Summary: CFPB Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes

Consumer Financial Protection Bureau (CFPB)
Prepared by NASCUS Legislative & Regulatory Affairs Department
February 2018

The Consumer Financial Protection Bureau is seeking comment and information from, interested parties to assist the Bureau in assessing whether potential changes should be made to the Bureau’s Civil Investigative Demand (CID) processes.

Comments are due to the Bureau by March 27, 2018.  You can find the RFI here,

Summary

The Bureau issues CIDs to entities and persons whom the Bureau has reason to believe may have information relevant to a violation of the laws the Bureau enforces.  Recipients are required to provide the requested information, which is used to further investigations of potential violations of Federal consumer financial laws.

To assess the efficiency and effectiveness of its existing CID processes, the Bureau is issuing this request for information seeking public comment on how best to achieve meaningful burden reduction or other improvement to the CID processes while continuing to achieve the Bureau’s statutory and regulatory objectives.

The RFI contains a number of specific questions commenters are asked to address.  The RFI can be found here.  In addition, the Bureau requests that, where possible, comments include:

  • Specific suggestions regarding any potential updates or modifications to the Bureau’s practices regarding the formulation, issuance or modification of CIDs consistent with the Bureau’s regulatory and statutory objectives, including in as much detail as possible, the potential update or modification, supporting data or other information such as cost information or information concerning alignment with the processes of other agencies with similar authorities; and
  • Specific identification of any aspects of the Bureau’s CID processes that should not be modified, including supporting data or other information such as cost information or information concerning alignment with the processes of other agencies with similar authorities.