St Casimirs Mortgage Minute

Bank Data Confidentiality Rule Awaits Obama After Senate Passage

Banks moved closer to greater confidentiality for information they share with the Consumer Financial Protection Bureau after the U.S. Senate unanimously passed legislation to extend the protection. Senators backed amending the Federal Deposit Insurance Act to give lenders assurance that providing information to the bureau wouldn’t automatically waive any privileged status. Senators agreed to pass the bill by unanimous consent after Senator Jim DeMint (R-S.C.) removed a procedural block on the measure. The House passed the bill on March 26 with bipartisan support. The legislation now goes to President Barack Obama to be signed into law.

From "Bank Data Confidentiality Rule Awaits Obama After Senate Passage"
Bloomberg (12/11/12) Dougherty, Carter

--BAI