Bureau of Consumer Financial Protection Commission Act

Key Points

• This bill would transform the Consumer Financial Protection Bureau from a single-director agency into one run by a five-member commission appointed by the president and confirmed by the Senate, with staggered terms of up to five years.
• To prevent one-party control, no more than three of the five commissioners can belong to the same political party, ensuring bipartisan representation in the agency's leadership.
• The bill requires specific professional backgrounds for commissioners. At least two must have private-sector experience in consumer financial products, and at least one must have worked as a state bank supervisor.
• The CFPB would be formally separated from the Federal Reserve System and reclassified as a fully independent agency, cutting its institutional ties to the central bank.
• The current CFPB Director would temporarily serve as the first commission chair until all five members are appointed, with a six-month window during which that single person counts as a quorum to keep operations running.