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Transforming Consumer Financial Protection Bureau into an Independent Commission

This bill transforms the Bureau of Consumer Financial Protection into an independent Consumer Financial Protection Commission. Instead of a single director, the agency will be governed by five members appointed by the President and confirmed by the Senate. This aims to enhance the independence and stability of the institution that protects citizens in financial matters like loans and credit.
Key points
The Bureau of Consumer Financial Protection (CFPB) will be renamed and restructured as the Consumer Financial Protection Commission (CFPC).
Instead of a single Director, the Commission will be composed of five members appointed for staggered five-year terms, enhancing stability and independence.
The President can only remove Commission members for specific reasons like neglect of duty, increasing their autonomy.
No more than three members of the Commission can belong to the same political party, ensuring political balance.
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Expired
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Additional Information
Print number: 118_HR_1410
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Process start date: 2023-03-07
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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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 118_HR_1410.

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 2023-03-07.

What are the main provisions?

Key points include:

  • The Bureau of Consumer Financial Protection (CFPB) will be renamed and restructured as the Consumer Financial Protection Commission (CFPC).
  • Instead of a single Director, the Commission will be composed of five members appointed for staggered five-year terms, enhancing stability and independence.
  • The President can only remove Commission members for specific reasons like neglect of duty, increasing their autonomy.
  • No more than three members of the Commission can belong to the same political party, ensuring political balance.
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 2025-12-24.

CATEGORIES

Economy Courts and Law