On Oct. 29, U.S. Representatives Andy Barr (R-KY-06) and Vicente Gonzalez (D-TX-34) announced the introduction of the Civil Investigative Demand Reform Act of 2024, a bipartisan initiative aimed at reforming the Consumer Financial Protection Bureau’s (CFPB) process for issuing civil investigative demands (CIDs) to financial services providers. This legislation seeks to ensure that industry participants are afforded due process while maintaining oversight and consumer protections.
The American Consumer Institute (ACI) announced their support for U.S. Rep. Andy Barr’s (R-Ky.) proposed Congressional Review Act (CRA) resolution to overturn the Consumer Financial Protection Bureau’s (CFPB) limit on late fees on credit cards.