GovTrack’s Bill Summary
We don’t have a summary available yet.
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/112/2/hr4014.
The purpose of H.R. 4014 is to clarify that institutions regulated by the Consumer Financial Protection Bureau (CFPB) have not risked and will not waive applicable legal privileges as to third parties when they have shared or will provide information to the CFPB. The bill also makes clear that the CFPB can share such information with other Federal agencies without impacting a regulated institution's attorney-client privilege or work-product immunity as it applies to third parties. This statutory change will ensure that privileged information remains privileged.
According to H. Rept. 112-417, many supervised institutions have expressed concern that providing the CFPB privileged information could waive the institutions' privilege with respect to third parties. In response to these concerns, the CFPB stated in a bulletin that it would take reasonable and appropriate actions to assist supervised institutions in rebutting any claim that they have waived privileges by providing information to the CFPB. The CFPB has also issued a proposed rule stating that any person who submits information to the CFPB has not waived any applicable privileges. The proposed rule even provides that no waiver occurs when the CFPB shares privileged information with any state or federal agency. Richard Cordray, the Director of the CFPB, has also expressed support for a legislative clarification.
It is the Committee's intent that “any person” shall be construed to include any individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, firm, society, joint stock company, or other entity.
H.R. 4014 would amend the Federal Deposit Insurance Act by adding the Consumer Financial Protection Bureau (CFPB) to the list of covered agencies that may share information with other covered or Federal agencies without waiving any privilege applicable to the information.
The other covered agencies currently include any Federal banking agency, the Farm Credit Administration, the Farm Credit System Insurance Corporation, the National Credit Union Administration, the Government Accountability Office, and the Federal Housing Finance Agency.
The bill also amends Section 18(x) of the Federal Deposit Insurance Act to reemphasize that the submission by any person of any information to the CFPB in the course of any supervisory or regulatory process does not waive, destroy, or otherwise affect any privilege the person may claim with respect to third parties.
Under current law, sharing privileged information with a covered agency during the course of a supervisory or regulatory process does not waive attorney-client, work-product, or other privileges recognized under federal or state law.
According to the Congressional Budget Office (CBO), “this legislation would have no impact on the federal budget; therefore, pay-as-you-go procedures do not apply.”
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.
The bill contains the following citations to other parts of U.S. law:
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)