HR 3445 119th Congress
Bureau of Consumer Financial Protection Commission Act
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.
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Introduction Congress.gov
Introduced
Introduced in the House.
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Referred to the House Committee on Financial Services.
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Introduced in House
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Introduced in House
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Introduced in House
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| Date and time | Record | Official detail | Source |
|---|---|---|---|
| IntroductionIntroduced | Introduced in the House. | Congress.gov | |
| Official actionReferred to the House Committee on Financial Services. | No additional detail supplied.IntroReferral · House floor actions · Code H11100 | Congress.gov | |
| Official actionIntroduced in House | No additional detail supplied.IntroReferral · Library of Congress · Code Intro-H | Congress.gov | |
| Official actionIntroduced in House | No additional detail supplied.IntroReferral · Library of Congress · Code 1000 | Congress.gov | |
| Text versionIntroduced in House | A dated text-version record is available. | Congress.gov |
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Congressional Research Service
CRS summary
Bureau of Consumer Financial Protection Commission ActThis bill restructures the Consumer Financial Protection Bureau (CFPB) and creates a five-member commission to manage the bureau. Currently, the CFPB is an autonomous bureau within the Federal Reserve System and is led by a director who is appointed by the President with the advice and consent of the Senate.The bill removes the CFPB from the Federal Reserve System and reestablishes it as an independent agency.The commission established by this bill is composed of five members appointed by the President with the advice and consent of the Senate, with one member selected by the President to serve as chair of the commission. No more than three commissioners may be members of the same political party. The bill also sets forth provisions regarding terms, quorums, and vacancies. The bill specifies that the President may a remove a commissioner for inefficiency, neglect of duty, or malfeasance in office.The bill also revises the membership requirements of the Consumer Advisory Board. The board advises and consults with the CFPB regarding relevant consumer financial laws and provides information on emerging practices in the consumer financial products and services industry. Currently, at least six members must be appointed upon recommendation of the regional Federal Reserve Bank presidents. The bill removes this requirement and requires at least half of all members to have private sector experience.
Official documents
Text versions
- Introduced in HouseMay 15, 2025