12 USC 5492 - Executive and administrative powers

U.S Code last checked for updates: Nov 22, 2024

§ 5492.

Executive and administrative powers

(a)

Powers of the Bureau

The Bureau is authorized to establish the general policies of the Bureau with respect to all executive and administrative functions, including—

(1)

the establishment of rules for conducting the general business of the Bureau, in a manner not inconsistent with this title; 1

 See References in Text note below.

(2)

to bind the Bureau and enter into contracts;

(3)

directing the establishment and maintenance of divisions or other offices within the Bureau, in order to carry out the responsibilities under the Federal consumer financial laws, and to satisfy the requirements of other applicable law;

(4)

to coordinate and oversee the operation of all administrative, enforcement, and research activities of the Bureau;

(5)

to adopt and use a seal;

(6)

to determine the character of and the necessity for the obligations and expenditures of the Bureau;

(7)

the appointment and supervision of personnel employed by the Bureau;

(8)

the distribution of business among personnel appointed and supervised by the Director and among administrative units of the Bureau;

(9)

the use and expenditure of funds;

(10)

implementing the Federal consumer financial laws through rules, orders, guidance, interpretations, statements of policy, examinations, and enforcement actions; and

(11)

performing such other functions as may be authorized or required by law.

(b)

Delegation of authority

(c)

Autonomy of the Bureau

(1)

Coordination with the Board of Governors

(2)

Autonomy

Notwithstanding the authorities granted to the Board of Governors under the Federal Reserve Act [12 U.S.C. 221 et seq.], the Board of Governors may not—

(A)

intervene in any matter or proceeding before the Director, including examinations or enforcement actions, unless otherwise specifically provided by law;

(B)

appoint, direct, or remove any officer or employee of the Bureau; or

(C)

merge or consolidate the Bureau, or any of the functions or responsibilities of the Bureau, with any division or office of the Board of Governors or the Federal reserve banks.

(3)

Rules and orders

(4)

Recommendations and testimony

(5)

Clarification of autonomy of the Bureau in legal proceedings

(Pub. L. 111–203, title X, § 1012, July 21, 2010, 124 Stat. 1965.)

cite as: 12 USC 5492