CFPB Updates Civil Investigative Demands Policy – NMP Skip to main content

CFPB Updates Civil Investigative Demands Policy

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.”

 
About the author
Published
Apr 24, 2019
West Capital LO Challenges Contractor Status, Required Fees

A former originator alleges unpaid overtime, recurring tech charges, and company restrictions that he says undermine his independent-contractor status

CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations

UAD 3.6 Deadline Is Monday. Are Brokers Ready?

Wholesale lenders have adopted different rules for appraisal transfers, loan product changes, and reporting formats, adding complications for brokers and appraisers ahead of the Nov. 2 mandate

Friday Harbor Expands AI Appraisal Reviews As UAD 3.6 Deadline Nears

The new capability adds more than 350 automated checks as lenders prepare for the November 2 mandate

Oct 27, 2026