ABA Supports S.3394 and a Single, Consistent Standard for Treatment of Privileged Information Submitted to Federal Bank Regulators
The American Bar Association expressed strong support last week for Senate legislation that would “create a single, consistent standard for the treatment of privileged information submitted to all federal agencies that supervise banks, including the newly created Consumer Financial Protection Bureau.” In a Sept. 20 letter from ABA President Laurel G. Bellows to the chair and ranking member of the Senate Committee on Banking, Housing and Urban Affairs, the ABA called for prompt passage of the bill, which would clarify that when banks and other supervised entities submit attorney-client privileged information to the CFPB, the privilege will not be waived as to any third party.
The ABA letter can be found here.
- 30 -
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.