The Consumer Financial Protection Bureau (CFPB) is currently seeking comment from companies on how it handles its enforcement investigations.
In a Request for Information (RFI) about the bureau’s Civil Investigative Demands (CID), the CFPB is seeking suggestions on how to improve outcomes for both consumers and covered entities during these investigations.
“The issuance of CIDs is an essential tool for fulfilling the Bureau’s statutory mission of enforcing Federal consumer financial law,” the RFI stated. “The Bureau issues CIDs in accordance with the law and in furtherance of its investigatory objectives.”
The bureau is looking for feedback on how processes could be streamlined or updated to achieve the
the statutory and regulatory objectives, while minimizing burdens.
“The Bureau understands, however, that responding to a CID can impose burdens on the recipients,” the request said. “Entities who have received one or more CIDs, members of the bar who represent these entities, and members of the public are likely to have useful information and perspectives on the benefits and burdens of the Bureau’s existing processes related to CIDs.”
The bureau will begin accepting comments once the RFI is published in Federal Register on Jan. 26.
“In short, engaging CID recipients, potential CID recipients, and the public in an open, transparent process will help inform the Bureau’s review of its processes related to CIDs,” the RFI said.