Responsible Consumer Financial Protection Regulations Act of 2011 - Amends the Consumer Financial Protection Act of 2010, title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to replace the position of Director of the Bureau of Consumer Financial Protection with a five-member Commission whose members are appointed by the President, by and with the advice and consent of the Senate.
Prohibits the Chair of the Commission from making requests for estimates related to appropriations without the prior approval of the Commission.
Revises procedures for funding the Bureau. Eliminates the Consumer Financial Protection Fund and the requirement that the Board of Governors of the Federal Reserve System transfer funds to the Bureau from the combined earnings of the Federal Reserve System. Authorizes appropriations for FY2011-FY2012.