ABA has published a staff analysis of the CFPB’s recently proposed changes to the confidential treatment of information and the procedures used by the public to obtain information under the Freedom of Information Act, the Privacy Act of 1974 and in legal proceedings. Among other things, the proposed changes would allow the CFPB to disclose confidential supervisory information to any agency for which the information is “relevant to the exercise of the Agency’s statutory or regulatory authority,” including foreign regulators and state bar associations.
ABA is currently seeking input from banks regarding the confidentiality provisions of this rule, particularly with respect to the protection and dissemination of information provided by banks to the bureau.
Read the staff analysis.
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