Washington Report

Advocacy Updates from Washington D.C.

As authorized by the Consumer Financial Protection Act of 2010, the Consumer Financial Protection Bureau (CFPB) may issue investigational subpoenas known as Civil Investigative Demands (CIDs) when looking into potential violations of consumer finance laws. In response to extensive public feedback and an inspector general report, the CFPB is updating how it conducts these investigations to provide more information about the potentially wrongful conduct.

NAR provided feedback to the CFPB on CIDs last year, requesting improved communication with investigators, more clarity in those communications, more narrowly tailored requests, and better understanding of the underlying laws being investigated by Bureau staff, among other things. Because of the amount of resources it takes to comply with CIDs, which are especially burdensome on small businesses, these potential changes by the Bureau are welcome step for future investigations.   

Read NAR’s Comment on CIDs
Read the CFPB Announcement