The Consumer Financial Protection Bureau, or CFPB, has issued a proposed rule that would codify protections for privileged information submitted to the CFPB by the financial institutions it regulates.
In January 2012, the CFPB advised the institutions that it supervises that the submission of privileged information to the CFPB does not waive any applicable privilege with respect to third parties. The proposed rule is intended to provide supervised entities further assurances that providing privileged information to the Bureau will not adversely affect the confidentiality of such information. The proposed rule also clarifies that the CFPB’s transfer of privileged information to another Federal or State agency does not result in a waiver of any applicable privilege.
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