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 denied the following petition because the Bureau determined that the petitioner's arguments did not warrant setting aside or modifying the CID. The Bureau also granted in part and denied in part the petitioner's request for confidential treatment of materials related to the petition.