CFPB Issues Final Rule Amending Disclosure of Records and Information Regulation
The Consumer Financial Protection Bureau (CFPB) finalized a rule amending its Disclosure of Records and Information Regulation. In the rulemaking, the CFPB addresses the confidential treatment of information the agency obtains while exercising its statutory authority to enforce federal consumer financial laws.
Specifically, the final rule revises the agency’s information practices, enhances collaboration efforts with agency partners, improves its ability to secure confidential information, and provides guidance to industry stakeholders on how the agency interprets its own rulemaking.
In its final rulemaking, the CFPB adopted the American Financial Services Association’s (AFSA) suggestion to remove language that would have allowed the CFPB to disclose confidential information supervisory information to any agency, including foreign agencies.
In the comment letter to the CFPB, AFSA addressed the disclosure of confidential information by requesting the agency implement specific safeguards as to the identity and type of agencies in which confidential information is shared. Additionally, AFSA requested the agency provide transparency when responding to Freedom of Information (FOIA) requests.
November 3rd, 2020
