§5492 Executive and Administrative Powers

Summary

The Bureau runs its own executive and administrative work. It can make rules for how it operates, sign contracts, create offices or divisions, coordinate its admin, enforcement, and research work, use a seal, decide on needed spending, hire and supervise staff, assign work, spend funds, and carry out the federal consumer financial laws through rules, orders, guidance, exams, and enforcement. It can also do other tasks that laws give it. The Director can give any of the Bureau’s powers to authorized employees or agents. The Board of Governors can let the Bureau examine people the Board oversees for compliance with consumer financial laws. But the Board cannot intervene in matters before the Director, cannot hire, direct, or fire Bureau officers or merge the Bureau into its own divisions, and cannot approve, delay, or block any Bureau rule or order. No U.S. officer or agency may force the Director to get approval before sending legislative recommendations or testimony to Congress if the Director says those views are his or hers. The Bureau and the Board are not legally responsible for each other’s actions or failures to act.