This bill reforms how the Consumer Financial Protection Bureau issues civil investigative demands, which are requests for documents and information during investigations. The legislation limits the bureau's authority to issue such demands to six years after a violation occurs, requires demands to reference specific facts rather than broad conduct, and allows attorneys representing companies to ask clarifying questions about the scope of demands within 20 days. The bill also protects the confidentiality of petitions challenging these demands and expands the grounds on which companies can ask the bureau to modify or set aside a demand, including if it is overly burdensome, duplicative, or unreasonably expensive. Additionally, the legislation gives companies the right to appeal the bureau's denial of a petition to modify or set aside a demand in court, providing judicial oversight of the process. The bill has no specified funding or timeline.
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