US HB3445

Replaces the single-director leadership structure of the Consumer Financial Protection Bureau (CFPB) with a 5-member bipartisan commission appointed by the President with Senate confirmation, with no more than 3 members from one political party

Requires at least 2 commissioners to have private sector experience in consumer financial products and services, and at least 1 to have been a state bank supervisor

Establishes staggered 5-year terms for commissioners, with removal only for inefficiency, neglect of duty, or malfeasance; the Chair receives Level I Executive Schedule compensation while other members receive Level II

Removes the CFPB from within the Federal Reserve System and redesignates it as a fully independent agency

Provides a 6-month transition period where the current CFPB Director serves as initial Chair and constitutes a quorum until all 5 commissioners are appointed