H.R. 3445 · Where this bill is now
In committee
Introduced in the House, sent to the Committee on Financial Services, May 15, 2025
What this bill does
In plain words · AI-written from the official summaryChanges how the consumer protection bureau is run
Right now, the Consumer Financial Protection Bureau is led by a single director and is part of the Federal Reserve System. This bill would change that by creating a five-person commission to lead the bureau instead, and it would make the bureau fully independent from the Federal Reserve. The bill also changes who sits on the Consumer Advisory Board, which gives advice about consumer financial laws and industry practices.
How it affects you
This affects how consumer financial protections are managed and overseen, but the summary doesn't spell out specific changes that would directly impact your everyday financial life. The way the bureau is structured behind the scenes would be different, which could influence how it operates and makes decisions about protecting consumers in banking and lending.
Read the official summary (Introduced in House, May 15, 2025)
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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 3445
A BILL
Bureau of Consumer Financial Protection Commission Act
Sponsor: Rep. Bill Huizenga (R-MI-4) · Introduced May 15, 2025 · Finance and Financial Sector · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action May 15, 2025: “Referred to the House Committee on Financial Services.”