Laws are generally written in a way so that federal agencies need to implement rules for people to comply with. They are also not written in a way so that there is only a very narrow interpretation of how the law is to be carried out.
I don't know if you mean to imply that I would disagree with this statement? Because I agree with it. I don't think I've implied otherwise.
I'll say it again:
The U.S. Federal Reserve is not that agency. Also the FED isn't technically a federal agency, at least according to a 1982 court ruling. Furthermore Know-Your-Consumer is also the responsibility of FinCEN, a federal agency created by the Treasury Department.