The Wall Street Journal reports on a legal omission in the Dodd-Frank law that has banks fearing the loss of privacy when turning over sensitive financial documents to the newly created Consumer Financial Protection Bureau (CFPB). Lawmakers and industry representatives discussed the concerns at a House subcommittee hearing on Wednesday. A 2006 law mandated that confidential legal documents shared with bank regulators remain confidential, but Dodd-Frank--which created the CFPB--did not update the 2006 legislation to include the CFPB with the other bank regulators. At the hearing, Mayer Brown Partner Andrew Pincus said the omission will burden the process, adding, "It'll take longer and eliminate the flow of information back and forth that I think everyone agrees is what makes the examination process work." (Registration may be required to access this story.)
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