Proprietary Information Protection Act of 2012 - Amends the Consumer Financial Protection Act of 2010 to prohibit information submitted by a person to the Consumer Financial Protection Bureau (CFPB) in the course of any CFPB supervisory or regulatory process from being construed as affecting any privilege such person may claim with respect to such information under federal or state law.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3871 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 3871
To amend the Consumer Financial Protection Act of 2010 to preserve
privilege for information submitted to the Bureau of Consumer Financial
Protection.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 1, 2012
Mr. Huizenga of Michigan (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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Proprietary Information Protection
Act of 2012''.
SEC. 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.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line