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Dealing the Consumer Financial Protection Bureau (CFPB) another setback, on April 21, 2017, the DC Circuit Court of Appeals (the “Court of Appeals”) refused to enforce a Civil Investigative Demand (CID) issued by the CFPB to an accrediting agency for for-profit schools. The Court of Appeals’ decision is likely to have broad implications for how the CFPB identifies the nature and scope of its investigations in its CIDs, which to date have provided investigation subjects with little information about the nature of the CFPB’s concerns. More precisely defined investigations could provide significant benefits to CID recipients, as well as establish a basis to challenge the requests set forth in CIDs. This Legal Update provides background on the case and discusses its implications for CFPB enforcement investigations going forward.
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