US Consumer Financial Protection Bureau Issues Regulation Protecting Privileged Information from Waiver of Privilege

July 16, 2012
The U.S. Consumer Financial Protection Bureau has issued a final rule intended to prevent the waiver of any applicable privilege when a supervised entity provides privileged information to the CFPB. This update discusses the CFPB’s claim of rulemaking authority in this area and how it affects its protection of the privilege, as well as the related issue of the CFPB’s underlying authority to compel the production of privileged information.