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ABA calls for improvement of CFPB interim final rules

The American Bankers Association wrote to the Consumer Financial Protection Bureau on Monday, providing suggestions for improving its interim final rules on conducting investigations and administrative adjudication proceedings.

The Financial Services Roundtable, the Mortgage Bankers Association and the Consumer Bankers Association also signed the letter in a collaborative effort to convince the bureau to amend its rules.

The groups want to bureau to make such changes as extending the time to file a petition for modifying or setting aside a civil investigative demand.

“Accordingly, the Associations urge the Bureau to delete the statement that extensions of time are disfavored and to expressly recognize that fairness and the parties’ mutual interests in developing a complete investigative record require liberal periods of time to respond to CIDs and, when necessary, to file a petition to modify or set aside the CID,” the letter said, according to ABA.com.

The letter also requested that rules be changed to limit the scope of civil investigative demands and require that the bureau confirm with respondents on what they are required to produce.

Other suggestions in the letter include allowing respondents at least 20 days to respond with an answer and 30 days to submit a notice of appeal.

The letter also called for interim final rules to be changed to allow time extensions or other postponements or adjournments for showing good cause.

“The associations urge the Bureau not to trade speed and efficiency for due process,” the letter saif, according to the ABA.com.

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