Will My Confidential CID Information Be Released by the CFPB? It’s Far from Certain

By Nicholas Gess & Charles Horn, Nat'l Review, Dec. 29, 2017

A recently published opinion of the US District Court for the District of Columbia creates some uncertainty as to the Consumer Financial Protection Bureau’s (CFPB’s) authority to protect information provided to it pursuant to a civil investigative demand (CID). In his opinion in Franks v. CFPB, Judge Christopher Cooper rejected most of the arguments made by a plaintiff’s class action firm seeking information gathered by the CFPB pursuant to a CID in an enforcement investigation. But, he granted summary judgment to the plaintiff and ordered the CFPB to review its decision to withhold certain information that had been provided “voluntarily” pursuant to the CID.

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