(1) The board is the governing body of a statutory entity, with the authority, in the entity’s name, to exercise the powers and perform the functions of the entity. (2) All decisions relating to the operation of a statutory entity must be made by, or under the authority of, the board in accordance with this Act and the entity’s Act. The United States The CFPB is established by it is headed by a Director who is required to establish the following four offices: (1) the Office of Fair Lending and Equal Opportunity; (2) the Office of Financial Education; (3) the Office of Service Member Affairs; and (4) the Office of Financial Protection for Older Americans. The Director is also required to establish a Consumer Advisory Board to advise the Bureau. The CFPB has the authority to administer, enforce, and otherwise implement federal consumer financial laws, which includes the power to make rules, issue orders, and issue guidance. The (FSOC) has the power to set aside any of the Bureau’s regulations if the FSOC decides that the regulation would endanger the safety of the banking system or the stability of the U.S. financial systems. The basic accountability arrangements for the CFPB are set out in s 1016 of which deals with appearances before and reports to Congress. It provides that: (a) APPEARANCES BEFORE CONGRESS.—The Director of the Bureau appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services and the Committee on Energy and Commerce of the House of Representatives at semi-annual hearings regarding the reports required under subsection (b). (b) REPORTS REQUIRED.—The Bureau shall, concurrent with each semi-annual hearing referred to in subsection (a), prepare and submit to the President and to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services and the Committee on Energy and Commerce of the House of Representatives, a report, beginning with the session following the designated transfer date. The Bureau may also submit such report to the Committee on Commerce, Science, and Transportation of the Senate.
(1) The board is the governing body of a statutory entity, with the authority, in the entity’s name, to exercise the powers and perform the functions of the entity. (2) All decisions relating to the operation of a statutory entity must be made by, or under the authority of, the board in accordance with this Act and the entity’s Act. The United States The CFPB is established by it is headed by a Director who is required to establish the following four offices: (1) the Office of Fair Lending and Equal Opportunity; (2) the Office of Financial Education; (3) the Office of Service Member Affairs; and (4) the Office of Financial Protection for Older Americans. The Director is also required to establish a Consumer Advisory Board to advise the Bureau. The CFPB has the authority to administer, enforce, and otherwise implement federal consumer financial laws, which includes the power to make rules, issue orders, and issue guidance. The (FSOC) has the power to set aside any of the Bureau’s regulations if the FSOC decides that the regulation would endanger the safety of the banking system or the stability of the U.S. financial systems. The basic accountability arrangements for the CFPB are set out in s 1016 of which deals with appearances before and reports to Congress. It provides that: (a) APPEARANCES BEFORE CONGRESS.—The Director of the Bureau appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services and the Committee on Energy and Commerce of the House of Representatives at semi-annual hearings regarding the reports required under subsection (b). (b) REPORTS REQUIRED.—The Bureau shall, concurrent with each semi-annual hearing referred to in subsection (a), prepare and submit to the President and to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services and the Committee on Energy and Commerce of the House of Representatives, a report, beginning with the session following the designated transfer date. The Bureau may also submit such report to the Committee on Commerce, Science, and Transportation of the Senate.
Info-foreign-finanial-services.docx