Page:United States Statutes at Large Volume 124.djvu/1990

 124 STAT. 1964 PUBLIC LAW 111–203—JULY 21, 2010 (v) honored upon presentation to such merchant, retailer, or seller of nonfinancial goods or services or an affiliate of such person, which affiliate itself is a merchant, retailer, or seller of nonfinancial goods or services, only for any nonfinancial goods or services. (29) TRANSMITTING OR EXCHANGING FUNDS.—The term ‘‘transmitting or exchanging funds’’ means receiving currency, monetary value, or payment instruments from a consumer for the purpose of exchanging or transmitting the same by any means, including transmission by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or through other businesses that facilitate third-party transfers within the United States or to or from the United States. Subtitle A—Bureau of Consumer Financial Protection SEC. 1011. ESTABLISHMENT OF THE BUREAU OF CONSUMER FINAN - CIAL PROTECTION. (a) BUREAU ESTABLISHED.—There is established in the Federal Reserve System, an independent bureau to be known as the ‘‘Bureau of Consumer Financial Protection’’, which shall regulate the offering and provision of consumer financial products or services under the Federal consumer financial laws. The Bureau shall be consid- ered an Executive agency, as defined in section 105 of title 5, United States Code. Except as otherwise provided expressly by law, all Federal laws dealing with public or Federal contracts, property, works, officers, employees, budgets, or funds, including the provisions of chapters 5 and 7 of title 5, shall apply to the exercise of the powers of the Bureau. (b) DIRECTOR AND DEPUTY DIRECTOR.— (1) IN GENERAL.—There is established the position of the Director, who shall serve as the head of the Bureau. (2) APPOINTMENT.—Subject to paragraph (3), the Director shall be appointed by the President, by and with the advice and consent of the Senate. (3) QUALIFICATION.—The President shall nominate the Director from among individuals who are citizens of the United States. (4) COMPENSATION.—The Director shall be compensated at the rate prescribed for level II of the Executive Schedule under section 5313 of title 5, United States Code. (5) DEPUTY DIRECTOR.—There is established the position of Deputy Director, who shall— (A) be appointed by the Director; and (B) serve as acting Director in the absence or unavail- ability of the Director. (c) TERM.— (1) IN GENERAL.—The Director shall serve for a term of 5 years. (2) EXPIRATION OF TERM.—An individual may serve as Director 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 for inefficiency, neglect of duty, or malfeasance in office. President. President. Applicability. 12 USC 5491.