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