ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Compliance and Risk

ABA Urges CFPB to Consider Cost, Burden of Civil Investigative Demands

April 24, 2018
Reading Time: 1 min read

In a comment letter to the Consumer Financial Protection Bureau today — the first of 12 the association will submit as part of the bureau’s ongoing public feedback initiative — the American Bankers Association offered several commonsense recommendations for rebalancing the bureau’s civil investigative demand process.

ABA pointed out that while CIDs can be important investigatory tools if carefully used, they can be and have been employed abusively in ways that violate reasonable due process and frustrate the pursuit of justice.

The association urged the bureau to rely less heavily on CIDs as a mechanism for obtaining information and to instead rely on its supervision division to initiate requests for information from supervised entities. It also called on the CFPB to weigh the cost burdens against the value of the information it expects to receive from a CID; provide CID recipients more information about the underlying purpose of the CID; and be more flexible on modifying CIDs or granting extensions.

“We welcome the opportunity to provide feedback, and look forward to being a constructive participant in the bureau’s public review as it seeks information on these important regulatory issues going forward,” said ABA SVP Virginia O’Neill. “The RFI process is an efficient and timely opportunity to understand whether the bureau is not only protecting consumers, but also ensuring that consumers enjoy a strong, vibrant and innovative market that offers the variety of financial products and services they want.”

ADVERTISEMENT
ShareTweetPin

Author

Monica C. Meinert

Monica C. Meinert

Monica C. Meinert is a senior editor at the ABA Banking Journal and VP for executive communications at the American Bankers Association.

Related Posts

CFPB claims ‘complex’ pricing drives up cost of financial products

ABA, associations reiterate concerns about CFPB nonbank registry

Compliance and Risk
June 16, 2025

ABA joined two associations in reiterating their concerns about the CFPB’s nonbank registry, which the current bureau leadership has proposed to eliminate.

Republican AGs criticize hiring of OCC climate risk officer

Basel Committee issues voluntary climate disclosure framework

Compliance and Risk
June 16, 2025

Reflecting significant pushback from both ABA and U.S. banking agencies, the Basel Committee last week issued a framework for voluntary disclosure of climate-related financial risks for large international banks.

A Risk Manager’s Guide to the Reference Rate Transition

Credit-sensitive LIBOR-replacement rates still seek traction

Commercial Lending
June 16, 2025

Looming volatility and recent developments may give AXI and Ameribor a boost

CFPB launches ‘tip line’ to report on bureau employees

ABA, associations urge CFPB to rescind changes to adjudication process

Legal
June 13, 2025

ABA joined three associations in voicing support for a CFPB proposal to rescind a set of changes to the bureau’s rules that, among other things, gave its director authority to resolve adjudication hearings overseen by the agency.

Bank economists grow more optimistic about business credit, soft landing

ABA DataBank: May inflation cooler than expected, but still above Fed’s 2% target

Economy
June 13, 2025

With many economists expecting inflation to spike following the implementation of reciprocal tariffs, the headline Consumer Price Index rose 2.4% year-over-year in May — right in line with consensus expectations.

Consumer Sentiment declined in April

Consumer sentiment rebounds in June

Economy
June 13, 2025

The University of Michigan Consumer Sentiment Index increased 15.9% in June compared to the month prior, landing at 60.5, according to preliminary results for the month.

NEWSBYTES

ABA, associations reiterate concerns about CFPB nonbank registry

June 16, 2025

Basel Committee issues voluntary climate disclosure framework

June 16, 2025

ABA, associations urge CFPB to rescind changes to adjudication process

June 13, 2025

SPONSORED CONTENT

AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025

PODCASTS

Podcast: Old National’s Jim Ryan on the things that really matter

June 12, 2025

Podcast: What bankers need to know about ‘First Amendment audits’

June 5, 2025

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.