Limits how the consumer protection agency can investigate businesses and individuals.
This bill would change how the Bureau of Consumer Financial Protection (CFPB) conducts investigations. It would set a 6-year time limit for the agency to demand information about a violation. It would also give businesses and individuals more ways to challenge these demands and make the challenge process more transparent and fair.
Today, the Bureau of Consumer Financial Protection (CFPB) can issue civil investigative demands without a specific time limit for violations. It also doesn't explicitly require specific facts in the demand. The process for challenging these demands has fewer specified grounds. It also doesn't explicitly provide for court review of denials or keep challenges confidential. If this bill becomes law, the CFPB would have a 6-year limit to issue demands after a violation. Demands would need to include specific facts. People receiving demands could have their attorneys ask questions about the demand's scope, and the CFPB would have to respond within 20 days. Challenges to demands would be confidential, and there would be more specific reasons to challenge them. Also, if the CFPB denies a challenge, that decision could be reviewed by a court.
HR 1653 · 119th Congress · February 27, 2025 · AI Summary by gemini-2.5-flash · 9/10
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9 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.