Questions And Concerns Over CFPB Privilege Waiver

Law360, New York (March 29, 2012, 1:42 PM EDT) -- On March 12, 2012, the Consumer Financial Protection Bureau issued a proposed rule that would codify (by regulation) the doctrine of “selective waiver” as applied to information provided by supervised entities to the CFPB. Under the selective waiver doctrine, the disclosure of otherwise privileged materials to a party outside the attorney-client relationship (in this case the government) would not act as a waiver of applicable privileges to other third parties.

Under the proposal, the provision of documents to the CFPB that are otherwise subject to the...
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