We have revised the blog to more fully discuss the effect of a waiver on potential UDAAP liability.

The CFPB is proposing significant revisions to its “Policy to Encourage Trial Disclosure Programs” (TDP Policy), which sets forth the Bureau’s standards and procedures for exempting individual companies, on a case-by-case basis, from applicable federal disclosure requirements

The U.S. Senate, by unanimous consent, has passed a bill previously approved by the House of Representatives (H.R. 4014) that amends the Federal Deposit Insurance Act to provide protection against waiver of the attorney-client privilege when privileged information is shared with the CFPB or by the CFPB with other federal agencies.  The bill is expected

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

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