ABA Calls CFPB Rule Guarding Privileged Bank Info 'Chilling'

Law360, New York (April 17, 2012, 7:06 PM EDT) -- The American Bar Association on Friday said a proposed Consumer Financial Protection Bureau rule for the protection of privileged information banks are forced to provide regulators could have a “chilling” effect on the relationships between companies and their lawyers.

In a comment letter, ABA President Bill Robinson said that although he appreciated the spirit of the CFPB's March proposal guaranteeing that it would protect confidential documents and other information from requests made by outside groups, the agency does not have the authority to require banks and...
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