Vote Smart's Synopsis:

Vote to pass a bill that restructures the administration of the Consumer Financial Protection Bureau, including establishing requirements for political appointees, staffing levels, and the publication of consumer complaints of financial products or services.

Highlights:

• Requires the Director to ensure that functional units and offices within the Consumer Financial Protection Bureau (CFPB) are sufficiently staffed with supervisory and enforcement duties to carry out all functions, duties, and coordination of those units and offices (Sec. 5).

• Requires the Director to ensure that the number and duties of political appointees are as similar as possible to those of other federal primary financial regulator agencies (Sec. 5).

• Requires the Director to ensure that the landing page of the main CFPB website contains a clear and conspicuous hyperlink to the consumer complaint database, and should ensure the database is user-friendly and in plain writing (Sec. 5).

• Requires the Director to make all consumer complaints publicly available on the CFPB website (Sec. 5).

• Requires the Director to ensure that all information on the website or the database explains how to file a complaint with the CFPB, as well as shows all reports of the CFPB  contained in the database in the five most commonly spoken languages within the United States (Sec. 5).

• Requires the Director to establish an Office of Students and Young Consumers, which will work to empower students, young people, and their families to make more informed financial decisions about saving and paying for college, accessing safer and more affordable financial products and services, all matters related to private education loans, and repaying student loan debt, no later than 60 days after the enactment of this bill (Sec. 5).

• Specifies that this bill will become effective 30 days after its enactment (Sec. 18).

Full Bill Text

Full Bill Text