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H.R. 3445: Bureau of Consumer Financial Protection Commission Act

119th Congress · introduced 2025-05-15 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

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Official title

Bureau of Consumer Financial Protection Commission Act

Plain summary

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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

Bureau of Consumer Financial Protection Commission Act

Source: Congressional Research Service summary (Introduced in House)

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Officials and money

Sponsor: Rep. Huizenga, Bill [R-MI-4] · 10 cosponsors

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Words on this page, explained (1)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong119-hr3445 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills