The legislation aims to reform the civil investigative demand process of the Bureau of Consumer Financial Protection (CFPB).
It establishes a six-year limit for the Bureau to initiate proceedings after a violation of federal consumer financial law.
It requires demands to include specific references to particular facts related to the conduct being investigated.
Attorneys representing individuals subject to a civil investigative demand can submit questions regarding the scope of the demand, and the Bureau must respond within a specified timeframe.
The Bureau may extend the return date for compliance and the deadline for filing petitions if questions are submitted by the attorney.
It mandates confidential treatment for petitions submitted to the Bureau regarding demands.
Specific grounds for setting aside a demand are outlined, including failure to comply with legal provisions, violation of constitutional rights, and demands deemed unduly burdensome or duplicative.
Denials of petitions to modify or set aside demands are subject to judicial review.
