Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Wednesday, April 18, 2012

ABA Comments on CFPB Proposal to Protect Privileged Bank Info

ABA and four other trade groups said in a comment letter that they strongly support the CFPB’s proposed rule intended to codify protections for privileged information that CFPB-regulated financial institutions submit to the bureau.

The proposal would clarify that an institution providing privileged information to the CFPB does not waive any applicable privilege with respect to third parties. It also would clarify that the CFPB’s transfer of privileged information to another federal or state agency does not result in a waiver of any applicable privilege.

The proposal is substantively similar to the privilege-preservation provisions that apply to banks’ submitting such information to the prudential regulators. However, the trade groups urged the CFPB to promote maximum legal certainty by continuing to support a legislative amendment that would provide express statutory protection to institutions subject to the bureau’s supervisory jurisdiction.

ABA strongly supports a House-passed bill (H.R. 4014) and Senate legislation (S. 2099) that would provide such protection. The association has noted that when Congress created the CFPB, it didn’t provide the bureau with the same express statutory protections the other banking agencies were given.

While the CFPB is trying to address the oversight through the regulatory process, there also is broad bipartisan support for removing any uncertainty through legislation.

Read the comment letter.
Read the proposed rule.

1 comment:

Aaron Banks said...

It would be easier for the public to understand the bill that is passed or proposed if there would be related information in a pocket folder printing. It would be easier to disseminate the information and collect support from the public.

Aaron

Post a Comment

Please read our comment policy before making a comment.