The CFPB's Uncivil Civil Investigative Demands

Law360, New York (November 25, 2014, 10:54 AM EST) -- Responding to civil investigative demands issued by the Consumer Financial Protection Bureau is one of the larger challenges faced by financial institutions in acclimatizing to the new regulatory agency. Moreover, the CFPB has demonstrated that it will serve CIDs on smaller companies and individuals, who may have even more difficulty addressing the specific procedural and evidentiary challenges inherent in compliance.

Substantively, the CFPB has authority under the Dodd-Frank Act to issue CIDs requiring documents, responses to interrogatories, tangible items and deposition testimony. Once a CID is served, there is a very short time frame for compliance. The respondent must "meet and...

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