Bureau of Consumer Financial Protection Commission Act (H.R. 3445)

• •The CFPB would transition from being led by a single Director to a 5-member commission appointed by the President and confirmed by the Senate.
• •The agency would be removed from the Federal Reserve System to become a fully independent agency.
• •At least 2 commission members must have private-sector experience in consumer financial products; at least 1 must have experience as a State bank supervisor.
• •No more than 3 members of the commission may belong to the same political party.
• •Commission members will serve 5-year staggered terms.
• •The President may remove members only for inefficiency, neglect of duty, or malfeasance.
• •The current CFPB Director will serve as the initial Chair until all 5 commission members are appointed.
• •The Chair is the principal executive officer, but must obtain commission approval for appropriations requests.
• •The Chair will be paid at Level I of the Executive Schedule; other members will be paid at Level II.
• •A quorum is generally 3 members, though 2 members may constitute a quorum under specific vacancy conditions.
• •Commission members are prohibited from engaging in any other business or employment.

This bill would change how the CFPB is governed and how its regulations are approved, shifting authority from a single presidential appointee to a bipartisan commission of five members confirmed by the Senate.

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.