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H.R. 1266 (114th): Financial Product Safety Commission Act of 2015

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 4, 2015.

Financial Product Safety Commission Act of 2015

Amends the Consumer Financial Protection Act of 2010 to replace the Consumer Financial Protection Bureau as an independent bureau within the Federal Reserve System, with an independent Financial Product Safety Commission that is to regulate the offering and provision of consumer financial products or services.

States that the Commission shall be composed of five members with strong competencies and experiences regarding consumer financial products and services, each to serve for a term of five years, and appointed by the President by and with the advice and consent of the Senate.

Prohibits the Chair of the Commission from submitting requests for estimates related to appropriations without prior Commission approval.