Rep. Spencer Bachus, R-AL, chairman of the House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law, recently introduced H.R. 2446, the “Responsible Consumer Financial Protection Regulations Act of 2013.” The legislation would replace the director of the CFPB with a five-person commission. The five members would be appointed by the president, with the approval of Congress, to serve staggered terms of five years each. The chair of the panel would serve as the CFPB’s principal executive officer...