Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to declare that certain federal agencies ("covered agencies") shall not be deemed to have waived any confidentiality applicable to information by either transferring such information to, or permitting it to be used by, another covered agency or specified federal agencies.
Includes among "covered agencies": (1) the Consumer Financial Protection Bureau (CFPB), (2) state bank and financial company supervisors, and (3) certain licensing and registry systems established under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
Defines "confidentiality" to include any work-product, attorney-client, or other privilege recognized under federal or state law.
Shields also from the waiver of confidentiality any information submitted by a person to either a federal banking agency, the CFPB, a state bank supervisor, or foreign banking authority in the course of its supervisory or regulatory process.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6125 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 6125
To amend the Federal Deposit Insurance Act and the Federal Credit Union
Act with respect to privilege of information provided to Federal and
State agencies, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 12, 2012
Mr. Renacci (for himself and Mr. Perlmutter) introduced the following
bill; which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Federal Deposit Insurance Act and the Federal Credit Union
Act with respect to privilege of information provided to Federal and
State agencies, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. PRIVILEGE AND CONFIDENTIALITY OF INFORMATION PROVIDED TO
REGULATORS.
(a) Federal Deposit Insurance Act.--The Federal Deposit Insurance
Act (12 U.S.C. 1811 et seq.) is amended--
(1) in section 11(t) (12 U.S.C. 1821(t))--
(A) in paragraph (1), by inserting ``or
confidentiality'' after ``privilege'';
(B) in paragraph (2)--
(i) in subparagraph (A)--
(I) by inserting after clause (v)
the following:
``(vi) The Bureau of Consumer Financial
Protection.''; and
(II) by adding at the end the
following:
``(viii) State bank and financial company
supervisors.
``(ix) Any licensing and registry system
established under section 1502 or section 1509
of the Secure and Fair Enforcement for Mortgage
Licensing Act of 2008 (12 U.S.C. 5101 et
seq.).''; and
(ii) by adding at the end the following:
``(C) State bank and financial company
supervisor.--The term `State bank and financial company
supervisor' means--
``(i) a State bank supervisor; or
``(ii) any agency of a State which
licenses, supervises, or examines the offering
of consumer financial products or services
provided by persons subject to the regulatory
or supervisory authority of the Bureau of
Consumer Financial Protection.''; and
(C) in paragraph (3), by inserting ``or
confidentiality'' after ``privilege'';
(2) in section 18(x)--
(A) in paragraph (1)--
(i) by inserting ``the Bureau of Consumer
Financial Protection,'' before ``any Federal
banking agency'';
(ii) by striking ``State bank supervisor''
and inserting ``State bank and financial
company supervisor (as defined under section
11(t)(2)), licensing and registry system
established under section 1502 or section 1509
of the Secure and Fair Enforcement for Mortgage
Licensing Act of 2008 (12 U.S.C. 5101 et
seq.)''; and
(iii) by striking ``such agency'' each
place such term appears and inserting ``such
Bureau, agency, system'';
(iv) by inserting ``or confidentiality''
after ``privilege''; and
(B) in paragraph (2)--
(i) by inserting ``or confidentiality''
after ``privilege'' each place such term
appears; and
(ii) in subparagraph (B)--
(I) by inserting ``the Bureau of
Consumer Financial Protection,'' before
``any Federal banking agency''; and
(II) by striking ``State bank
supervisor'' and inserting ``State bank
and financial company supervisor,
licensing and registry system
established under section 1502 or
section 1509 of the Secure and Fair
Enforcement for Mortgage Licensing Act
of 2008 (12 U.S.C. 5101 et seq.)''.
(b) Federal Credit Union Act.--Section 205(j) of the Federal Credit
Union Act (12 U.S.C. 1785(j)) is amended--
(1) by inserting ``or confidentiality'' after ``privilege''
each place such term appears; and
(2) by inserting ``the Bureau of Consumer Financial
Protection,'' before ``the Administration'' each place such
term appears.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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