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Civil Investigative Demand Reform Act of 2025
3/21/2025, 2:42 PM
Summary of Bill HR 1653
The bill seeks to increase transparency and accountability in the CID process by requiring the BCFP to provide more detailed information to the subjects of the investigation. This includes specifying the nature of the conduct under investigation, the applicable laws that may have been violated, and the reasons for issuing the CID.
Additionally, the bill aims to limit the scope of CIDs to prevent overreach by the BCFP. It requires the BCFP to tailor CIDs to the specific information needed for the investigation and prohibits the agency from using CIDs to gather information that is not relevant to the investigation. Furthermore, the bill includes provisions to protect the rights of the subjects of the investigation, such as allowing them to challenge the CID in court if they believe it is overly broad or burdensome. It also requires the BCFP to provide regular updates to the subjects of the investigation on the status of the CID. Overall, the goal of Bill 119 HR 1653 is to ensure that the CID process is fair and transparent, while also protecting the rights of those under investigation by the BCFP.
Congressional Summary of HR 1653
Civil Investigative Demand Reform Act of 2025
This bill revises the Consumer Financial Protection Bureau’s (CFPB’s) civil investigative demand process. The demand process is used to gather information relevant to a violation of consumer financial law before formal proceedings.
Under the bill, such demands must be issued and served no later than six years after the date of the violation. The demand must also provide specific reference to particular facts regarding the violation.
The bill establishes a process that allows an advising attorney to submit questions on behalf of a person compelled by a demand to appear for oral testimony.
The bill also allows for judicial review if the CFPB denies a petition to set aside or modify a demand. These petitions must be treated as confidential.
In addition, the bill expands the grounds on which a petitioner may seek relief from such a demand to include a demonstration that the demand (1) is unduly burdensome, expensive, and outside the scope of the inquiry; (2) is unreasonably cumulative or duplicative; or (3) can be obtained from some other source that is more convenient, less burdensome, or less expensive.
Read the Full Bill
Current Status of Bill HR 1653
Bipartisan Support of Bill HR 1653
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
5Democrat Cosponsors
4Republican Cosponsors
1Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1653
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 1653
Comments
Fisher Brandon
8 months ago
I don't like this bill, how does it affect me and others?
