Bill > S2213

This bill, titled the Consumer Financial Protection Commission Act of 2014, proposes to replace the single Director of the Bureau of Consumer Financial Protection (CFPB) with a five-person Commission. The Commission would be responsible for heading the Bureau and would have the authority to issue regulations and orders necessary to carry out its duties. Members of the Commission would be appointed by the President with Senate confirmation, must be U.S. citizens with expertise in consumer financial protection, and would serve staggered five-year terms. The bill also outlines provisions for the Chair of the Commission, who would be the principal executive officer of the Bureau, and includes conforming amendments to various existing laws to reflect the shift from a single Director to a Commission. The effective date for this act is July 16, 2018.