---
kind: "section"
citation: "12 U.S.C. § 5491"
title: "12"
title_heading: "Banks and Banking"
number: "5491"
heading: "Establishment of the Bureau of Consumer Financial Protection"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5491"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter V — Bureau of Consumer Financial Protection"
  - "Part A — Bureau of Consumer Financial Protection"
---

# §5491. Establishment of the Bureau of Consumer Financial Protection

- (a) **Bureau established—** There is established in the Federal Reserve System, an independent [bureau](/usc/12/5301.md?p=4) to be known as the “[Bureau](/usc/12/5301.md?p=4) of [Consumer](/usc/12/5481.md?p=4) Financial Protection”, which shall regulate the offering and provision of [consumer](/usc/12/5481.md?p=4) financial products or services under the [Federal consumer financial laws](/usc/12/5481.md?p=14). The [Bureau](/usc/12/5301.md?p=4) shall be considered an Executive agency, as defined in [section 105 of title 5](/usc/5/105.md). Except as otherwise provided expressly by law, all Federal laws dealing with public or Federal contracts, property, works, officers, employees, budgets, or [funds](/usc/12/5381.md?p=a-12), [including](/usc/12/5301.md?p=18-A) the provisions of chapters [5](/usc/5/chptI/ch5.md) and [7](/usc/5/chptI/ch7.md) of title 5, shall apply to the exercise of the powers of the [Bureau](/usc/12/5301.md?p=4).
- (b) **Director and Deputy Director—**
  - (1) **In general—** There is established the position of the [Director](/usc/12/5341.md?p=1), who shall serve as the head of the [Bureau](/usc/12/5301.md?p=4).
  - (2) **Appointment—** Subject to [paragraph (3)](#b-3), the [Director](/usc/12/5341.md?p=1) shall be appointed by the President, by and with the advice and consent of the Senate.
  - (3) **Qualification—** The President shall nominate the [Director](/usc/12/5341.md?p=1) from among individuals who are citizens of the United States.
  - (4) **Compensation—** The [Director](/usc/12/5341.md?p=1) shall be compensated at the rate prescribed for level II of the Executive Schedule under [section 5313 of title 5](/usc/5/5313.md).
  - (5) **Deputy Director—** There is established the position of Deputy [Director](/usc/12/5341.md?p=1), who shall—
    - (A) be appointed by the [Director](/usc/12/5341.md?p=1); and
    - (B) serve as acting [Director](/usc/12/5341.md?p=1) in the absence or unavailability of the [Director](/usc/12/5341.md?p=1).
- (c) **Term—**
  - (1) **In general—** The [Director](/usc/12/5341.md?p=1) shall serve for a term of 5 years.
  - (2) **Expiration of term—** An individual may serve as [Director](/usc/12/5341.md?p=1) after the expiration of the term for which appointed, until a successor has been appointed and qualified.
  - (3) **Removal for cause—** The President may remove the [Director](/usc/12/5341.md?p=1) for inefficiency, neglect of duty, or malfeasance in [office](/usc/12/5341.md?p=1).
- (d) **Service restriction—** No [Director](/usc/12/5341.md?p=1) or Deputy [Director](/usc/12/5341.md?p=1) may hold any [office](/usc/12/5341.md?p=1), position, or employment in any Federal reserve [bank](/usc/12/5301.md?p=18-A), Federal home loan [bank](/usc/12/5301.md?p=18-A), [covered person](/usc/12/5481.md?p=6), or [service provider](/usc/12/5481.md?p=26-A) during the period of service of such [person](/usc/12/5481.md?p=19) as [Director](/usc/12/5341.md?p=1) or Deputy [Director](/usc/12/5341.md?p=1).
- (e) **Offices—** The principal [office](/usc/12/5341.md?p=1) of the [Bureau](/usc/12/5301.md?p=4) shall be in the District of Columbia. The [Director](/usc/12/5341.md?p=1) may establish regional [offices](/usc/12/5341.md?p=1) of the [Bureau](/usc/12/5301.md?p=4), [including](/usc/12/5301.md?p=18-A) in cities in which the Federal reserve [banks](/usc/12/5301.md?p=18-A), or branches of such [banks](/usc/12/5301.md?p=18-A), are located, in order to carry out the responsibilities assigned to the [Bureau](/usc/12/5301.md?p=4) under the [Federal consumer financial laws](/usc/12/5481.md?p=14).

## Source credit

(Pub. L. 111–203, title X, § 1011, July 21, 2010, 124 Stat. 1964.)

## Notes

### Editorial Notes

### Constitutionality

For information regarding the constitutionality of provisions of subsection (c)(3) of this section, see the Table of Laws Held Unconstitutional in Whole or in Part by the Supreme Court on the Constitution Annotated website, constitution.congress.gov.

### Statutory Notes and Related Subsidiaries

### Effective Date

Pub. L. 111–203, title X, § 1020, formerly § 1018, July 21, 2010, 124 Stat. 1979, renumbered § 1020 by Pub. L. 117–263, div. E, title LVIII, § 5851(a)(1), Dec. 23, 2022, 136 Stat. 3433, provided that: “This subtitle [subtitle A (§§ 1011–1018), enacting this part and amending section 9702 of Title 20, Education] shall become effective on the date of enactment of this Act [July 21, 2010].”