Bureau established
section 105 of title 5There 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 . 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.
Director and Deputy Director
In general
There is established the position of the Director, who shall serve as the head of the Bureau.
Appointment
Subject to paragraph (3), the Director shall be appointed by the President, by and with the advice and consent of the Senate.
Qualification
The President shall nominate the Director from among individuals who are citizens of the United States.
Compensation
section 5313 of title 5The Director shall be compensated at the rate prescribed for level II of the Executive Schedule under .
Deputy Director
Term
In general
The Director shall serve for a term of 5 years.
Expiration of term
An individual may serve as Director after the expiration of the term for which appointed, until a successor has been appointed and qualified.
Removal for cause
The President may remove the Director for inefficiency, neglect of duty, or malfeasance in office.
Service restriction
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.
Offices
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.
Pub. L. 111–203, title X, § 1011124 Stat. 1964(, , .)
Editorial Notes
Constitutionality
For information regarding the constitutionality of provisions of subsection (c)(3) of this section, see the Table of Laws Held Unconstitutional in Whole or in Part by the Supreme Court on the Constitution Annotated website, constitution.congress.gov.
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 111–203, title X, § 1020124 Stat. 1979Pub. L. 117–263, div. E, title LVIII, § 5851(a)(1)136 Stat. 3433