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Tuesday, March 27, 2012

House Clears ABA-Backed CFPB Privilege Bill

The House yesterday unanimously approved by voice vote an ABA-supported bill (H.R. 4014) that would protect confidential bank examination information provided to the CFPB.

ABA in a memo last month urged House members to approve the bill, explaining 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.”

The House also passed legislation (H.R. 2779) that would exempt inter-affiliate swaps from certain Dodd-Frank Act regulatory requirements, and a bill (H.R. 2682) that would exempt end-users that are not financial entities from margin requirements for uncleared swaps.

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