This week, the Consumer Financial Protection Bureau (Bureau) updated its policies regarding Civil Investigative Demands (CIDs) by ensuring they provide more detailed information about the potentially wrongful conduct under investigation.
The Consumer Financial Protection Act of 2010 authorizes the Bureau to issue investigational subpoenas known as CIDs when looking into potential violations of law.
NRMLA submitted comments on April 26, 2018 that offered suggestions for making CIDs more efficient and less burdensome. You can read NRMLA’s comments at https://www.nrmlaonline.org/nrmla-comment-letters
The policy change took into account recent court decisions and comments the Bureau received last year in response to Requests for Information it issued that sought public feedback about its various operations, including its use of CIDs in enforcement investigations.