There is established in the Federal Reserve System, an independent bureau to be known as the "Bureau of Consumer Financial Protection", which shall regulate the offering and provision of consumer financial products or services under the Federal consumer financial laws. The Bureau shall be considered an Executive agency, as defined in section of title 5. Except as otherwise provided expressly by law, all Federal laws dealing with public or Federal contracts, property, works, officers, employees, budgets, or funds, including the provisions of chapters 5 and 7 of title 5, shall apply to the exercise of the powers of the Bureau.
Subject to paragraph (3), the Director shall be appointed by the President, by and with the advice and consent of the Senate.
The President shall nominate the Director from among individuals who are citizens of the United States.
The Director shall be compensated at the rate prescribed for level II of the Executive Schedule under section of title 5.
There is established the position of Deputy Director, who shall-
The Director shall serve for a term of 5 years.
An individual may serve as Director after the expiration of the term for which appointed, until a successor has been appointed and qualified.
The President may remove the Director for inefficiency, neglect of duty, or malfeasance in office.
No Director or Deputy Director may hold any office, position, or employment in any Federal reserve bank, Federal home loan bank, covered person, or service provider during the period of service of such person as Director or Deputy Director.
The principal office of the Bureau shall be in the District of Columbia. The Director may establish regional offices of the Bureau, including in cities in which the Federal reserve banks, or branches of such banks, are located, in order to carry out the responsibilities assigned to the Bureau under the Federal consumer financial laws.
12 U.S.C. § 5491
CONSTITUTIONALITYFor information regarding constitutionality of provisions of subsection (c)(3) of this section, see Congressional Research Service, The Constitution of the United States of America: Analysis and Interpretation, Table of Laws Held Unconstitutional in Whole or in Part by the Supreme Court.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE Pub. L. 111-203, title X, §10181018,, 124 Stat. 1979, provided that: "This subtitle [subtitle A (§§1011-1018), enacting this part and amending sectionof Title 20, Education] shall become effective on the date of enactment of this Act [July 21, 2010]."
- The term "Bureau" means the Bureau of Consumer Financial Protection.
- The term "Director" means the Director of the Bureau.
- The term "consumer" means an individual or an agent, trustee, or representative acting on behalf of an individual.
- covered person
- The term "covered person" means-(A) any person that engages in offering or providing a consumer financial product or service; and(B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person.
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.