According to Cordray the CFPB will not oppose rules to tighten protection of information they share as part of the bank supervision process.
The bureau has been exempt from laws requiring regulators to respect attorney-client privileges. The exemption allows for a possible sharing of sensitive information between the CFPB and state attorney generals.
This possibility has been a fear since the CFPB it was created. State officials have authority to enforce Dodd-Frank rules, and information sharing from the CFPB could include internal evaluations of potential fraud or compliance with state and federal law.
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