Last week, a second legislative effort was launched to attempt to fix the much-discussed issue regarding the CFPB’s demands for attorney-client privileged information from banks subject to its supervision. The new bill, H.R. 3871, seeks to “preserve privilege for information submitted to” the Bureau, but the key text of the legislation may or may not fully address the problem.… Continue Reading
privilege
House urges Cordray not to request privileged material pending “legislative fix”
By Keith R. Fisher on
A hearing entitled “How will the CFPB Function under Richard Cordray?” was held on January 24 by the House Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs. At that hearing, Mr. Cordray testified that Congress’s failure to amend 12 U.S.C. § 1828(x) to include the Bureau was an oversight and that he would be supportive of a legislative fix.… Continue Reading
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 does not apply to the CFPB. … Continue Reading