A debt collection company’s petition to have a civil investigative demand (CID) set aside or modified was denied in part and granted in part by the Consumer Financial Protection Bureau (CFPB), which granted its request to keep certain CID records confidential although the company failed to show good cause on its own.
The bureau cited errors in the company’s arguments that indicated incorrect interpretations of the CID process and the statutory provisions that govern it. The perceived need for increased clarity was among the points stressed by commenters in response to the bureau’s Request for Information about the process in January.
Learn what missteps the company made in its reasoning that led the bureau to reject most of its arguments.