Bill > HR1653

This bill reforms the civil investigative demand (CID) process for the Bureau of Consumer Financial Protection (BCFP), making several key changes to how the agency can investigate potential violations of consumer financial laws. The bill extends the timeframe for issuing a CID to 6 years after a potential violation, requires that demands include specific references to particular facts, and provides new protections for individuals and businesses being investigated. It allows attorneys representing subjects of a CID to submit questions to the Bureau about the scope of the demand and requires the Bureau to respond within a specified timeframe. The bill also expands grounds for challenging a CID, allowing recipients to contest demands that are unduly burdensome, disproportionately expensive, outside the investigation's scope, or duplicative of other available information. Additionally, the bill introduces judicial review for cases where the Bureau denies a petition to modify or set aside a demand, providing an extra layer of oversight to the investigative process. These reforms aim to balance the BCFP's investigative powers with protections for individuals and businesses subject to civil investigative demands.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/1653/all-info