WASHINGTON (Legal Newsline) — The Federal Trade Commission (FTC) announced March 27 that its Bureau of Consumer Protection (BCP) has submitted comments to the Bureau of Consumer Financial Protection after the agency requested assistance in assessing its civil investigative demands (CIDs) procedures.
The FTC noted that CIDs are used when examining potential violations of federal laws. They help bring about enforcement actions to stop illegal conduct or deliver relief to consumers. The Bureau of Consumer Financial Protection sought input on how to stay true to its regulatory objective while achieving meaningful burden reduction. The FTC delivered its comment in response.
“We applaud the Bureau of Consumer Financial Protection for undertaking a critical assessment of its investigative processes,” Thomas B. Pahl, acting director for BCP, said in a statement. “We hope our comment describing BCP’s experience with CIDs, including recent reforms, is valuable to the bureau in making its investigative processes efficient and effective. We look forward to a continued partnership with the bureau on this and other issues in pursuing the agencies’ shared goal of protecting American consumers.”
The FTC voted 2-0 to approve the comment.