According to the Manufactured Housing Institute (MHI), before leaving for the August Recess, the House of Representatives passed legislation (H.R. 5062) amending the Consumer Financial Protection Act (CFPA) – which is Title X of the Dodd-Frank Act – to provide protection against waiver of state and federal law privileges for non-depository institutions supervised by the CFPB.

The bill is intended to protect a nonbank that is examined by the Consumer Financial Protection Bureau (CFPB) but does not fall under the auspices of a state banking regulator’s jurisdiction from a privilege waiver if the CFPB shares privileged information with the nonbank’s state regulator. It received strong support from the American Financial Services Association (AFSA) and provides anti-waiver protection for “the sharing of information” with federal banking regulators, state banking regulators, or state regulators that “license, supervise, or examine the offering of consumer financial products or services.” ##

(Image credit: Consumer Financial Protection Bureau)