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#1610394 - 09/29/11 01:38 PM Dodd Frank and the AGs
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
http://www.bloomberg.com/news/2011-09-27/banks-object-to-cfpb-sharing-data-with-states.html


The rule said sharing some confidential data with states may “serve the public interest.”


(or it may serve to terrorize banks) eek
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#1610472 - 09/29/11 02:31 PM Re: Dodd Frank and the AGs Pale Rider
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 4,344
New York City
Hmm. So if a regulator finds a fair lending issue, they shouldn't be allowed to alert the state AG for fear of the offending bank actually being sued.....?
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"100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu

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#1638459 - 12/13/11 07:05 PM Re: Dodd Frank and the AGs ACBbank
InFairness, CRCM Offline
Platinum Poster
InFairness, CRCM
Joined: Nov 2010
Posts: 919
USA
Not for fear of offending the banks, but for fear of not getting any confidential information from the banks they regulate. Until the creation of the CFPB, institutions did not waive attorney-client privilege by providing privileged information to a regulator. Further, information provided as part of supervisory activities was not subject to FOIA.

DFA did not add the CFPB to the list of enumerated agencies to whom banks can provide information without waiving privilege. Some banks plan to withhold all privileged information from the CFPB until that is resolved.


Further, the CFPB has not made it clear that they will protect the exam exemption from FOIA. Giving exam information to state AGs that would not be entitled to it otherwise so that the AGs can go on fishing expeditions is a good way to keep the CFPB form getting the information it needs to perform its job.

By law, fair lending issues are referred to the DOJ, not to state AGs.
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