Skip to main content

CFPB Updates Civil Investigative Demands Policy

Phil Hall
Apr 24, 2019
Photo credit: Getty Images/golubovy

The Consumer Financial Protection Bureau (CFPB) has updated its policies regarding Civil Investigative Demands (CIDs).
 
According to the agency, the changes were made to ensure they offered more information about the potentially applicable provisions of law that may have been violated, and the CIDs will now specify the business activities subject to the CFPB’s authority. In investigations where determining the extent of the CFPB’s authority over the relevant activity is one of the significant purposes of the investigation, the agency can now specifically include that issue in the CID in the interests of further transparency. 
 
The CFPB added that the new policy was consistent with comments it received in response to the Requests for Information it issued in 2018.
 
The Mortgage Bankers Association welcomed the update, issuing a statement that praised the agency by noting that from the “perspective of regulated entities, receipt of a CID frequently marks the beginning of an expensive, uncertain process of indeterminable duration. CIDs share many of the consequences of a formal legal action–legal costs, reputational harm, business disruption–but offer few of the protections. In this way, CIDs represent a significant burden.”

 
Published
Apr 24, 2019
Federal Court Shutters Sham Mortgage Relief Operation

FTC, California agency accuse 2 business owners of scam that cost consumers millions of dollars.

Regulation and Compliance
Sep 22, 2022
CFPB Seeks Input On Creating New Mortgage Products

Agency seeks information on refinances, mortgage products to promote competition and support household financial stability.

Regulation and Compliance
Sep 22, 2022
The Fed Raises Interest Rate 0.75% For The 3rd Time

Chairman said housing market may have to go through "a correction" to return to balance.

Regulation and Compliance
Sep 21, 2022
Fed Committee Gathers To Renew Inflation Fight

FOMC expected to announced 0.75% rate hike after 2-day meeting ends Wednesday.

Regulation and Compliance
Sep 20, 2022
MISMO Releases New Reference Model For Public Comment 

Version 3.6 of the MISMO Reference Model includes new data points and structures.

Regulation and Compliance
Sep 19, 2022
MBA, Other Organizations Want FHA's MIP Reduced

Submit letter to the White House & National Economic Council urging reduction in mortgage insurance premium.

Regulation and Compliance
Sep 14, 2022