On June 28, the Consumer Financial Protection Bureau (CFPB) implemented a new rule to classify protections for privileged information submitted to the Bureau by the regulated financial institutions it oversees.
According to a press release on the CFPB’s website, the new rule “provides supervised entities further assurances that providing privileged information to the Bureau will not adversely affect the confidentiality of such information.” The rule also clarifies that the CFPB’s “transfer of privileged information to another Federal or State agency does not result in a waiver of any applicable privilege.”
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