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Senate Passes House Bill 4014, Clearing Way for Privilege Protection Documents Turned Over to Consumer Financial Protection Bureau (CFPB) During Examination

Our colleagues Laureen Galeoto, Robert Bostrom and Scott Sheehan recently published a GT Alert titled  Senate Passes House Bill 4014, Clearing Way for Privilege Protection Documents Turned Over to CFPB During Examination.

To summerize: On December 11, 2012, the U.S. Senate passed House Bill 4014 without amendment and sent it to the president for signature. HR 4014 is the long-awaited and much sought after legislation that amends the Federal Deposit Insurance Act (FDIA) in order to protect banks and non-banks that are subject to the Consumer Financial Protection Bureau’s supervision and examination authority from unintended waiver or destruction of a privilege that they could have otherwise claimed as to third parties. And while there is cause to be somewhat comforted or alleviated even, there are still some real risks and considerations that lie ahead as examined entities are asked to turn over their privileged documents and communications.

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About this Author

Phillippe Bruno, International Trade Attorney, Greenberg Traurig, Intellectual Property investigation counsel, European court of justice lawyer

Philippe M. Bruno has more than 25 years of experience in counseling and representing U.S. and foreign producers, exporters and importers in a wide range of administrative proceedings before the U.S. government and its agencies, as well as before governmental institutions of foreign countries, including the European Commission, Canada, Brazil and China. His practice includes:

  • Intellectual property investigations (Section 337) before the U.S. International Trade Commission;
  • Investment-related representation before...