CPFB Seeks Public Guidance, Likely to Get Earful

This past week, the Consumer Financial Protection Bureau announced that it will ask for public input on its operations, on everything from enforcement, supervision, rulemaking, market monitoring, and education activities. It’s not hard to guess which topics are likely to generate the most comments. In fact, in its announcement, the CFPB already eliminated the guesswork about which area it will explore first: civil investigative demands (CIDs). The main public outcry over those will probably denounce the extremely short timeframe the CFPB has traditionally allowed for them: 20 days for a response or a legal petition to modify the CID or set it aside and 10 days to meet and confer with CFPB officials. Under current regulations, extensions of those deadlines are “disfavored.” But the enabling law for CIDs (12 U.S.C. 5562(c)) mandates that respondents be given a reasonable time to comply or object. The best course for the CFPB would be to adopt a more flexible…

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