Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Witnesses and lawmakers press for limits on CFPB civil investigative demands
Summary
Multiple witnesses described civil investigative demands (CIDs) as burdensome to small and mid-size firms and supported statutory reforms to narrow scope, protect confidentiality of petitions to modify, and create early-scope review.
A central topic at the Financial Institutions Subcommittee hearing was the CFPB’s use of civil investigative demands, commonly called CIDs. Several witnesses described CIDs as expansive, costly, and disruptive to businesses and said the bureau’s CID practice should be reformed by statute.
“Civil investigative demands or CIDs are one of the primary tools used by the CFPB to compel companies to produce documents, answer questions, and even provide oral testimony,” Rebecca Keane, a partner at Hudson Cook and a former Federal Trade Commission official, told the subcommittee. Keane said CIDs “impose enormous costs on companies and result in…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
