CFPB to Narrow Investigative Demands on Financial Firms (1)

The Consumer Financial Protection Bureau announced policy changes that would give companies more information about conduct the bureau is investigating at the outset of a probe.

The CFPB on April 23 announced changes to its investigative demand letters. Those letters, which are the functional equivalent of subpoenas in civil cases, are typically sent out when an enforcement investigation is in its early stages.

Companies under investigation have in the past complained that the CFPB’s civil investigative demand letters have been broad fishing expeditions that have sought huge troves of documents. Several firms have sued the CFPB to block or narrow ...