Banking Law News

CFPB Denies Bid to Delay Probe as Justices Mull its Structure

Jan. 16, 2020, 10:21 PM

Financial companies should not try to use a pending Supreme Court test of the CFPB’s constitutionality as a way to escape investigations, the agency director’s Kathy Krannger said.

Kraninger rejected a motion from Minnesota-based Equitable Assistance Corp. to modify or set aside a civil investigative demand (CID) that is part of a Consumer Financial Protection Bureau probe into student loan debt relief scams.

The petition denial was posted Jan. 13 on the CFPB’s website. EAC’s bid to delay handing over materials for a CFPB investigation was the first after the Supreme Court agreed in September to hear a legal challenge...

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