Last month, the Consumer Financial Protection Bureau (CFB) denied a petition from Rent-A-Center Inc., to set aside a civil investigative demand (CID) from the bureau.
In August, Rent-A-Center sent the CFPB a petition to set aside the CID, citing its rental-purchase lease business fell outside the statutory authority of the bureau, and that the CID it was issued failed to satisfy statutory requirements, citing the ruling against the bureau in CFPB v. Accrediting Council for Independent Colleges & Schools.
The CFPB denied the petition to set aside the CID. Read on to find out why.
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