This story appeared in Bank Digest.
The mission of the Consumer Financial Protection Bureau is to ensure compliance with federal consumer financial laws through effective enforcement. When the Office of Enforcement needs to gather information, it may issue a Civil Investigative Demand (CID) to people and institutions that may have materials relevant to an investigation. A CID recipient may challenge the demand by petitioning the CFPB's director. The director can reaffirm the decision to obtain the information, modify the demand, or set it aside altogether.
The CFPB has granted in part and denied in part the petition of Synchrony Financial to set aside or modify its CID. The Bureau modified the CID's Notification of Purpose but found that none of Synchrony Financial's arguments merited setting aside or otherwise modifying the CID.
The CFPB has denied the petition by Heartland Campus Solutions, ECSI, for an order to set aside or modify its CID because the Bureau determined that Heartland ECSI's objections were without merit. The Bureau also denied a request by Heartland ECSI for confidential treatment of its petition and related materials, finding that Heartland ECSI failed to demonstrate good cause for omitting these materials from the public record.