BALTIMORE, MD – Maryland Attorney General Brian E. Frosh, joining a coalition of 16 attorneys general, called on the Trump Administration to respect the Consumer Financial Protection Bureau’s (CFPB) investigative authority. Since its inception, the CFPB has issued civil investigative demands to companies and individuals who may be violating the law and taking advantage of consumers. Civil investigative demands are a critical law enforcement tool that enable the CFPB to carry out investigations by obtaining documents, financial records, and company policies and procedures. However, the Trump Administration is now considering weakening the CFPB’s use of civil investigative demands.
“The CFPB was created in the wake of the 2008 financial crisis to protect consumers from financial scams and abusive financial business practices,” said Attorney General Frosh. “CFPB investigations of big banks like Wells Fargo, JPMorgan Chase, and Bank of America have returned millions of dollars to consumers. Stripping the CFPB of its investigative authority would clear the way for Wall Street to return to the illegal policies and practices of a decade ago.”
Read more in the full press release:http://www.marylandattorneygeneral.gov/press/2018/042618.pdf