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Senate passes CFPB attorney-client privilege protection bill (HR 4014), clearing measure for President Obama's signature

GavelDear State and Local Bar Colleagues:

We are pleased to report that the Senate gave final approval last night [Dec. 11, 2012] to H.R. 4014, the House-passed version of the Consumer Financial Protection Bureau (CFPB) attorney-client privilege protection bill. As you will recall, this legislation (and the similar Senate bill, S. 3394), would amend the Federal Deposit Insurance Act to clarify that when banks and other supervised entities submit privileged information to the CFPB, the privilege will not be waived as to any third parties and the CFPB can share the information with other federal agencies without affecting its privileged status. Now that the Senate has approved the House version of the bill, it goes directly to President Obama, who is expected to sign it into law in the near future.

Our Governmental Affairs Director, Tom Susman, Ken Goldsmith and I would like to thank the numerous state and local bars that sent letters (or otherwise helped reach out) to their senators in response to our recent ABA Legislative Action Alert, including the following bars: the Illinois State Bar Association, the Mississippi Bar, the Missouri Bar, the State Bar of Nevada, the New York State Bar Association, the Association of the Bar of the City of New York, the North Carolina Bar Association, the Ohio State Bar Association, the Oregon State Bar, the Pennsylvania Bar Association and the South Carolina Bar. Thanks also to the other bars who were helping advance the legislation behind the scenes, as well as to our allies at the U.S. Chamber of Commerce and our other coalition partners. It was a great team effort!

If you have any other questions, please let Tom, Ken or me know.

Best regards,

Larson

R. Larson Frisby
Associate Director, Governmental Affairs Office
American Bar Association
740 15th Street, N.W.
Washington, D.C.  20005
               
T: (202) 662-1098
F: (202) 662-1762
Email: larson.frisby@americanbar.org

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