American Bar Association President Linda A. Klein sent a comment letter to the Consumer Financial Protection Bureau, urging it to modify its proposed rule on Disclosure of Records and Information to clarify that the CFPB cannot share privileged information it receives from supervised or regulated entities with foreign, state or non-federal government agencies, as such sharing could threaten the privileged status of the information.
The ABA strongly supports the preservation of the attorney-client privilege and the work product doctrine and opposes governmental policies, practices and procedures that could erode these protections.
The ABA understands and appreciates the CFPB’s continuing efforts to balance the need to protect confidential information it receives against the need to use the information effectively and share it with certain other governmental entities in the course of the CFPB’s work. However, the ABA is concerned that several aspects of the Proposed Rule could undermine and weaken fundamental attorney-client privilege and work product protections.
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