To amend the Consumer Financial Protection Act of 2010 to require that civil investigative demands be appealed to courts, and for other purposes.

Bill: 114-hr-5522
Sponsor: full_name: Rep. Pearce, Stevan [R-NM-2]
Introduced: 2016-06-16
Policy area: Finance and Financial Sector
Subjects: Administrative remedies

Consumer Financial Protection Bureau

Consumer credit

Evidence and witnesses

Financial services and investments

Government studies and investigations

Judicial review and appeals
Latest action: action_date: 2016-06-16
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-06-16
action_desc: Introduced in House
text: <p>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.)</p> <p>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.</p> <p>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.</p> <p>The bill eliminates the right to appeal any final order of a U.S. district court regarding such a petition.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5522 IN THE HOUSE OF REPRESENTATIVES June 16, 2016 Mr. Pearce introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Consumer Financial Protection Act of 2010 to require that civil investigative demands be appealed to courts, and for other purposes.

1. Civil investigative demands to be appealed to courts Section 1052 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5562 ) is amended— (1) in subsection (c)— (A) in paragraph (2), by inserting after shall state the following: with specificity ; and (B) by adding at the end the following: (14) Meeting requirement The recipient of a civil investigative demand shall meet and confer with a Bureau investigator within 30 calendar days after receipt of the demand to discuss and attempt to resolve all issues regarding compliance with the civil investigative demand, unless the Bureau grants an extension requested by such recipient. ; (2) in subsection (f)— (A) by amending paragraph (1) to read as follows: (1) In general Not later than 45 days after the service of any civil investigative demand upon any person under subsection (c), or at any time before the return date specified in the demand, whichever period is shorter, or within such period exceeding 45 days after service or in excess of such return date as may be prescribed in writing, subsequent to service, by any Bureau investigator named in the demand, such person may file, in the district court of the United States for any judicial district in which such person resides, is found, or transacts business, a petition for an order modifying or setting aside the demand. ; and (B) in paragraph (2), by striking at the Bureau ; and (3) in subsection (h)— (A) by striking (1) In general.— ; and (B) by striking paragraph (2).