What the Consumer Financial Protection Bureau ... - Venable LLP

KEY STEPS TO RESPONDING TO ANINVESTIGATION1. Review the CID – A review of the CID,among many things, will identify thepurpose of the investigation, the assignedstaff enforcement attorneys, theproduction deadline (e.g., 30 days fromissuance), the definitions, instructions, andinterrogatory and document requests.2. Establish a Response Team –• Gather documents and answersinterrogatory questions• Ensure compliance with legalobligations• Confidentiality• Assess whether responsive informationis privileged• Take proper steps to preserveresponsive materials (e.g.,implementation of a documentpreservation policy)• Avoid liability, and preventing futureclaims and damage to the company• In addition, a recipient of a CID willneed to decide whether publicdisclosure is required pursuant to otherapplicable legal and regulatoryobligations.49