office;
        • (ii) in section 1013(g)(2)—
        • by striking and inserting ; and
        • by striking an assistant directorand inserting a Head of the Office of Financial Protection for Older Americans;
        • (iii) in section 1016(a), by striking Director of the Bureauand inserting Chair of the Bureau; and
        • (iv) by striking section 1066.
    • (B) Clerical amendment
      • The table of contents for the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the item relating to section 1066.
• (b) Dodd-Frank Wall Street Reform and Consumer Protection Act
  • The Dodd-Frank Wall Street Reform and Consumer Protection Act () is amended— 12 U.S.C. 5301 et seq.
    • in section 111(b)(1)(D), by striking Directorand inserting Chair; and
    • in section 1447, by striking each place such term appears and inserting Chair of the Bureau.
• (c) Electronic Fund Transfer Act
  • Section 921(a)(4)(C) of the Electronic Fund Transfer Act (), as added by section 1075(a)(2) of the Consumer Financial Protection Act of 2010, is amended by striking Director of the Bureau of Consumer Financial Protectionand inserting Chair of the Bureau of Consumer Financial Protection. 15 U.S.C. 1693o–2(a)(4)(C)
• (d) Expedited Funds Availability Act
  • The Expedited Funds Availability Act (), as amended by section 1086 of the Consumer Financial Protection Act of 2010, is amended by striking each place such term appears and inserting Bureau. 12 U.S.C. 4001 et seq.
• (e) Federal Deposit Insurance Act
  • Section 2 of the Federal Deposit Insurance Act (), as amended by section 336(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by striking each place such term appears and inserting Chair of the Bureau of Consumer Financial Protection. 12 U.S.C. 1812
• (f) Federal Financial Institutions Examination Council Act of 1978
  • Section 1004(a)(4) of the Federal Financial Institutions Examination Council Act of 1978 (), as amended by section 1091 of the Consumer Financial Protection Act of 2010, is amended by striking Director of the Consumer Financial Protection Bureauand inserting Chair of the Bureau of Consumer Financial Protection. 12 U.S.C. 3303(a)(4)
• (g) Financial Literacy and Education Improvement Act
  • Section 513 of the Financial Literacy and Education Improvement Act (), as amended by section 1013(d)(5) of the Consumer Financial Protection Act of 2010, is amended by striking each place such term appears and inserting Chair. 20 U.S.C. 9702
• (h) Home Mortgage Disclosure Act of 1975
  • Section 307 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2806 et seq), as amended by section 1094(6) of the Consumer Financial Protection Act of 2010, is amended by striking 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 (15 U.S.C. 1701 et seq), as amended by section 1098A of the Consumer Financial Protection Act of 2010, is amended—
    • in section 1402—
      • by striking paragraph (1); and
      • by redesignating paragraphs (2) through (12) as paragraphs (1) through (11), respectively;
    • in section 1403(c)—
      • by striking himand inserting the Bureau; and
      • by striking heand inserting the Bureau;
    • in section 1407—
      • in subsection (c), by striking heand inserting the Bureau; and
      • in subsection (e), by striking Director or anyone designated by himand inserting Bureau;
    • in section 1411(a)—
      • by striking his findingsand inserting the findings of the Bureau; and
      • by striking his recommendationand inserting the recommendation of the Bureau;
    • in section 1415—
      • in subsection (a), by striking he may, in his discretion,and inserting the Bureau may, in the discretion of the Bureau,;
      • in subsection (b)—
        • (i) by striking each place such term appears and inserting in the discretion of the Bureau;
        • (ii) by striking he deemsand inserting the Bureau determines; and
        • (iii) by striking he may deemand inserting the Bureau may determine; and
      • in subsection (c), by striking the Director, or any officer designated by him,and inserting the Bureau;
    • in section 1416(a)—
      • by striking Director of the Bureau of Consumer Financial Protection who may delegate any of hisand inserting Bureau of Consumer Financial Protection, which may delegate any;
      • by striking his administrativeand inserting administrative; and
      • by striking himselfand inserting the commission of the Bureau;
    • in section 1418a(b)(4), by striking Secretary’s determinationand inserting determination of the Bureau; and
    • by striking each place such term appears and inserting Bureau.
• (j) Real Estate Settlement Procedures Act of 1974
  • Section 5 of the Real Estate Settlement Procedures Act of 1974 (), as amended by section 1450 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended— 12 U.S.C. 2604
    • by striking and inserting ; and
    • by striking 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 (), as amended by section 1100 of the Consumer Financial Protection Act of 2010, is amended— 12 U.S.C. 5101 et seq.
    • by striking each place such term appears in headings and text and inserting Bureau of Consumer Financial Protection; and
    • in section 1503, by striking paragraph (10).
• (l) Title 44, United States Code
  • Section 3513(c) of title 44, United States Code, as amended by section 1100D(b) of the Consumer Financial Protection Act of 2010, is amended by striking .