Sec. 637.

1,559 words·~7 min read·/bill/114/s/2132/pcs/section-637

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 et seq. ) is amended— in section 1002 ( 12 U.S.C. 5481 )— by striking paragraph

(10)and inserting: The term Board means the Board of Directors of the Bureau of Consumer Financial Protection. ; and by inserting after paragraph

(29)the following: The term Chairperson means the Chairperson of the Board of Directors of the Bureau of Consumer Financial Protection. ; in section 1012 ( 12 U.S.C. 5492 )— in subsection (a)(8), by striking appointed and supervised by the Director and inserting appointed by the Board and supervised by the Chairperson ; in subsection (b), by striking Director and inserting Board ; and in subsection (c)— in paragraph (2)(A), by striking Director and inserting Board ; and in paragraph (4), by striking the Director each place that term appears and inserting any member of the Board ; in section 1013 ( 12 U.S.C. 5493 )— in subsections (a), (b), (d), and (e), by striking Director each place that term appears and inserting Board ; in subsection (c)— in paragraphs

(1)and (2), by striking Director each place that term appears and inserting Board ; and in paragraph (3)— by striking Assistant Director each place that term appears and inserting Head of Office ; and by striking the Director each place that term appears and inserting the Board ; in subsection (g)— in paragraph (1), by striking Director and inserting Board ; and in paragraph (2)— in the paragraph heading, by striking and inserting Assistant director ; and Head of the office by striking an assistant director and inserting the Head of the Office of Financial Protection for Older Americans ; in section 1014 ( 12 U.S.C. 5494 ), by striking Director each place that term appears and inserting Board ; in section 1016(a) ( 12 U.S.C. 5496(a) ), by striking Director of the Bureau and inserting Chairperson ; in section 1017— in subsection (a)— in paragraph (1), by striking Director and inserting Board ; in paragraph (4)— in subparagraph (A)— by striking Director shall and inserting Board shall ; by striking Director, and inserting Board, ; and by striking Director in each place that term appears and inserting Board in ; in subparagraph (D), by striking Director and inserting Board ; and in subparagraph (E), by striking Director to and inserting Board to ; and in paragraph (5)(C), by striking Director of the Bureau and inserting Chairperson ; in subsection (c)(1)— by striking Director, and inserting Board, ; and by striking Director and and inserting the members of the Board and ; and in subsection (e), by striking Director each place that term appears and inserting Board ; in subtitles B ( 12 U.S.C. 5511 et seq. ), C ( 12 U.S.C. 5531 et seq. ), and G ( 12 U.S.C. 5601 et seq. ), by striking Director each place that term appears and inserting Board ; in section 1061(c)(2)(C)(i) ( 12 U.S.C. 5581(c)(2)(C)(i) ), by striking the Board and inserting the National Credit Union Administration Board ; and in section 1066(a) ( 12 U.S.C. 5586(a) ), by inserting first before Director . Section 111(b)(1)(D) of the Financial Stability Act of 2010 ( 12 U.S.C. 5321(b)(1)(D) ) is amended by striking Director of the Bureau and inserting Chairperson of the Board of Directors of the Bureau . Section 1447 of the Mortgage Reform and Anti-Predatory Lending Act ( 12 U.S.C. 1701p–2 ) is amended by striking Director each place the term appears and inserting Board of Directors . Section 920(a)(4)(C) of the Electronic Fund Transfer Act ( 15 U.S.C. 1693o–2(a)(4)(C) ) is amended by striking Director of the Bureau and inserting Board of Directors of the Bureau . The Expedited Funds Availability Act ( 12 U.S.C. 4001 et seq. ) is amended by striking Director of the Bureau each place that term appears and inserting Board of Directors of the Bureau . Section 2 of the Federal Deposit Insurance Act ( 12 U.S.C. 1812 ) is amended— by striking Director of the Consumer Financial Protection Bureau each place that term appears and inserting Chairperson of the Board of Directors of the Bureau of Consumer Financial Protection ; and in subsection (d)(2), by striking Comptroller or Director and inserting Comptroller or Chairperson . Section 1004(a)(4) of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3303(a)(4) ) is amended by striking Director of the Consumer Financial Protection Bureau and inserting Chairperson of the Board of Directors of the Bureau of Consumer Financial Protection . Section 513 of the Financial Literacy and Education Improvement Act ( 20 U.S.C. 9702 ) is amended by striking Director each place that term appears and inserting Chairperson of the Board of Directors . Section 307 of the Home Mortgage Disclosure Act of 1975 ( 12 U.S.C. 2806 ) is amended by striking Director of the Bureau of Consumer each place that term appears and inserting Board of Directors of the Bureau of Consumer . The Interstate Land Sales Full Disclosure Act ( 15 U.S.C. 1701 et seq. ) is amended— in section 1402(1) ( 15 U.S.C. 1701(1) ), by striking and inserting Director means the Director ; Board means the Board of Directors by striking Director each place that term appears and inserting Board ; in section 1403(c) ( 15 U.S.C. 1702(c) )— by striking by him and inserting by the Board ; and by striking he and inserting the Board ; in section 1407 ( 15 U.S.C. 1706 )— in subsection (c), by striking he and inserting the Board ; and in subsection (e), by striking him and inserting the Board ; in section 1411 ( 15 U.S.C. 1710 )— in subsection (a)— by striking his findings and inserting its finding ; and by striking his recommendation and inserting a recommendation ; and in subsection (b), by striking Secretary’s order and inserting order of the Board ; in section 1415 ( 15 U.S.C. 1714 )— by striking him each place that term appears and inserting the Board ; in subsection (a), by striking he may, in his discretion and inserting the Board may, at the discretion of the Board ; in subsection (b), by striking he each time that term appears and inserting the Board ; and by striking in his discretion each time that term appears and inserting at the discretion of the Board ; in section 1416(a) ( 15 U.S.C. 1715(a) )— by striking of the Bureau of Consumer Financial Protection the first time that term appears; by striking his functions, duties, and powers and inserting the functions, duties, and powers of the Board ; by striking his administrative law judges and inserting the administrative law judges of the Bureau of Consumer Financial Protection ; and by striking himself and inserting the Board ; in section 1418a(b)(4) ( 15 U.S.C. 1717a(b)(4) ), by striking The Secretary’s determination or order and inserting A determination or order of the Board ; and in section 1418a(d) ( 15 U.S.C. 1717a(d) ), by striking the Secretary’s determination or order and inserting a determination or order of the Board ; in section 1419 ( 15 U.S.C. 1718 )— by striking him and inserting the Board ; by striking his rules and regulations and inserting the rules and regulations of the Board ; and by striking his jurisdiction and inserting the jurisdiction of the Bureau of Consumer Financial Protection ; and in section 1420 ( 15 U.S.C. 1719 )— by inserting or any member of the Board before in any proceeding ; and by striking him and inserting the Board or any member of the Board . Section 5 of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2604 ) is amended— by striking Director of and inserting Board of Directors of ; and by striking Director each place that term appears and inserting Board . The S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5101 et seq. ) is amended— in section 1503(10) ( 12 U.S.C. 5102(10) )— in the paragraph heading, by striking and inserting Director ; and Board by striking and inserting Director means the Director ; Board means the Board of Directors by striking Director each place that term appears and inserting Board ; in section 1514(b)(5) ( 12 U.S.C. 5113(b)(5) ) and section 1514(c)(4)(C) ( 12 U.S.C. 5113(c)(4)(C) ), by striking Secretary’s expenses and inserting expenses of the Board ; in the headings of section 1514(c)(1), (c)(4)(A), and (c)(5), by striking and inserting director ; and board in the heading of section 1514(d), by striking and inserting Director . Board Section 3513(c) of title 44, United States Code, is amended by striking Director of the Bureau and inserting Board of Directors of the Bureau . Any reference in a law, regulation, document, paper, or other record of the United States to the Director of the Bureau of Consumer Financial Protection shall be deemed a reference to the Board of Directors of the Bureau of Consumer Financial Protection, unless otherwise specified in this Act. This section and the amendments made by this section shall take effect on the later of— October 1, 2016; or the date on which not less than 3 persons have been confirmed by the Senate to serve as members of the Board of Directors of the Bureau of Consumer Financial Protection.

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