Washington Report

Advocacy Updates from Washington D.C.

The Consumer Financial Protection Bureau (CFPB) has issued the first in a series of Requests for Information (RFI) focused on Civil Investigative Demands (CIDs) under the direction of CFPB Acting Director Mick Mulvaney, also serving as Office of Management and Budget Director. CIDs are an enforcement tool used by the CFPB to gather facts during an investigation to pursue potential violations of consumer protection laws. A CID will explain the basis for the demand and the alleged violation, requiring interactions with CFPB enforcement staff.

The RFI seeks input on the existing CID processes and ways to modify and streamline these requests to minimize the burdens imposed on recipients. The RFIs are part of the Acting Director’s broader review of agency, where the goal is to better achieve statutory and regulatory objectives consistent with applicable law.

NAR will be submitting a comment on the RFI and encourage feedback from members wishing to weigh in on this important issue anonymously. Comments are due March 27, 2018.