President Signs Nondepository Examination and Supervisory Privilege Parity Bill

CFPB

On September 26, President Obama signed into law H.R. 5062, which amends the Consumer Financial Protection Act of 2010 to specify that the CFPB is to coordinate its supervision of certain nondepositories with state agencies that license, supervise, or examine the offering of consumer financial products or services. The Act already requires the CFPB to coordinate its supervisory activities with prudential regulators and state bank regulatory authorities. The bill also amends the Act to provide that the sharing of information with such regulators, authorities, and agencies does not constitute a waiver of any privilege or confidentiality that may be asserted regarding such information (except with respect to the CFPB and such regulators, authorities, and agencies).