CFPB Unveils Rules For Investigative Practices

Law360, New York (July 28, 2011, 2:50 PM EDT) -- The new federal agency charged with overseeing mortgages, credit cards and other consumer financial products unveiled a raft of proposed rules on Thursday, including limits on the information it can request while conducting investigations of banks and other financial institutions.

The Consumer Financial Protection Bureau said in the proposal that it modeled its rules for conducting investigations on the Federal Trade Commission's nonadjudicative investigative procedures, giving institutions under its purview a chance to prepare for investigations from the CFPB, which became active July 21.

“Thus, [the...
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