Vote to pass a bill that amends the Dodd-Frank Wall Street Reform and Consumer Protection Act by establishing a commission to lead the Consumer Financial Protection Bureau.

• Establishes a 5-member commission to serve as the head of the Consumer Financial Protection Bureau, whereas under existing law the Bureau is headed by a single director (Sec. 104).

• Requires the commission to be composed of the following members (Sec. 104):
• The Vice Chairman for Supervision of the Federal Reserve System; and
• 4 members appointed by the President and confirmed by the Senate, no more than 2 of whom may be associated with the same political party.

• Amends the number of votes needed in the Financial Stability Oversight Council required to set aside or issue a stay of any regulation made by the Consumer Financial Protection Bureau from 2/3 of the membership of the Council to a majority, excluding the vote of the Chair of the Consumer Financial Protection Bureau Commission (Sec. 102).

• Prohibits a member of the Council from voting to set aside or issue a stay of a regulation made by the Consumer Financial Protection Bureau if that member has been employed within the last 2 years by a company subject to the regulation under consideration (Sec. 102).

• Requires the Council to set aside a final regulation prescribed by the Consumer Financial Protection Bureau if the Council votes that the regulation is inconsistent with the "safe and sound" operations of United States financial institutions, whereas existing law authorized the Council to set aside the regulation if it votes that the regulation would put the United States' banking or financial systems at risk (Sec. 103).

• Requires the Consumer Financial Protection Bureau to complete the following for every proposed new rule or regulation (Sec. 108):
• An initial regulatory flexibility analysis for each proposed rule or regulation, including an analysis of the financial impact of the regulation on all financial entities; and
• An analysis of whether the proposed rule or regulation will impair the ability of individuals and small businesses to gain access to credit from financial institutions.

• Rescinds all funds for the FHA Refinance Program made available under the Troubled Assets Relief Program, and requires the funds to be deposited into the Treasury to be used to reduce the national debt (Sec. 202).