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Financial Services Law Insights and Observations

CFPB Issues Proposed Rule Seeking to Amend Procedures for Disclosing Certain Confidential Information

CFPB State Attorney General Agency Rule-Making & Guidance

Privacy, Cyber Risk & Data Security

On August 24, the CFPB published a proposed rule seeking to amend procedures used by persons in the public domain to obtain information from the CFPB under the Freedom of Information Act, the Privacy Act of 1974 and legal proceedings. In part, the proposal also seeks to revise the 2013 final rule related to the “exchange of confidential supervisory information (CSI) with certain agencies.” Specifically, the CFPB proposes to remove the standard for sharing CSI, thereby utilizing the same standard for sharing information that is not considered CSI and giving the CFPB the discretion to disclose CSI to another agency “to the extent that the disclosure of the information is relevant to the exercise of the [agency’s] statutory or regulatory authority.” Among other things, if accepted, the proposal may allow the CFPB to establish a CSI sharing regime to include state attorneys general and other agencies without supervisory power. Comments are due by October 24, 2016.

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