Consumer Financial Protection Bureau building in Washington, D.C. Photo by Diego M. Radzinschi
The CFPB's process of issuing Civil Investigative Demand letters does not allow targets with sufficient time to respond to what many see as fishing expeditions by the agency," credit union trade groups say.
"CUNA has observed indicators that broad Bureau CIDs are leading to multi-year fishing expeditions that are both burdensome to recipients and an inefficient use of government resources," Elizabeth A. Eurgubian, CUNA's deputy chief advocacy officer and senior counsel, said in a comment letter filed with the CFPB.
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