On August 24, 2016, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rule Making that proposed amendments to the CFPB’s Freedom of Information Act (FOIA), confidentiality rules, and Privacy Act regulations codified at 12 C.F.R. Part 1070.  The proposed changes to the confidentiality rules include, but are not limited to:  (i)  allowing the CFPB to share a regulated entity’s confidential information with a wider range of government and foreign regulators;  (ii) eliminating the CFPB’s obligation to inform a regulated entity before it shares the entity’s confidential information with Congress; and (iii) preventing entities from sharing CFPB enforcement correspondence without prior CFPB approval.

The comment period closed on October 24, 2016.  Commenters generally expressed concern that the CFPB’s proposed changes to its confidentiality rules put privileged attorney-client communications at risk and infringed on companies’ First Amendment right to disclose CFPB communications.  Some commenters suggested that the CFPB was exceeding its statutory authority in revising the rule.
Continue Reading CFPB Proposed Confidentiality Rule Revisions Prompt Comments and Criticism

The October 24 deadline for commenting on the CFPB’s Proposed Amendments Relating to the Disclosure of Records and Information, CFPB-2016-0039, is fast approaching.  The current rule is 12 C.F.R. Part 1070.  The proposed amendments contain several troubling changes, the most notable of which are outlined below.  Those regulated by the CFPB should not let