InfoSight Spotlight: CFPB policy changes on CID

The Consumer Financial Protection Bureau recently announced changes to its policies regarding Civil Investigative Demands to ensure they provide more information about the potentially wrongful conduct under investigation. Bureau-issued CIDs will provide more information about the potentially applicable provisions of law that may have been violated. CIDs will also typically specify the business activities subject […]

The Consumer Financial Protection Bureau recently announced changes to its policies regarding Civil Investigative Demands to ensure they provide more information about the potentially wrongful conduct under investigation.

Bureau-issued CIDs will provide more information about the potentially applicable provisions of law that may have been violated. CIDs will also typically specify the business activities subject to the bureau’s authority. In investigations where determining the extent of the bureau’s authority over the relevant activity is one of the significant purposes of the investigation, staff may specifically include that issue in the CID in the interests of further transparency.

The bureau said the new policy takes into account recent court decisions about notifications of purpose, and is consistent with a 2017 report by the CFPB Office of Inspector General that emphasized the importance of updating Office of Enforcement policies to reflect such developments. The new policy is also consistent with comments the bureau received in response to the Requests for Information it issued in 2018, seeking feedback about various aspects of its operations, including its use of CIDs in enforcement investigations.

Read the full InfoSight newsletter here.

Written by
admin
View all articles

About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

Social Channels

Follow us on all major social media platforms.