CFPB Announces Change to CID Policy, Promotes Transparency in Investigations

The Consumer Financial Protection Bureau (CFPB or Bureau) announced today that it is changing its policy regarding Civil Investigation Demands (CIDs). The Bureau will aim to provide clarity within the CIDs regarding what provisions of law may have been violated and which business activities are subject to the CID. Additionally, “where determining the extent of the Bureau’s authority over the relevant activity is one of the significant purposes of the investigation, staff may specifically include that issue in the CID in the interest of further transparency.”

The Bureau mentions this policy change is made to reflect recent court decisions and comments received by the Bureau in the Request for Information about its investigative activities, which was issued in January 2018.

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