Civil Investigative Demand Reform Act of 2024

HR 10036, the Civil Investigative Demand Reform Act of 2024, updates rules for the Consumer Financial Protection Bureau's (CFPB) use of civil investigative demands (CIDs) against financial institutions. It extends the time limit for issuing CIDs to 6 years after a violation, requires CIDs to specify facts, and adds a 20-day process for attorneys to ask the CFPB clarifying questions about demand scope. The bill also clarifies grounds for challenging CIDs (e.g., if they're overly burdensome or duplicative) and adds judicial review if the CFPB denies a petition to modify or set aside a demand. These changes directly affect financial companies subject to CFPB investigations by making the process more transparent and providing clearer legal pathways to contest demands.