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

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

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