Without an announcement, the CFPB has proposed a rule that would expand its discretion to share confidential supervisory information (CSI) with state attorneys general and other agencies that do not have supervisory authority over companies.

The proposed rule, published yesterday in the Federal Register, would amend the CFPB’s information disclosure rules under 12 CFR

The American Bar Association (ABA) and the Committee on Consumer Financial Services of the ABA’s Section of Business Law have submitted comment letters on two CFPB proposals. The Committee’s letter comments on the “larger participant” proposal and the ABA’s letter comments on the proposed rule on confidential treatment of privileged information.

The Committee’s “larger participant”

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

The American Bankers Association (“ABA”) recently submitted its comments on the CFPB’s interim final rule regarding the treatment of confidential information obtained by the CFPB.

Among other things, the ABA recommended the CFPB’s proposed information sharing rule be amended to:

• Ensure supervisory information remains confidential and is not disclosed to third parties except in

One of the Interim Final Rules released by the CFPB, Disclosure of Records and Information Rules, sets forth the CFPB’s position with regard to sharing information that it gathers and obtains though its activities. 

The Rule begins by defining much of the information received or generated by the CFPB as “confidential” – including consumer