ABA Wants Safeguards On Bank Info Given To CFPB

Law360, New York (February 23, 2012, 3:49 PM EST) -- The American Bar Association on Thursday urged Congress to quickly move on legislation requiring the Consumer Financial Protection Bureau to protect privileged information that it receives from banks, an issue that has raised concerns from banks under the bureau's supervision.

In letters sent to leaders in both the U.S. Senate and House of Representatives, ABA President Bill Robinson said that the CFPB should be governed by the same rules regarding protections of privileged information that other federal banking regulators operate under.

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