CFPB Changes Policy on Civil Investigative Demands
The Consumer Financial Protection Bureau (CFPB) earlier today announced a policy change regarding Civil Investigative Demands (CIDs) with the goal of providing “more information about the potentially wrongful conduct under investigation.” The CFPB specifically mentioned that CIDs may now include (1) the potential laws that may have been violated and (2) the business activities subject to CFPB authority.
The policy change in CIDs is just the latest step that Kathy Kraninger, director of the CFPB, has taken to give companies a better chance at complying with applicable laws and regulations. Just last week, the CFPB announced a Symposia Series that would foster open dialogue and honest discussion with relevant stakeholders.
“The symposia series is building on the approach we took last year in convening experts on access to credit issues and credit invisibles,” said Kraninger. “Our symposia series will facilitate a robust discussion by experts on a variety of topics related to the Bureau’s mission in a public forum. As the Bureau has an open mind on where the process will go, any appropriate next steps would come after the Bureau has had time to digest the discussion at the given symposium.”