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CFPB Bulletin Reminds Financial Institutions of Supervisory Information Confidentiality

CFPB BulletinThe Consumer Financial Protection Bureau (CFPB) released a bulletin on Tuesday to remind supervised financial institutions of the existing regulatory requirements regarding the confidentiality of supervisory information.

Included in the bulletin were non-bank financial institutions that may be unfamiliar with federal supervision.

"The CFPB's supervision program holds companies accountable for how they treat consumers," CFPB Director Richard Cordray said. "The Bureau’s oversight of banks and nonbanks alike helps to level the playing field for all companies, and to ensure a fair and transparent marketplace for consumers."

Banks and credit unions with assets totaling more than $10 billion fall under the supervision of the CFPB, as well as certain nonbank financial companies such as mortgage lenders and servicers, payday lenders, and private student lenders, as well certain large debt collectors, consumer reporting agencies, student loan servicers, and international remittance providers. Tuesday's bulletin provides guidance as far as what types of information should be defined as confidential supervisory information and states that with limited exceptions, disclosure of such information is not allowed.

The CFPB stated in the bulletin that its existing supervisory authority over an institution is not limited or altered by any non-disclosure agreement that institution has entered into that may restrict it from sharing information with a regulator or requires the institution to notify a third party when it shares information, nor are the institution's obligations relating to confidential supervisory information changed or altered in any way.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.
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