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<\/p>\nSacramento, CA…California Attorney General Xavier Becerra, leading a coalition of\u00a016 Attorneys General,\u00a0called on the Trump Administration to respect the Consumer Financial Protection Bureau\u2019s (CFPB) investigative authority. Since its inception, the\u00a0CFPB\u00a0has issued civil investigative demands to companies and individuals who may be violating the law and taking advantage of consumers.\u00a0Civil investigative demands are a critical law enforcement tool that enable the\u00a0CFPB\u00a0to carry out investigations by obtaining documents, financial records, and company policies and procedures. However, the Trump Administration is now considering weakening the CFPB\u2019s use of civil investigative demands.<\/p>\n
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\u201cIn 2008, Wall Street\u2019s meltdown cost millions of Americans their jobs and their homes. In response, the CFPB\u00a0was created to\u00a0make sure that there would be a watchdog agency specifically on guard protecting consumers. In its first six years, the CFPB has recovered over $12 billion for hardworking American families,\u201d\u00a0said Attorney General Becerra.\u00a0\u201cThat\u2019s a record we should be proud of. But it would not have been possible without the\u00a0CFPB\u2019s\u00a0use of civil investigative demands. The Trump Administration now seems poised to lock the watchdog in the dog house. That\u2019s reckless. Wall Street does not deserve to catch another break at Main Street\u2019s expense.\u201d<\/p>\n
On January 26, 2018, the\u00a0CFPB\u00a0began a process that could lead to the curtailment of its investigative authority. In a Request for Information, the\u00a0CFPB acknowledges the important role that civil investigative demands have played in protecting consumers, but notes that the demands impose burdens on those being investigated. Therefore, the CFPB\u00a0is seeking public comment on \u201chow best to achieve meaningful burden reduction.\u201d<\/p>\n
In their letter, the Attorneys General underscore that:<\/p>\n
Joining Attorney General Becerra in sending this letter to the\u00a0CFPB\u00a0are the Attorneys General of Delaware, Hawai\u2019i, Illinois, Iowa, Maryland, Minnesota, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington.<\/p>\n