Page:United States Statutes at Large Volume 124.djvu/1991

 124 STAT. 1965 PUBLIC LAW 111–203—JULY 21, 2010 (d) SERVICE RESTRICTION.—No Director or Deputy Director may hold any office, position, or employment in any Federal reserve bank, Federal home loan bank, covered person, or service provider during the period of service of such person as Director or Deputy Director. (e) OFFICES.—The principal office of the Bureau shall be in the District of Columbia. The Director may establish regional offices of the Bureau, including in cities in which the Federal reserve banks, or branches of such banks, are located, in order to carry out the responsibilities assigned to the Bureau under the Federal consumer financial laws. SEC. 1012. 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; (2) to bind the Bureau and enter into contracts; (3) directing the establishment and maintenance of divi- sions 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 adminis- trative, 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.—Not- withstanding any other provision of law applicable to the super- vision or examination of persons with respect to Federal con- sumer 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, 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; 12 USC 5492.