On June 6, 2012 the Consumer Financial Protection Bureau
(the "Bureau") issued a final rule providing more on
their investigative procedures. Codified in Section 1080, the rules
have only further delineated the practices and processes already in
use by the Bureau. Yet, the regulations provide further structure
and clarity to the Bureau's intended investigation
procedures.
As noted in an earlier posting, the final investigation and
adjudication rules are modeled heavily after those presently
employed by the Federal Trade Commission ("the FTC").
Yet, the Bureau also reviewed the guidelines of other law
enforcement agencies. The Director, Assistant Director, and the
Deputy Assistant Director of the Office of Enforcement ("the
Bureau leadership") are authorized to issue civil
investigative demands (CID's). This authority is
non-delegable. The Bureau has broad authority to request
documentary material, tangible things, electronically stored
material, written reports,
