CFPB Releases RFI on CID Processes

On Wednesday, the Consumer Financial Protection Bureau (CFPB) released its request for information (RFI) regarding bureau civil investigative demands and associated processes. Comments will be due 60 days after publication in the Federal Register.

"Interested parties may also be well-positioned to identify those parts of the Bureau's processes related to CIDs that are most in need of improvement, and, thus, assist the Bureau in prioritizing and properly tailoring its review process," the RFI says.

The CFPB is especially interested in better understanding how its processes related to CIDs may be updated, streamlined, or revised to better achieve the bureau’s statutory and regulatory objectives, while minimizing burdens, consistent with applicable law, and how to align the bureau’s CID processes with those of other agencies with similar authorities.

In the announcement, Acting Director Mick Mulvaney said, "In this New Year, and under new leadership, it is natural for the Bureau to critically examine its policies and practices to ensure they align with the Bureau’s statutory mandate. Moving forward, the Bureau will consistently seek out constructive feedback and welcome ideas for improvement," said Bureau Acting Director Mick Mulvaney. "Much can be done to facilitate greater consumer choice and efficient markets, while vigorously enforcing consumer financial law in a way that guarantees due process. I look forward to receiving public comments in response to this call for evidence and encourage all interested parties to participate."