Building Consumer Financial Protection Bureau Relationships: Access to Documents

February 15, 2012
A recent U.S. Consumer Financial Protection Bureau (CFPB) bulletin states that supervised institutions must provide all relevant documents upon request from the CFPB, including those subject to attorney-client privilege. However, questions have been raised as to whether submitting such documents would waive privilege as to third parties under current law, and legislation has been introduced in the House of Representatives and the Senate that would provide express protections for submissions to the CFPB. This update examines issues facing CFPB-supervised institutions regarding document requests and the role requests play in the institutions’ relationships with the CFPB.