House clears CFPB privileged info bill

March 26, 2012

House clears CFPB privileged info bill

March 27, 2012 – The House on Monday passed H.R. 4014, a NAFCU-supported bill that seeks to ensure the information financial institutions provide the Consumer Financial Protection Bureau is kept confidential.

The measure was reported out of the House Financial Services Committee in mid-February. Introduced by Rep. Bill Huizenga, R-Mich., and cosponsored by panel Chairman Spencer Bachus, R-Ala., H.R. 4014 would revise the Federal Deposit Insurance Act to clarify that information provided to the CFPB receives the same level of protection as information provided to financial institutions' prudential regulators, such as NCUA.

NAFCU is concerned that failure to ensure the law is clear on the treatment of privileged information could lead to disclosures that may expose institutions to frivolous lawsuits. "NAFCU believes having clarity in the statute and accompanying Committee report could also help ensure that credit unions will have a greater comfort level in providing requested information," Dan Berger, NAFCU's executive vice president of government affairs, said in a letter in advance of last month's committee vote.

NAFCU has urged similar action in the Senate. S. 2099, identical to H.R. 4014, has also been introduced by Senate Banking Chairman Tim Johnson, D-S.D., and Ranking Member Richard Shelby, R-Ala. The bill awaits Senate action.

The CFPB has also issued a proposal for comment on the confidentiality of information it receives. It is accepting comments until April 16. NAFCU, through Regulatory Alert 12-EA-08, is urging members to provide the association their views by April 4.

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