CFPB Promises To Keep Bank Documents Under Wraps

Law360, New York (June 28, 2012, 5:23 PM EDT) -- The Consumer Financial Protection Bureau on Thursday finalized a number of new rules, including policies to guarantee the confidentiality of privileged information banks hand the agency as part of its surveillance of potential threats to markets and consumers.

The move is intended to ease fears among banks that attorney-client communications and other data could be obtained by competitors or consumer advocates. It stipulates that privileges aren’t waived when information is submitted, even if that information is subsequently shared with another government agency.

“We are committed to...
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