Bill Facilitating Information Sharing by/with the CFPB and other U.S. Government Agencies

On December 11th 2012, the Senate passed H.R. 4014, clearing its way for approval by the President. H.R. 4014 amends the Federal Deposit Insurance Act with respect to information provided to the Bureau of Consumer Financial Protection (CFPB). Specifically, the bill amends the Federal Deposit Insurance Act to make the CFPB a "covered agency" that may share information with another covered agency or any other federal agency without waiving any privilege applicable to the information. In addition, the bill prohibits information submitted to the CFPB in the course of its supervisory or regulatory process from being construed as waiving, destroying, or affecting any privilege that may be claimed with respect to such information under federal or state law as to any person or entity other than the CFPB, another federal banking agency, a state bank supervisor, or a foreign banking authority.

View Press Release in full here (links externally to Financial Services Committee website).