arrow_back Back to App

Consumer Financial Protection: Bureau to Independent Commission Shift

This bill changes how the agency protecting your consumer finances operates. Instead of a single director, it will be managed by a five-member commission. This aims to increase the stability and independence of the institution, potentially leading to better protection of your financial rights.
Key points
The current Bureau of Consumer Financial Protection will be transformed into an independent Consumer Financial Protection Commission.
The Commission will consist of 5 members appointed by the President for 5-year staggered terms, aiming for greater stability and continuity.
This change seeks to enhance the institution's independence, potentially leading to more effective consumer protection against unfair financial practices.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_4773
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Process start date: 2021-07-28
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Consumer Financial Protection Commission Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4773.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-07-28.

What are the main provisions?

Key points include:

  • The current Bureau of Consumer Financial Protection will be transformed into an independent Consumer Financial Protection Commission.
  • The Commission will consist of 5 members appointed by the President for 5-year staggered terms, aiming for greater stability and continuity.
  • This change seeks to enhance the institution's independence, potentially leading to more effective consumer protection against unfair financial practices.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Luetkemeyer, Blaine [R-MO-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Courts and Law