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ABA Supports S.3394 and a Single, Consistent Standard for Treatment of Privileged Information Submitted to Federal Bank Regulators

WASHINGTON, D.C., Sept. 25, 2012 – The _ expressed strong support last week for Senate legislation that would “create a single, consistent standard for the treatment of privileged information submitted to all federal agencies that supervise banks, including the newly created Consumer Financial Protection Bureau.”  In a Sept. 20 letter from ABA President Laurel G. Bellows to the chair and ranking member of the Senate Committee on Banking, Housing and Urban Affairs, the ABA called for prompt passage of the bill, which would clarify that when banks and other supervised entities submit attorney-client privileged information to the CFPB, the privilege will not be waived as to any third party.

The ABA letter can be found here.

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