Alert August 09, 2011

CFPB Issues Interim Final Rule on Investigations

The Consumer Financial Protection Bureau issued an interim final rule that establishes its procedures for conducting investigations. The rule specifies procedures for civil investigative demands (similar to subpoenas), written reports and answers to questions (similar to interrogatories), and investigational hearings (similar to depositions). The rule went into effect on July 28, 2011, and comments must be received by September 26, 2011. Click here for the rule.