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"Finding the purpose in bureau civil investigative demands" by Aaron C. Mahler and Daniel Cheriyan (Bloomberg BNA)

Bloomberg BNA

Aaron C. Mahler, Daniel Cheriyan

“Why me?” It’s a common refrain whenever something bad happens. It’s also one of the first questions companies ask when finding themselves on the receiving end of a civil investigative demand from the Consumer Financial Protection Bureau. The logical place to look should be the notification of purpose that the bureau must include in every CID. However, the typical notification provides little to no factual or legal specificity about the purpose of the investigation. This lack of specificity has elicited administrative challenges to CIDs and lawsuits that have reached three federal courts of appeals. The resulting court decisions offer conflicting guidance on the level of detail required in a notification, and the bureau’s relatively new leadership has maintained the status quo so far.

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