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Thursday, February 16, 2012

HFS Approves CFPB Privilege Bill

The House Financial Services Committee this morning approved, by voice vote, ABA-supported bill HR. 4014 by Rep. Bill Huizenga (R-MI) intended to ensure the protection of confidential information.

ABA wrote to the Committee yesterday in support of the legislation, noting that it would rectify an oversight “by providing the same express rules regarding privilege of information for the Bureau as those already established for the other federal banking supervisors.”

ABA also urged the Committee to approve legislation H.R. 1838 which would eliminate the “pushout” requirement in the Dodd-Frank Act. The bill, which the Committee also is considering this morning, would keep banks from having to form separate affiliates to conduct some swaps, allowing them to continue to offer “one-stop shopping” for customers who want it, ABA explained. H.R. 1838 also would prevent the creation of “competitive imbalances between U.S. banks and…foreign banks.”

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