The Consumer Financial Protection Bureau (the "CFPB" or "Bureau") issued its Final Rule ("Rule") on July 5, 2012, adopting its Proposed Rule, without modification, regarding the confidential treatment of information by adding a new section providing that the submission by any person of any information to the Bureau in the course of the Bureau’s supervisory or regulatory processes does not waive or otherwise affect any privilege such person may claim with respect to such information under Federal or State law as to any other person or entity.*
Also, the CFPB has amended its regulations to provide that its provision of privileged information to another Federal or State agency does not waive any applicable privilege, whether the privilege belongs to the CFPB or any other person.
The Final Rule implements the Proposed Rule, without modification, regarding the confidential treatment of information. The effective date is August 6, 2012.
To put the Final Rule in context, you might want to read my April 2012 review of the CFPB’s Proposed Rule with respect to the treatment of privileged information. Entitled “The CFPB’s Treatment of Confidentiality and Privilege” (April 2012), my article outlined important considerations and also offers an Action Plan.
“CFPB’s Treatment of Confidentiality and Privilege” *
Newsletter: HERE. (Abbreviated Version)
Website Article: HERE. (Full Text)
Article Download: HERE. (Publication)
** April 2012
IN THIS ARTICLE
LENDERS COMPLIANCE GROUP is the first full-service, mortgage risk management firm in the United States specializing exclusively in outsourced mortgage compliance and offering a full suite of services in residential mortgage banking for banks and nonbanks.
*Jonathan Foxx is the President & Managing Director of Lenders Compliance Group