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Financial Services Law Insights and Observations

CFPB finalizes rule on confidential information disclosures

Federal Issues CFPB Supervision Enforcement

Federal Issues

On October 29, the CFPB issued a final rule to modify its procedures for the disclosure of records and information. As previously covered by InfoBytes, in August 2016, the Bureau issued a proposed rule seeking to, among other things, amend procedures used by persons in the public domain to obtain information from the CFPB under the Freedom of Information Act (FOIA), the Privacy Act of 1974, and legal proceedings. In September 2018, the Bureau published a final rule addressing FOIA, the Privacy Act, and certain legal proceedings (covered by InfoBytes here). The Bureau now issues a final rule addressing “the confidential treatment of information obtained from persons in connection with the exercise of its authorities under federal consumer financial law.” The final rule amends definitions and clarifies certain provisions of subparts A and D of section 1070 of title 12 of the Code of Federal Regulations, which the Bureau states are intended to, among other things, (i) “improve transparency” about the Bureau’s confidential information procedures; (ii) increase collaborations with agency partners; and (iii) improve the Bureau’s ability to protect confidential information.

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