12 U.S.C. § 5492: Executive and administrative…

Summary

Gives the Bureau the power to run its own executive and administrative work and to carry out consumer financial protections. It can make internal rules for doing business, sign contracts, create divisions or offices, hire and supervise staff, decide how to spend money, coordinate enforcement and research, use a seal, and put into effect the Federal consumer financial laws through rules, orders, guidance, examinations, and enforcement. The Director can give any of these powers to authorized employees, representatives, or agents. The Board of Governors can let the Bureau examine people the Board supervises for consumer law compliance. The Board cannot intervene in the Bureau’s cases or exams, hire or fire Bureau staff, merge the Bureau with Board units, or approve or delay Bureau rules or orders. The Director may send recommendations or testimony to Congress labeled as the Director’s views without prior approval. The Bureau and the Board are each responsible only for their own actions.

Title 12, §5492

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(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;

(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

The Director of the Bureau may delegate to any duly authorized employee, representative, or agent any power vested in the Bureau by law.

(c)Autonomy of the Bureau

(1)Coordination with the Board of Governors

Notwithstanding any other provision of law applicable to the supervision or examination of persons with respect to Federal consumer financial laws, the Board of Governors may delegate to the Bureau the authorities to examine persons subject to the jurisdiction of the Board of Governors for compliance with the Federal consumer financial laws.

(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

No rule or order of the Bureau shall be subject to approval or review by the Board of Governors. The Board of Governors may not delay or prevent the issuance of any rule or order of the Bureau.

(4)Recommendations and testimony

No officer or agency of the United States shall have any authority to require the Director or any other officer of the Bureau to submit legislative recommendations, or testimony or comments on legislation, to any officer or agency of the United States for approval, comments, or review prior to the submission of such recommendations, testimony, or comments to the Congress, if such recommendations, testimony, or comments to the Congress include a statement indicating that the views expressed therein are those of the Director or such officer, and do not necessarily reflect the views of the Board of Governors or the President.

(5)Clarification of autonomy of the Bureau in legal proceedings

The Bureau shall not be liable under any provision of law for any action or inaction of the Board of Governors, and the Board of Governors shall not be liable under any provision of law for any action or inaction of the Bureau.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This title, referred to in subsec. (a)(1), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see

Short Title

note set out under section 5301 of this title and Tables. The Federal Reserve Act, referred to in subsec. (c)(2), is act Dec. 23, 1913, ch. 6, 38 Stat. 251, which is classified principally to chapter 3 (§ 221 et seq.) of this title. For complete classification of this Act to the Code, see

References in Text

note set out under section 226 of this title and Tables.

§5492 Executive and Administrative Powers

Summary

Title 12, §5492

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

References in Text

Citations & Metadata