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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
6/16/2011--Reported to House amended. Responsible Consumer Financial Protection Regulations Act of 2011 - Amends the Consumer Financial Protection Act of 2010, (title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act), to replace the position of Director of the Bureau of Consumer Financial Protection with a five-member Commission composed of the Vice Chairman for Supervision of the Federal Reserve System and four additional members appointed by the President, with the advice and consent of the Senate, from among individuals who should want to protect service members and their families who are sacrificing their lives for this country from abusive financial practices.
Prohibits Commission members from engaging in any other business, vocation, or employment.
Requires one member of the Commission to exercise primary responsibility for the Bureau's oversight activities pertaining to protecting consumers, with a focus on consumers who are older, minorities, youth, or veterans, from unfair, deceptive, and abusive lending practices.
Prohibits the Chair of the Commission from making requests for estimates related to appropriations without prior Commission approval.