The Consumer Financial Protection Bureau (CFPB) said yesterday that it will share more information with banks and lenders about potentially illegal actions when the agency begins investigating those firms, The Hill reported. The CFPB intends to give banks and lenders under investigation by the bureau a better sense of what activities prompted the agency’s scrutiny when asking for information about that conduct. Banks and lenders facing CFPB investigations receive civil investigative demands (CIDs) from the bureau. Firms are legally required to respond to these formal requests for information, which includes documents, records, oral and written testimony and other material relevant to a potential CFPB probe. Firms under CFPB supervision have long complained about the sheer amount of information sought by the bureau through CIDs and the costly process of fighting these requests. The CFPB said yesterday that the changes are meant to ease concerns of industry advocates raised through a process initiated by Mick Mulvaney, the bureau’s former acting director.
