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Financial Services Law Insights and Observations

Legislators Move Forward on Bill to Address Non-Waiver of Privileged Documents Submitted to CFPB

CFPB Examination

Consumer Finance

On February 16, the House Financial Services Committee approved H.R. 4014, which would mandate that providing information to the CFPB for any purpose as part of the supervisory process will not be construed as waiving, destroying, or otherwise affecting any privilege applicable to such information. The bill would accomplish this by amending the Federal Deposit Insurance Act to create the same non-waiver of privilege protections already afforded to information submitted by supervised entities to federal, state, and foreign banking regulators. A substantially identical bill, S. 2099, recently was introduced in the Senate by Chairman Johnson and Ranking Member Shelby of the Senate Banking Committee.