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 privileged information, whether obtained from a regulated entity or from another federal regulatory agency, with State Attorneys General or other law enforcement authorities.… Continue Reading

In July, the CFPB issued an interim final rule on notification procedures to be followed by state officials when bringing an action using their authority to enforce the Dodd-Frank Act and implementing regulations. That rule generally requires a 10-day advance notice with prescribed information to be sent to the CFPB before filing an action.… Continue Reading