Section 2402 - Membership of Commission(a) CompositionThe Commission shall be composed of twenty-six members as follows:
(1) the Chairman of the Board of Governors of the Federal Reserve System or his delegate;(2) the Attorney General or his delegate;(3) the Comptroller of the Currency or his delegate;(4) the Chairman of the Federal Home Loan Bank Board or his delegate;(5) the Administrator of the National Credit Union Administration or his delegate;(6) the Chairman of the Board of Directors of the Federal Deposit Insurance Corporation or his delegate;(7) the Chairman of the Federal Communications Commission or his delegate;(8) the Postmaster General or his delegate;(9) the Secretary of the Treasury or his delegate;(10) the Chairman of the Federal Trade Commission or his delegate;(11) two individuals, appointed by the President, one of whom is an official of a State agency which regulates banking, or similar financial institutions, and one of whom is an official of a State agency which regulates thrift or similar financial institutions;(12) seven individuals, appointed by the President, who are officers or employees of, or who otherwise represent banking, thrift, or other business entities, including one representative each of commercial banks, mutual savings banks, savings and loan associations, credit unions, retailers, nonbanking institutions offering credit card services, and organizations providing interchange services for credit cards issued by banks;(13) five individuals, appointed by the President, from private life who are not affiliated with, do not represent and have no substantial interest in any banking, thrift, or other financial institution, including but not limited to credit unions, retailers, and insurance companies;(14) the Comptroller General of the United States or his delegate; and(15) the Director of the Office of Technology Assessment.(b) Designation of ChairpersonThe Chairperson shall be designated by the President at the time of his appointment from among the members of the Commission and such selection shall be by and with the advice and consent of the Senate unless the appointee holds an office to which he was appointed by and with the advice and consent of the Senate.
(c) VacanciesA vacancy in the Commission shall be filled in the manner in which the original appointment was made.
Pub. L. 93-495, title II, §202, Oct. 28, 1974, 88 Stat. 1508.STATUTORY NOTES AND RELATED SUBSIDIARIES
TRANSFER OF FUNCTIONSFunctions vested in Administrator of National Credit Union Administration transferred and vested in National Credit Union Administration Board pursuant to section 1752a of this title.Federal Home Loan Bank Board abolished and functions transferred, see sections 401 to 406 of Pub. L. 101-73 set out as a note under section 1437 of this title.
- Director
- The term "Director" means the Director of the Bureau.
- State
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.