text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Consumer Financial Protection 
  Commission Act of 2013''.
  
  SEC. 2. ESTABLISHMENT OF THE COMMISSION.
  
      Section 1011 of the Consumer Financial Protection Act of 2010 is 
  amended--
              (1) by striking subsections (b), (c), and (d);
              (2) by redesignating subsection (e) as subsection (j); and
              (3) by inserting after subsection (a) the following new 
          subsections:
      ``(b) Establishment of the Commission.--
              ``(1) In general.--There is hereby established a commission 
          (hereinafter referred to in this section as the `Commission') 
          that shall serve as the head of the Bureau.
              ``(2) Authority to prescribe regulations.--The Commission 
          may prescribe such regulations and issue such orders in 
          accordance with this title as the Commission may determine to 
          be necessary for carrying out this title and all other laws 
          within the Commission's jurisdiction and shall exercise any 
          authorities granted under this title and all other laws within 
          the Commission's jurisdiction.
      ``(c) Composition of the Commission.--
              ``(1) In general.--The Commission shall be composed of the 
          Vice Chairman for Supervision of the Federal Reserve System and 
          4 additional members who shall be appointed by the President, 
          by and with the advice and consent of the Senate, from among 
          individuals who--
                      ``(A) are citizens of the United States;
                      ``(B) have strong competencies and experiences 
                  related to consumer financial protection; and
                      ``(C) should want to protect service members and 
                  their families who are sacrificing their lives for this 
                  country from abusive financial practices.
              ``(2) Staggering.--The members of the Commission appointed 
          under paragraph (1) shall serve staggered terms, which 
          initially shall be established by the President for terms of 1, 
          2, 4, and 5 years, respectively.
              ``(3) Terms.--
                      ``(A) In general.--Each member of the Commission 
                  appointed under paragraph (1), including the Chair, 
                  shall serve for a term of 5 years.
                      ``(B) Removal for cause.--The President may remove 
                  any member of the Commission appointed under paragraph 
                  (1) only for inefficiency, neglect of duty, or 
                  malfeasance in office.
                      ``(C) Vacancies.--Any member of the Commission 
                  appointed under paragraph (1) appointed to fill a 
                  vacancy occurring before the expiration of the term to 
                  which that member's predecessor was appointed 
                  (including the Chair) shall be appointed only for the 
                  remainder of the term.
                      ``(D) Continuation of service.--Each member of the 
                  Commission appointed under paragraph (1) may continue 
                  to serve after the expiration of the term of office to 
                  which that member was appointed until a successor has 
                  been appointed by the President and confirmed by the 
                  Senate, except that a member may not continue to serve 
                  more than 1 year after the date on which that member's 
                  term would otherwise expire.
                      ``(E) Other employment prohibited.--No member of 
                  the Commission appointed under paragraph (1) shall 
                  engage in any other business, vocation, or employment.
              ``(4) Roles and responsibilities of commissioners.--One 
          member of the Commission shall have as their primary 
          responsibility the oversight of the Bureau's activities 
          pertaining to protecting consumers, with a focus on consumers 
          who are older, minorities, youth, or veterans, from unfair, 
          deceptive, and abusive lending practices. The designated 
          commissioner shall be responsible for--
                      ``(A) ensuring the Bureau conducts regular outreach 
                  to consumers regarding industry lending activities;
                      ``(B) researching and reporting to the full 
                  Commission, on a regular basis, the impact of new loan 
                  and credit products and services on consumers; and
                      ``(C) ensuring the Bureau coordinates with State-
                  level consumer protection agencies on enforcement 
                  measures that protect consumers from unfair, deceptive, 
                  and abusive lending practices.
      ``(d) Affiliation.--With respect to members appointed pursuant to 
  subsection (c)(1), not more than 2 shall be members of any one 
  political party.
      ``(e) Chair of the Commission.--
              ``(1) Appointment.--The Chair of the Commission shall be 
          appointed by the President from among the members of the 
          Commission appointed under paragraph (1).
              ``(2) Authority.--The Chair shall be the principal 
          executive officer of the Bureau, and shall exercise all of the 
          executive and administrative functions of the Bureau, including 
          with respect to--
                      ``(A) the appointment and supervision of personnel 
                  employed under the Bureau (other than personnel 
                  employed regularly and full time in the immediate 
                  offices of members of the Commission other than the 
                  Chair);
                      ``(B) the distribution of business among personnel 
                  appointed and supervised by the Chair and among 
                  administrative units of the Bureau; and
                      ``(C) the use and expenditure of funds.
              ``(3) Limitation.--In carrying out any of the Chair's 
          functions under the provisions of this subsection the Chair 
          shall be governed by general policies of the Commission and by 
          such regulatory decisions, findings, and determinations as the 
          Commission may by law be authorized to make.
              ``(4) Requests or estimates related to appropriations.--
          Requests or estimates for regular, supplemental, or deficiency 
          appropriations on behalf of the Commission may not be submitted 
          by the Chair without the prior approval of the Commission.
      ``(f) No Impairment by Reason of Vacancies.--No vacancy in the 
  members of the Commission shall impair the right of the remaining 
  members of the Commission to exercise all the powers of the Commission. 
  Three members of the Commission shall constitute a quorum for the 
  transaction of business, except that if there are only 3 members 
  serving on the Commission because of vacancies in the Commission, 2 
  members of the Commission shall constitute a quorum for the transaction 
  of business. If there are only 2 members serving on the Commission 
  because of vacancies in the Commission, 2 members shall constitute a 
  quorum for the 6-month period beginning on the date of the vacancy 
  which caused the number of Commission members to decline to 2.
      ``(g) Seal.--The Commission shall have an official seal.
      ``(h) Compensation.--
              ``(1) Chair.--The Chair shall receive compensation at the 
          rate prescribed for level I of the Executive Schedule under 
          section 5313 of title 5, United States Code.
              ``(2) Other members of the commission.--The 3 other members 
          of the Commission appointed under subsection (c)(1) shall each 
          receive compensation at the rate prescribed for level II of the 
          Executive Schedule under section 5314 of title 5, United States 
          Code.
      ``(i) Initial Quorum Established.--During any time period prior to 
  the confirmation of at least two members of the Commission, one member 
  of the Commission shall constitute a quorum for the transaction of 
  business. Following the confirmation of at least 2 additional 
  commissioners, the quorum requirements of subsection (f) shall 
  apply.''.
  
  SEC. 3. CONFORMING AMENDMENTS.
  
      (a) Consumer Financial Protection Act of 2010.--
              (1) In general.--The Consumer Financial Protection Act of 
          2010 is amended--
                      (A) in section 1002, by striking paragraph (10);
                      (B) in section 1012(c)(4), by striking ``Director'' 
                  each place such term appears and inserting ``Commission 
                  of the Bureau'';
                      (C) in section 1013(c)(3)--
                              (i) by striking ``Assistant Director of the 
                          Bureau for'' and inserting ``Head of the Office 
                          of''; and
                              (ii) in subparagraph (B), by striking 
                          ``Assistant Director'' and inserting ``Head of 
                          the Office'';
                      (D) in section 1013(g)(2)--
                              (i) by striking ``Assistant director'' and 
                          inserting ``Head of the office''; and
                              (ii) by striking ``an assistant director'' 
                          and inserting ``a Head of the Office of 
                          Financial Protection for Older Americans'';
                      (E) in section 1016(a), by striking ``Director of 
                  the Bureau'' and inserting ``Chair of the Commission'';
                      (F) in section 1017(c)(1), by striking ``Director 
                  and other employees'' and inserting ``members of the 
                  Commission and other employees'';
                      (G) in section 1027(l)(1), by striking ``Director 
                  and the''; and
                      (H) in section 1066(a), by striking ``Director of 
                  the Bureau is'' and inserting ``first member of the 
                  Commission is''.
              (2) Global amendments.--The Consumer Financial Protection 
          Act of 2010 is amended--
                      (A) by striking ``Director of the'' each place such 
                  term appears, other than in--
                              (i) subparagraphs (A) and (E) of section 
                          1017(4);
                              (ii) section 1043;
                              (iii) section 1061(b)(3);
                              (iv) section 1062;
                              (v) section 1063(f);
                              (vi) subparagraphs (E) and (G) of section 
                          1064(i)(2); and
                              (vii) section 1065(a); and
                      (B) by striking ``Director'' each place such term 
                  appears and inserting ``Bureau'', other than in--
                              (i) section 1063(f)(2); and
                              (ii) section 1065(a).
      (b) Dodd-Frank Wall Street Reform and Consumer Protection Act.--The 
  Dodd-Frank Wall Street Reform and Consumer Protection Act is amended--
              (1) in section 111(b)(1)(D), by striking ``Director'' and 
          inserting ``Chair of the Commission''; and
              (2) in section 1447, by striking ``Director of the Bureau'' 
          each place such term appears and inserting ``Bureau''.
      (c) Electronic Fund Transfer Act.--Section 921(a)(4)(C) of the 
  Electronic Fund Transfer Act, as added by section 1075(a)(2) of the 
  Consumer Financial Protection Act of 2010, is amended by striking 
  ``Director of the Bureau of Consumer Financial Protection'' and 
  inserting ``Bureau of Consumer Financial Protection''.
      (d) Expedited Funds Availability Act.--The Expedited Funds 
  Availability Act, as amended by section 1086 of the Consumer Financial 
  Protection Act of 2010, is amended by striking ``Director of the 
  Bureau'' each place such term appears and inserting ``Bureau''.
      (e) Federal Deposit Insurance Act.--Section 2 of the Federal 
  Deposit Insurance Act, as amended by section 336(a) of the Dodd-Frank 
  Wall Street Reform and Consumer Protection Act, is amended by striking 
  ``Director of the Consumer Financial Protection Bureau'' each place 
  such term appears and inserting ``Chair of the Commission of the Bureau 
  of Consumer Financial Protection''.
      (f) Federal Financial Institutions Examination Council Act of 
  1978.--Section 1004(a)(4) of the Federal Financial Institutions 
  Examination Council Act of 1978 (12 U.S.C. 3303(a)(4)), as amended by 
  section 1091 of the Consumer Financial Protection Act of 2010, is 
  amended by striking ``Director of the Consumer Financial Protection 
  Bureau'' and inserting ``Chair of the Commission of the Bureau of 
  Consumer Financial Protection''.
      (g) Financial Literacy and Education Improvement Act.--Section 513 
  of the Financial Literacy and Education Improvement Act, as amended by 
  section 1013(d) of the Consumer Financial Protection Act of 2010, is 
  amended by striking ``Director'' each place such term appears and 
  inserting ``Chair of the Commission''.
      (h) Home Mortgage Disclosure Act of 1975.--Section 307 of the Home 
  Mortgage Disclosure Act of 1975, as amended by section 1094(6) of the 
  Consumer Financial Protection Act of 2010, is amended by striking 
  ``Director of the Bureau of Consumer Financial Protection'' each place 
  such term appears and inserting ``Bureau of Consumer Financial 
  Protection''.
      (i) Interstate Land Sales Full Disclosure Act.--The Interstate Land 
  Sales Full Disclosure Act, as amended by section 1098A of the Consumer 
  Financial Protection Act of 2010, is amended--
              (1) by amending section 1402(1) to read as follows:
      ``(1) `Chair' means the Chair of the Commission of the Bureau of 
  Consumer Financial Protection;'';
              (2) in section 1416(a), by striking ``Director of the 
          Bureau of Consumer Financial Protection'' and inserting 
          ``Chair''; and
              (3) by striking ``Director'' each place such term appears 
          and inserting ``Bureau''.
      (j) Real Estate Settlement Procedures Act of 1974.--Section 5 of 
  the Real Estate Settlement Procedures Act of 1974, as amended by 
  section 1450 of the Dodd-Frank Wall Street Reform and Consumer 
  Protection Act, is amended--
              (1) by striking ``The Director of the Bureau of Consumer 
          Financial Protection (hereafter in this section referred to as 
          the `Director')'' and inserting ``The Bureau of Consumer 
          Financial Protection''; and
              (2) by striking ``Director'' each place such term appears 
          and inserting ``Bureau''.
      (k) S.A.F.E. Mortgage Licensing Act of 2008.--The S.A.F.E. Mortgage 
  Licensing Act of 2008, as amended by section 1100 of the Consumer 
  Financial Protection Act of 2010, is amended--
              (1) by striking ``Director'' each place such term appears 
          in headings and text and inserting ``Bureau''; and
              (2) in section 1503, by striking paragraph (10).
      (l) Title 44, United States Code.--Section 3513(c) of title 44, 
  United States Code, as amended by section 1100D(b) of the Consumer 
  Financial Protection Act of 2010, is amended by striking ``Director of 
  the Bureau'' and inserting ``Bureau''.
target: Consumer Financial Protection Commission Act of 2013 - Amends the Consumer Financial Protection Act of 2010 (title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act), to replace the position of Director of the Bureau of Consumer Financial Protection with a five-member Commission whose members are appointed by the President, by and with the advice and consent of the Senate. Prohibits the Chair of the Commission from making requests for estimates related to appropriations without prior Commission approval.
feat_title: Consumer Financial Protection Commission Act of 2013