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CFPB to Give Advance Warning on Enforcement Actions

Posted on 11/8/2011

The Consumer Financial Protection Bureau will give an early warning notice to individuals and institutions that are subject to an investigation, the agency said yesterday. Notice recipients then would have 14 calendar days to respond in writing -- including any relevant legal or policy arguments or facts -- before the CFPB decided whether to take legal action.

While the early warning notice is not required by law, the CFPB believes it will promote the even-handed enforcement of consumer financial laws. The decision to give notice is discretionary and will depend on such factors as whether prompt action is needed, the agency said.

"The early warning notice strikes a balance between the goal of fairness to those being investigated and our mission to protect consumers," Raj Date, the bureau's acting leader, said in a press release. "This process will help us fulfill our commitment to transparency in enforcing the law."

To read the CFPB press release visit:

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