Bureau of Consumer Financial Protection Commission Act
Official title: 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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Referred to the House Committee on Financial Services.
Bureau of Consumer Financial Protection Commission Act
This 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.
- Introduced in House Formatted Text PDF Formatted XML
- NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES
- AMERICAN BANKERS ASSOCIATION
- CONSUMER BANKERS ASSOCIATION
- NATIONAL TREASURY EMPLOYEES UNION
- AMERICAS CREDIT UNIONS, FKA CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICAS CREDIT UNIONS
- MICHIGAN CREDIT UNION LEAGUE
Bodies those filers lobbied
- HOUSE OF REPRESENTATIVES
- SENATE
- Treasury, Dept of
- Consumer Financial Protection Bureau (CFPB)
- Federal Reserve System
- Office of Management & Budget (OMB)
- Federal Communications Commission (FCC)
- Defense, Dept of (DOD)
Cite this page
U.S. Congress. (2026). H.R. 3445: Bureau of Consumer Financial Protection Commission Act. 119th Congress. Open America. https://openamerica.io/bill/119-HR-3445/
"H.R. 3445: Bureau of Consumer Financial Protection Commission Act." 119th Congress, 2026, Open America, https://openamerica.io/bill/119-HR-3445/.
H.R. 3445, 119th Cong. (2026), https://openamerica.io/bill/119-HR-3445/.
[H.R. 3445: Bureau of Consumer Financial Protection Commission Act](https://openamerica.io/bill/119-HR-3445/)