This bill fundamentally alters the structure and governance of the Bureau of Consumer Financial Protection (CFPB). It redefines the CFPB as an independent agency , removing its previous designation within the Federal Reserve System, and replaces the single Director with a multi-member commission to lead the agency. The new commission will consist of five members , appointed by the President with the advice and consent of the Senate, serving staggered five-year terms. To ensure diverse expertise, at least two members must have private sector experience in consumer financial products and services, and at least one must have served as a State bank supervisor. Additionally, no more than three commissioners may belong to the same political party, fostering bipartisan representation. The President will designate one commissioner to serve as the Chair , who will act as the principal executive officer, overseeing personnel, business distribution, and fund expenditures, while being guided by the commission's general policies. The bill also includes provisions for initial quorum establishment, compensation levels for commissioners, and extensive conforming amendments across various financial laws to reflect the transition from a Director-led to a commission-led Bureau.