The Consumer Financial Protection Bureau would be restructured from a single-director agency into one led by a five-member commission appointed by the President and confirmed by the Senate. No more than three members could be from the same political party, members would serve staggered five-year terms, and at least two members must come from the consumer financial services industry. The CFPB would also be removed from the Federal Reserve System and made a standalone independent agency. References to the Bureau's Director across federal law would be replaced with references to the Chair or to the Bureau itself.
Corporate Benefits
- Financial industry representation — At least 2 of 5 CFPB commissioners must come from consumer financial services sector
Transparency & Accountability
- Bipartisan composition — Caps any one party at 3 of 5 CFPB commissioners
- Single accountable director — Replaced by 5-member commission with staggered terms
Congressional 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.
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Introduced in House
- Action Date
- 2025-05-15
- Date Added
- 2026-05-19
- Source
- Congress.gov →
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