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CFPB issues final rule on privileged info

The Consumer Financial Protection Bureau (CFPB) has issued a final rule that's intended to codify protections for privileged information, and especially for preserving attorney-client privilege, that CFPB-regulated financial institutions submit to the Bureau. The rule can be accessed at this site: http://files.consumerfinance.gov/f/201206_cfpb_final-rule_confidential-treatment-privileged-information.pdf

The final rule clarifies that an institution providing privileged information to the CFPB does not waive any applicable privilege with respect to third parties, and that the CFPB's transfer of privileged information to another federal or state agency does not result in a waiver of any applicable privilege.

The rule is similar to the privilege-preservation provisions that apply to banks submitting such information to the banks' prudential regulators. Legislation is currently pending (H.R. 4014, S. 2099) that would provide express statutory protection to institutions subject to the Bureau's supervision in order to provide maximum legal certainty.