The CFPB has issued a proposed rule on CFPB demands for attorney-client privileged documents. In January, the CFPB released Bulletin 12-01, in which the CFPB took the position that it can demand such documents from its supervised institutions without the privilege being waived as to third parties. We have written about the shortcomings in the CFPB’s position and the various proposed legislative fixes for those shortcomings. We will be sharing our thoughts on the CFPB’s proposal soon.
