§5492 Executive and administrative powers

Summary

The Bureau can set its own rules and run its day-to-day operations. It can make rules for how it works, sign contracts, create offices, coordinate its admin, enforcement, and research work, use a seal, decide what it must spend money on, hire and supervise staff, assign work, spend funds, enforce consumer financial laws through rules, orders, guidance, exams, and enforcement actions, and do other tasks the law allows. The Director can give any of the Bureau’s powers to authorized employees, representatives, or agents. The Federal Reserve Board can give the Bureau authority to examine people the Board supervises for compliance with consumer financial laws. But the Board may not interfere in Bureau matters or proceedings (unless another law says it can), may not hire, fire, or direct Bureau officers, and may not merge the Bureau into its own units. The Board cannot approve, review, delay, or stop Bureau rules or orders. No U.S. officer or agency can force the Director to get approval before sending legislative advice or testimony to Congress if the Director says those views are the Director’s and not necessarily the Board’s or the President’s. The Bureau and the Board are not legally responsible for each other’s actions or failures.