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Full Text of this Amendment

SA 391. Mr. MORAN submitted an amendment intended to be proposed by him to the bill S. 782, to amend the Public Works and Economic Development Act of 1965 to reauthorize that Act, and for other purposes; which was ordered to lie on the table; as follows:

At the end, add the following:
SEC. 22. CONSUMER FINANCIAL PROTECTION AGENCY.
(a) Establishment of the Agency.--Section 1011 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5491) is amended to read as follows:
"SEC. 1011. ESTABLISHMENT OF THE CONSUMER FINANCIAL PROTECTION AGENCY.
"(a) Agency Established.--There is established the Consumer Financial Protection Agency, which shall regulate the offering and provision of consumer financial products or services under the Federal consumer financial laws. The Agency shall be considered an executive agency, as defined in section 105 of title 5, United States Code. Except as otherwise expressly provided by law, all Federal laws dealing with public or Federal contracts, property, works, officers, employees, budgets,
or funds, including the provisions of chapters 5 and 7 of title 5, United States Code, shall apply to the exercise of the powers of the Agency.
"(b) Establishment of a Board of Directors.--
"(1) IN GENERAL.--The management of the Agency shall be vested in a Board of Directors, consisting of 6 Directors--
"(A) 1 of whom shall be the Comptroller of the Currency;
"(B) 1 of whom shall be the Chairperson of the Corporation;
"(C) 1 of whom shall be the Chairman of the Board of Governors; and
"(D) 3 of whom shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who are citizens of the United States and have demonstrated understanding of financial regulation and consumer financial protection.
"(2) POLITICAL AFFILIATION.--Not more than 2 Directors appointed under paragraph (1)(D) may belong to the same political party.
"(3) CHAIR AND VICE CHAIR.--
"(A) CHAIR.--One of the appointed Director shall be designated by the President, by and with the advice and consent of the Senate, to serve as Chair of the Board of Directors.
"(B) VICE CHAIR.--One of the appointed Director shall be designated by the President, by and with the advice and consent of the Senate, to serve as Vice Chair of the Board of Directors.
"(C) ACTING CHAIR.--In the event of a vacancy in the position of Chair of the Board of Directors, or during the absence or disability of the Chair, the Vice Chair shall act as Chair.
"(4) QUORUM.--Three Directors shall constitute a quorum for the transaction of business.
"(c) Terms.--
"(1) APPOINTED DIRECTORS.--Each appointed Director shall be appointed for a term of 5 years, unless sooner removed by the President, upon reason to be communicated by the President to the Senate.
"(2) INTERIM APPOINTMENTS.--Any Director appointed to fill a vacancy occurring before the expiration of the term for which such member's predecessor was appointed shall be appointed only for the remainder of such term.
"(3) CONTINUATION OF SERVICE.--The Chair, Vice Chair, and each appointed Director may continue to serve after the expiration of the term of office to which such member was appointed until a successor has been appointed and qualified.
"(4) VACANCY.--
"(A) IN GENERAL.--In the event that any appointed Director is removed by the President pursuant to paragraph (1), or otherwise vacates the position before the expiration of the term for which that member was appointed, such vacancy shall be filled by the President in accordance with the procedures set forth in subsection (b)(1)(D), and the appointed Director shall complete only the remainder of the term existing at the time of the vacancy.
"(B) NO IMPAIRMENT BY REASON OF VACANCY.--No vacancy in the membership of the Board of Directors shall impair the right of the remaining Directors to exercise all the powers of the Board of Directors.
"(d) Service Restrictions.--
"(1) IN GENERAL.--No Director may--
"(A) hold any office, position, or employment in any Federal reserve bank, Federal home loan bank, covered person, or service provider; or
"(B) hold stock in any covered person or service provider while serving as a Director.
"(2) CERTIFICATION.--Upon taking office, each Director shall certify under oath that such member has complied with this subsection, which certification shall be filed with the Board of Directors.
"(e) Exercise of Authority of the Agency.--Prior to carrying out any authority granted to the Agency or any Director, a majority of the Board of Directors shall vote affirmatively to authorize the Agency or such member to take such action.
"(f) Offices.--The principal office of the Agency shall be in the District of Columbia.".
(b) Bringing the Bureau Into the Regular Appropriations Process.--Section 1017 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5497) is amended--
(1) in subsection (a)--
(A) by striking the subsection heading and inserting the following: "Budget, Financial Management, and Audit.--";
(B) by striking paragraphs (1), (2), and (3);
(C) by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and
(D) in paragraph (1), as so redesignated, by striking subparagraphs (E) and (F); and
(2) by striking subsections (b) through (e) and inserting the following:
"(b) Authorization of Appropriations.--There is authorized to be appropriated to the Bureau, to carry out this title, not more than $143,000,000 for fiscal year 2011.".
(c) Safety and Soundness Check.--Section 1022(b)(2)(A) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5497(b)) is amended--
(1) in clause (i), by striking "and" at the end;
(2) in clause (ii), by inserting "and" at the end; and
(3) by adding at the end the following:
"(iii) the impact of such rule on the financial safety or soundness of an insured depository institution;".
(d) Consumer Financial Protection Act of 2010 Conforming Amendments.--
(1) IN GENERAL.--Except as provided in paragraph (2), the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is amended--
(A) by striking "Bureau" each place that term appears in relation to the Bureau of Consumer Financial Protection and inserting "Agency";
(B) by striking "Director of the" each place such term appears in relation to the Director of the Bureau of Consumer Financial Protection;
(C) by striking "Director" each place such term appears, except where such term is used to refer to a Director other than the Director of the Bureau of Consumer Financial Protection, and inserting "Board of Directors"; and
(D) in section 1002 (12 U.S.C. 5481)--
(i) by striking paragraph (2) and inserting the following:
"(2) AGENCY.--The term `Agency' means the Consumer Financial Protection Agency established under this title."; and
(ii) by striking paragraph (10) and inserting the following:
"(10) DIRECTORS.--The terms `Board of Directors' and `Director' mean the board of directors of the Agency and a member thereof, respectively.".
(2) EXCEPTIONS.--The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is amended--
(A) in section 1012(c)(4) (12 U.S.C. 5492(c)(4)), by striking "Director" each place such term appears and inserting "Board of Directors";
(B) in section 1013(c)(3) (12 U.S.C. 5493(c)(3))--
(i) by striking "Assistant Director of the Bureau for" and inserting "head of the Office of"; and
(ii) in subparagraph (B), by striking "Assistant Director" and inserting "Head of the Office";
(C) in section 1013(g)(2) (12 U.S.C. 5493(g)(2))--
(i) in the paragraph heading, by striking "ASSISTANT DIRECTOR" and inserting "HEAD OF THE OFFICE"; and
(ii) by striking "an assistant director" and inserting "a Head of the Office of Financial Protection for Older Americans";
(D) in section 1016(a) (12 U.S.C. 5496(a)), by striking "Director of the Bureau" and inserting "Chair of the Board of Directors of the Agency"; and
(E) in section 1066(a) (12 U.S.C. 5586(a)), by striking "Director of the Bureau is" and inserting "first member of the Board of Directors is".
(e) Dodd-Frank Wall Street Reform and Consumer Protection Act Conforming Amendments.--The Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203) is amended--
(1) in section 2 (12 U.S.C. 5301), by striking paragraph (4) and inserting the following:
"(4) AGENCY DEFINITIONS.--The--
"(A) term `Agency' means the Consumer Financial Protection Agency established under title X; and
"(B) terms `Board of Directors' and `Director' mean the board of directors of the Agency and a member thereof, respectively.";
(2) in section 111(b)(1)(D) (12 U.S.C. 5321), by striking "Director" and inserting "Chair of the Board of Directors of the Agency"; and
(3) in section 1447 (12 U.S.C. 1701p-2), by striking "Director of the Bureau" each place that term appears and inserting "Chair of the Board of Directors of the Agency".
(f) Electronic Fund Transfer Act Conforming Amendments.--The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is amended--
(1) effective on the date of enactment of this Act, in section 920(a)(4)(C) (15 U.S.C. 1693o-2(a)(4)(C)), 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 Protection" and inserting "Chair of the Board of Directors of the Consumer Financial Protection Agency"; and
(2) effective as of the effective date of subtitle H of the Consumer Financial Protection Act of 2010--
(A) in section 903 (15 U.S.C. 1693a), by striking the second paragraph designated as paragraph (4) (as added by section 1084(2)(B) of the Consumer Financial Protection Act of 2010) and inserting the following:
"(4) the term `Agency' means the Consumer Financial Protection Agency;"; and
(B) by striking "Bureau" each place that term appears and inserting "Agency".
(g) Expedited Funds Availability Act Conforming Amendments.--
(1) IN GENERAL.--The Expedited Funds Availability Act (12 U.S.C. 4001 et seq.), as amended by section 1086 of the Consumer Financial Protection Act of 2010, is amended by striking "Director of the Bureau of Consumer Financial Protection" each place that term appears and inserting "Consumer Financial Protection Agency".
(2) EFFECTIVE DATE.--The amendments made by this subsection shall become effective on the day after the effective date of the amendments made by subtitle H of the Consumer Financial Protection Act of 2010.
(h) Federal Deposit Insurance Act Conforming Amendments.--The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended--
(1) by striking "Bureau of Consumer Financial Protection" each place that term appears and inserting "Consumer Financial Protection Agency";
(2) by striking "Bureau" each place that term appears in the context of the Bureau of Consumer Financial Protection, and inserting "Consumer Financial Protection Agency"; and
(3) in section 2 (12 U.S.C. 1812), as amended by section 336(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended by striking "Director of the Consumer Financial Protection Bureau" each place that term appears and inserting "Chair of the Board of Directors of the Consumer Financial Protection Agency".
(i) Federal Financial Institutions Examination Council Act of 1978 Conforming Amendments.--
(1) IN GENERAL.--Section 1004(a)(4) of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3303(a)(4)), as amended by section 1091 of the Consumer Financial Protection Act of 2010, is amended by striking "Director of the Consumer Financial Protection Bureau" and inserting "Chair of the Board of Directors of the Consumer Financial Protection Agency".
(2) EFFECTIVE DATE.--The amendment made by this subsection shall become effective on the day after the effective date of the amendments made by subtitle H of the Consumer Financial Protection Act of 2010.
(j) Financial Literacy and Education Improvement Act Conforming Amendments.--Section 513 of the Financial Literacy and Education Improvement Act (20 U.S.C. 9702), as amended by section 1013(d)(5) of the Consumer Financial Protection Act of 2010, is amended by striking "Director of the Bureau of Consumer Financial Protection" each place that term appears and inserting "Chair of the Board of Directors of the Consumer Financial Protection Agency".
(k) Home Mortgage Disclosure Act of 1975 Conforming Amendments.--
(1) IN GENERAL.--Section 307 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2806), as added by section 1094(6) of the Consumer Financial Protection Act of 2010, is amended--
(A) by striking "Director of the Bureau of Consumer Financial Protection" each place that term appears and inserting "Chair of the Board of Directors of the Consumer Financial Protection Agency"; and
(B) in subsection (a)(1), by striking "Bureau deems" and inserting "Chair of the Board of Directors of the Consumer Financial Protection Agency deems".
(2) EFFECTIVE DATE.--The amendments made by this subsection shall become effective on the day after the effective date of the amendments made by subtitle H of the Consumer Financial Protection Act of 2010.
(l) Interstate Land Sales Full Disclosure Act Conforming Amendments.--
(1) IN GENERAL.--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--
(A) by striking "Bureau" each place that term appears and inserting "Agency";
(B) in section 1402 (15 U.S.C. 1701)--
(i) by striking paragraph (1) and inserting the following:
"(1) `Agency' means the Consumer Financial Protection Agency;"; and
(ii) by striking paragraph (12) and inserting the following:
"(12) `Chair' means the Chair of the Board of Directors of the Consumer Financial Protection Agency.".
(C) in section 1416(a) (15 U.S.C. 1715(a)), by striking "Director of the Bureau of Consumer Financial Protection" and inserting "Agency".
(2) EFFECTIVE DATE.--The amendments made by this subsection shall become effective on the day after the effective date of the amendments made by subtitle H of the Consumer Financial Protection Act of 2010.
(m) Real Estate Settlement Procedures Act of 1974 Conforming Amendments.--Section 5 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2604), as amended by section 1450 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended--
(1) by striking "The Director of the Bureau of Consumer Financial Protection (hereafter in this section referred to as the `Director')" and inserting "The Consumer Financial Protection Agency (in this section referred to as the `Agency')"; and
(2) by striking "Director" each place that term appears and inserting "Agency".
(n) S.A.F.E. Mortgage Licensing Act of 2008 Conforming Amendments.--
(1) IN GENERAL.--The S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5101), as amended by section 1100 of the Consumer Financial Protection Act of 2010, is amended--
(A) by striking "Director" each place that term appears, other than where such term is used in the context of the Director of the Office of Thrift Supervision, and inserting "Agency";
(B) by striking "Bureau" each place that term appears, other than where such term is used in the context of the Director of the Office of Thrift Supervision, and inserting "Agency"; and
(C) in section 1503 (12 U.S.C. 5102)--
(i) by striking paragraph (1) and inserting the following:
"(1) AGENCY.--The term `Agency' means the Consumer Financial Protection Agency."; and
(ii) by striking paragraph (10) and inserting the following:
"(10) DIRECTORS.--The terms `Board of Directors' and `Director' mean the board of directors of the Agency and a member thereof, respectively.".
(2) EFFECTIVE DATE.--The amendments made by this subsection shall become effective on the day after the effective date of the amendments made by subtitle H of the Consumer Financial Protection Act of 2010.
(o) Title 44, United States Code Conforming Amendments.--
(1) IN GENERAL.--Title 44, United States Code, as amended by section 1100D(b) of the Consumer Financial Protection Act of 2010, is amended--
(A) in section 3502(5), by striking "Bureau of Consumer Financial Protection" and inserting "Consumer Financial Protection Agency"; and
(B) in section 3513(c), by striking "Director of the Bureau of Consumer Financial Protection" and inserting "Consumer Financial Protection Agency".
(2) EFFECTIVE DATE.--The amendments made by this subsection shall become effective on the day after the effective date of the amendments made by subtitle H of the Consumer Financial Protection Act of 2010.
(p) Truth in Lending Act Conforming Amendments.--
(1) IN GENERAL.--The Truth in Lending Act (15 U.S.C. 1601 et seq.), as amended by section 1084 of the Consumer Financial Protection Act of 2010, is amended--
(A) in section 103 (15 U.S.C. 1602), by striking subsections (b) and (c) and inserting the following:
"(b) The term `Agency' means the Consumer Financial Protection Agency.
"(c) The terms `Board of Directors' and `Director' mean the board of directors of the Agency and a member thereof, respectively."; and
(B) by striking "Bureau" each place that term appears and inserting "Agency".
(2) EFFECTIVE DATE.--The amendments made by this subsection shall become effective on the day after the effective date of the amendments made by subtitle H of the Consumer Financial Protection Act of 2010.
(q) Rule of Construction.--Except as specified in the amendments made by this section, all references in Federal law to the Bureau of Consumer Financial Protection and the Director thereof shall be deemed to be references to the Consumer Financial Protection Agency and the Board of Directors thereof, respectively.


(As printed in the Congressional Record for the Senate on Jun 7, 2011.)