CFPB’s Guidance to Supervised Banks Says Privilege Waiver Concerns Are No Reason for Withholding Information
As supervisor of large depository institutions, credit unions, and their affiliates, the CFPB expects such supervised institutions to share with it all documents that CFPB requests, even if the document is protected by the attorney-client privilege. Banks routinely share privileged documents with their banking regulators without concern about facing a claim of waiver because of two statutory provisions (one for banks and another for credit unions) that say submitting privileged information to a prudential regulator does not result in a waiver as to any other person or entity. But those statutory provisions have not been amended to encompass information provided to the CFPB. Read More