The Consumer Financial Protection Bureau is attracting criticism for launching investigations that are overly broad and give companies too little time to respond.
In theory, the CFPB’s civil investigative demand (CID) authority should hew closely to similar efforts long-deployed by other agencies, including the Securities and Exchange Commission and the Federal Trade Commission. In practice, however, the new bureau’s approach has drawn criticism for aggressive investigative tactics and broad requests for information that have led to considerable uneasiness among those who find themselves in its crosshairs.
