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CFPB Adopts AFSA CID Changes

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Today, the Consumer Financial Protection Bureau (CFPB) announced changes to its policy regarding Civil Investigation Demands (CIDs). The changes are intended to provide more information to the subject of the CID.

AFSA has long advocated that the Bureau’s CIDs be more specific. Last April, in response to one of the Bureau’s several requests for information, AFSA submitted comments emphasizing that CIDs should be reasonable. We are pleased that the Bureau has adopted an approach that is consistent with the association's recommendations.

From the CFPB press release:

Consistent with the updated policy, CIDs will provide more information about the potentially applicable provisions of law that may have been violated. CIDs will also typically specify the business activities subject to the Bureau’s authority. In investigations where determining the extent of the Bureau’s authority over the relevant activity is one of the significant purposes of the investigation, staff may specifically include that issue in the CID in the interests of further transparency.

AFSA will continue to keep members updated via AFSA Alerts and the AFSA Blog.

CFPB Adopts AFSA CID Changes
Apr 23, 2019

Today, the Consumer Financial Protection Bureau (CFPB) announced changes to its policy regarding Civil Investigation Demands (CIDs). The changes are intended to provide more information to the subject of the CID.

AFSA has long advocated… Read the rest

New Independents Section Leadership Installed
Apr 18, 2019

At the conclusion of AFSA’s 2019 AFSA Annual Independents Conference & Exposition, Stan Butler, President & CEO of Heights Finance, began his term as chair of the association’s Independents Section Board.… Read the rest

AFSA goes inside Austin city limits at Independents Conference
Apr 18, 2019

The American Financial Services Association (AFSA) held its 36th annual Independents Conference & Expo this week in Austin, Texas, at the brand new Fairmont Hotel.

AFSA once again received tremendous support from its members in… Read the rest

Kraninger outlines her vision for CFPB’s future
Apr 17, 2019

In a speech yesterday outlining her vision for the Consumer Financial Protection Bureau (CFPB), Director Kathy Kraninger emphasized the importance of “… empowering consumers to help themselves, protect their own interests,Read the rest

Herring Receives Outstanding Independent Award
Apr 16, 2019

Virginia C. “Ginger” Herring, President of Georgia-based 1st Franklin Financial Corporation, received AFSA’s Outstanding Independent Award on April 17 during AFSA’s 2019 Independents Conference &… Read the rest

PCI Compliance & Your Call Center
Apr 15, 2019

Join AFSA May 9, 2019 at 2 p.m. ET for PCI Compliance & Your Call Center presented by PayNearMe. Panelists will discuss the most common ways to accept payments in your call center and what your business needs to consider with each. Walk… Read the rest

Happy Financial Literacy Month!
Apr 15, 2019

Financial Literacy Month (April) is well underway and the AFSA Education Foundation continues to actively promote its premier personal finance education offering, MoneySKILL®. A free online course, MoneySKILL was designed … Read the rest

Speakers covering politics, business and motivation headlining AFSA’s Independents Conference & Expo
Apr 15, 2019

AFSA is presenting three top flight speakers at next week’s Independents Conference & Expo in Austin, Texas.

Headlining the conference’s Opening General Session next Wednesday morning will be Chris Stirewalt, Politics… Read the rest

AFSA President & CEO discusses issues with CFPB Director
Apr 12, 2019

AFSA President & CEO Bill Himpler last Thursday met with Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger. Himpler and Kraninger discussed a number of issues affecting consumer credit, including debt settlement… Read the rest

AFSA, Trades File Amici in Mortgage, Vehicle Financing Cases
Apr 09, 2019

The 1st Circuit Court of Appeals on Thursday April 4th accepted an amicus brief in Thompson v. JPMorgan Chase filed by AFSA and its sister trades. The trade associations are asking that the court grant Chase’s petition for rehearing … Read the rest

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