A bill in front of the U.S. Senate that would assure banks of added confidentiality when they provide information to the Consumer Financial Protection Bureau is facing roadblocks, in spite of bipartisan support. The bill has already passed in the House, and a separate, broader proposal is circulating in the House Financial Services Committee.

Christopher J. Willis, an Atlanta-based partner in Ballard Spahr’s Consumer Financial Services Group, believes the new language would correct a problem with the House-passed bill: lack of resolution on the status of documents that the CFPB shares with state regulators. Mr. Willis said: "I've referred to the legislation that's come through the House as a partial fix."

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Bank Regulation and Supervision
Consumer Financial Services