April 25, 2019

Partner Lucy Morris quoted in Bloomberg Law article on CFPB CID policy change

On April 23, Bloomberg Law reported on the announcement by the Consumer Financial Protection Bureau (CFPB) that policy changes would give financial companies more information about the conduct the bureau is investigating at the outset of a civil investigative demand (CID) probe. According to the CFPB's new policy, enforcement attorneys will send CIDs that have more information about the provisions of federal consumer financial protection law that banks and other financial firms may have violated.

Hudson Cook Partner Lucy Morris, a former CFPB deputy enforcement director, said that the changes to the bureau's process is a relatively limited fix that will allow companies and the CFPB's enforcement teams to more easily figure out what documents are necessary. However, she also noted that the new policy may be an indication that enforcement is picking up. "We've seen a real uptick in CIDs lately. It suggests to me that things are opening up again on the enforcement side," Lucy said.

Lucy is a partner in Hudson Cook's Washington, D.C. office and chairs the firm's Government Investigations, Examinations and Enforcement practice group. Lucy counsels financial institutions and others in complying with federal consumer financial laws and prohibitions against unfair, deceptive or abusive trade practices. She is an experienced advocate and litigator, representing clients in government investigations, examinations, and enforcement actions before federal and state agencies, including the Consumer Financial Protection Bureau, Federal Trade Commission, U.S. Department of Justice and state AG offices.

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