H.R. 3871 (112th): Proprietary Information Protection Act of 2012

112th Congress, 2011–2013. Text as of Feb 01, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

2d Session

H. R. 3871

IN THE HOUSE OF REPRESENTATIVES

February 1, 2012

(for himself, Mr. Bachus, and Mrs. Capito) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Consumer Financial Protection Act of 2010 to preserve privilege for information submitted to the Bureau of Consumer Financial Protection.

1.

Short title

This Act may be cited as the Proprietary Information Protection Act of 2012.

2.

Disclosure to the Bureau does not affect privilege

Section 1022(c)(6) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(c)(6)) is amended—

(1)

by redesignating subparagraphs (B) and (C) as subparagraphs (C) and (D), respectively; and

(2)

by inserting after subparagraph (A) the following:

(B)

Privileges Not Affected by Disclosure to the Bureau

(i)

In general

The submission by any person of any information to the Bureau for any purpose in the course of any supervisory or regulatory process of the Bureau shall not be construed as waiving, destroying, or otherwise affecting any privilege such person may claim with respect to such information under Federal or State law as to any person or entity other than the Bureau.

(ii)

Rule of construction

No provision of clause (i) may be construed as implying or establishing that—

(I)

any person waives any privilege applicable to information that is submitted or transferred under any circumstance to which clause (i) does not apply; or

(II)

any person would waive any privilege applicable to any information by submitting the information to the Bureau, but for this subparagraph.

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