House Financial Services Chairman Barney Frank , D-Mass., is not thrilled with another committee chairman’s planned changes to legislation that would establish a Consumer Financial Protection Agency.

The House Energy and Commerce Committee, led by Henry A. Waxman , D-Calif., planned to mark up legislation Thursday afternoon that would create the agency to oversee consumer-focused financial products such as mortgages and credit cards.

A Waxman amendment, with input from ranking Republican Joe L. Barton of Texas, would change how the new agency would be governed. The version of the bill approved by the Financial Services Committee would put a single director in charge of the new agency, but Waxman’s amendment would replace that single director with a five-member bipartisan commission.

Members of the commission would be appointed by the president and confirmed by the Senate.

Frank called the Waxman approach “a big mistake. . . . It would weaken its effectiveness. . . . I don’t understand it.” Frank added that the Obama administration favors a single director.

For his part, Waxman said the amendment had been discussed by staff of the two committees, but he had not consulted directly with Frank. Resolving the competing views of the new agency’s structure may require a vote on the floor, Frank said.

Bipartisan approval of the legislation by Energy and Commerce would be a significant departure from the vote in Frank’s panel, where all but one Republican opposed the consumer finance measure.