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CFPB Adopts Rule on Privileged Information

The Consumer Financial Protection Bureau (CFPB) has adopted a Rule to codify the protection of privileged information submitted to the Bureau by the financial institutions it regulates. In a comment letter in March, CBAI recommended the Rule specifically state that any information provided by community banks, either directly or indirectly to the Bureau, will not waive or otherwise affect any privilege with respect to such information under Federal or State law. The CFPB said that although the rule is primarily focused on large financial institutions, it is not limited to those institutions and will be interpreted broadly.

Read CBAI Comment Letter

Read CFPB Announcement