Group questions CFPB's protection of privileged information

04/16/2012 | AmericanBanker.com (subscription required)

A Consumer Financial Protection Bureau rule that says the agency will protect information turned over by banks may be legally flawed, according to the American Bar Association. In a comment letter, the ABA said it has "serious concerns" that the CFPB can compel banks to turn over privileged material in the first place, which makes offering any protections a problem. The ABA and CFPB Director Richard Cordray support legislation to give the agency permission to receive the privileged information without financial institutions having to waive their attorney-client privilege.

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