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Washington
CFPB codifies info-protections for FIs
WASHINGTON (6/29/12)--Protections for private information that financial institutions and others submit to the Consumer Financial Protection Bureau (CFPB) are codified under a new CFPB final rule.

The rule seeks to ensure that groups or individuals that supply information to the CFPB do not waive their right to privacy protections, and clarifies that these protections would remain intact when privileged information is transferred from the CFPB to other federal or state agencies.

CFPB Director Richard Cordray said the rule "supports the free flow of information that is essential to an effective supervision program." Cordray said his agency is "committed to safeguarding the confidential information of the institutions we supervise to ensure the Bureau is best equipped to do its job and protect consumers."

For the CFPB release, use the resource link.
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