0
To amend the Consumer Financial Protection Act of 2010 to require that civil investigative demands be appealed to courts, and for other purposes.
1/11/2023, 1:32 PM
Congressional Summary of HR 5522
This bill amends the Consumer Financial Protection Act of 2010 regarding civil investigative demands made by the Consumer Financial Protection Bureau (CFPB) on a person in the course of an investigation. (Under current law, the CFPB may, before institution of any proceedings, serve a civil investigative demand on a person the CFPB has reason to believe may be in possession, custody, or control of any documentary material or tangible things, or may have any information, relevant to a violation of federal consumer financial law.)
The bill requires the recipient of such a demand to meet and confer with a CFPB investigator within 30 calendar days after receiving the demand to discuss and attempt to resolve all issues regarding compliance with it, unless the CFPB grants an extension the recipient requests.
The deadline after the service of any civil investigative demand by which the recipient may petition for an order modifying or setting the demand aside shall extend from the current maximum of 20 days to a maximum of 45 days.
The bill eliminates the right to appeal any final order of a U.S. district court regarding such a petition.
