The bill proposes to transform the Bureau of Consumer Financial Protection into an independent agency governed by a commission.
The Bureau of Consumer Financial Protection Commission Act aims to restructure the Bureau of Consumer Financial Protection into an independent agency led by a five-member commission. The commission will be appointed by the President and confirmed by the Senate. At least two members must have private sector experience in consumer financial products and services, and at least one must have been a State bank supervisor. The Chair of the commission will be the principal executive officer, responsible for exercising all executive and administrative functions.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.