In a recent blog on the Bacchus-Capito letter to CFPB Director Richard Cordray, possible “legislative fixes” to the highly publicized privilege waiver issues involving the Bureau and possible amendments to 12 U.S.C. §§ 1821(t) and 1828(x) were discussed. The major shortcoming identified with regard to such amendments was the persistent problem of the Bureau’s sharing
attorney-client
The Bureau takes a short cut on the privilege issue
By Ballard CFS Group on
Posted in CFPB General, Regulatory and Enforcement
Last week, the CFPB released Bulletin 12-01, in which it took the position that it can demand attorney-client privileged documents from its supervised institutions without the privilege being waived as to third parties. It reached this conclusion by relying on a federal statute applicable to the federal banking agencies, even though the underlying statute…