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Director nominated by President, appointed by and with advice and consent of
Senate. Term until Conversion Date (conversion to commission), although Director
may be removed for cause.
4103 Establishment and Composition of Commission
Composed of 5 members appointed by President by and with advice and consent of
Senate. Five year staggered terms with initial appointments of 1-5 years. President
may remove for cause. No member of Commission may engage in any other
business, vocation or employment. Not more than 3 members appointed by President
may be members of any one political party. Former Director serves as initial Chair
for 3 years. Subsequent Chairs appointed by President from among Commission
members.
4104 Consumer Financial Protection Oversight Board
Advise Director on consistency of proposed regulation with prudential, market or
systemic objectives administered by agencies on Board, overall strategies and
policies, and actions Director can take to enhance and ensure that consumers are
subject to robust financial protection. Board may not exercise executive authority or
delegate to Board any functions, powers, duties of the director.
Comprised of:
Solari Report - Notes on
Wall Street Reform and Consumer Protection Act
of 2009 (HR 4173)
• FRB Chairman,
• head of agency responsible for chartering and regulating banks,
• Chairman of FDIC,
• Chairman of NCUA,
• Chairman of FTC,
• Secretary of HUD,
• Chairman of liaison committee of representatives of State agencies to Financial
Institutions Examination Council,
• 5 additional members appointed with advice and consent of Senate from among
experts in fields of consumer protection, fair lending, civil rights,
representatives of depository institutions that primarily serve underserved
communities or reps of communities that have been significantly impacted by
higher-priced mortgage loans
Board to meet at least every 3 months; any member may require special meeting;
Members may not receive additional pay, allowances or benefits by reason of their
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