80 FR 10072 - Compliance Bulletin-Treatment of Confidential Supervisory Information
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 80, Issue 37 (February 25, 2015)
Federal Register Volume 80, Issue 37 (February 25, 2015)
| Page Range | 10072-10073 | |
| FR Document | 2015-03791 |
[Federal Register Volume 80, Number 37 (Wednesday, February 25, 2015)] [Notices] [Pages 10072-10073] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-03791] [[Page 10072]] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION Compliance Bulletin--Treatment of Confidential Supervisory Information AGENCY: Bureau of Consumer Financial Protection. ACTION: Compliance Bulletin. ----------------------------------------------------------------------- SUMMARY: The Bureau of Consumer Financial Protection (CFPB) is issuing a compliance bulletin entitled ``Treatment of Confidential of Supervisory Information'' as a reminder that, with limited exceptions, persons in possession of confidential information, including confidential supervisory information (CSI), may not disclose such information to third parties. DATES: This bulletin is effective February 25, 2015 and applicable beginning January 27, 2015. FOR FURTHER INFORMATION CONTACT: Christopher Young, Managing Senior Counsel and Chief of Staff, (202) 435-7408, Office of Supervision Policy. SUPPLEMENTARY INFORMATION: I. Introduction The CFPB issues this compliance bulletin as a reminder that, with limited exceptions, persons in possession of confidential information, including CSI, may not disclose such information to third parties.\1\ More particularly, this bulletin: --------------------------------------------------------------------------- \1\ ``Confidential information'' means ``confidential consumer complaint information, confidential investigative information, and confidential supervisory information, as well as any other CFPB information that may be exempt from disclosure under the Freedom of Information Act pursuant to 5 U.S.C. 552(b). Confidential information does not include information contained in records that have been made publicly available by the CFPB or information that has otherwise been publicly disclosed by an employee with the authority to do so.'' 12 CFR 1070.2(f). CSI, the focus of this bulletin, is but one type of confidential information. See 12 CFR 1070.2(i) (defining ``confidential supervisory information''). --------------------------------------------------------------------------- 1. Sets forth the definition of CSI; 2. Provides examples of CSI; 3. Highlights certain legal restrictions on the disclosure of CSI; and 4. Explains that private confidentiality and non-disclosure agreements (NDAs) neither alter the legal restrictions on the disclosure of CSI nor impact the CFPB's authority to obtain information from covered persons \2\ and service providers \3\ in the exercise of its supervisory authority. --------------------------------------------------------------------------- \2\ ``Covered person[s]'' include ``(A) any person that engages in offering or providing a consumer financial product or service; and (B) any affiliate of a person described [in (A)] if such affiliate acts as a service provider to such person.'' 12 U.S.C. 5481(6). \3\ ``Service provider'' means ``any person that provides a material service to a covered person in connection with the offering or provision by such covered person of a consumer financial product or service, including a person that--(i) participates in designing, operating, or maintaining the consumer financial product or service; or (ii) processes transactions relating to the consumer financial product or service (other than unknowingly or incidentally transmitting or processing financial data in a manner that such data is undifferentiated from other types of data of the same form as the person transmits or processes) . . . . The term `service provider' does not include a person solely by virtue of such person offering or providing to a covered person--(i) a support service of a type provided to businesses generally or a similar ministerial service; or (ii) time or space for an advertisement for a consumer financial product or service through print, newspaper, or electronic media.'' 12 U.S.C. 5481(26). --------------------------------------------------------------------------- II. Compliance Bulletin The CFPB has supervisory authority over certain covered persons, including very large depository institutions, credit unions and their affiliates; \4\ certain nonbanks; \5\ and service providers \6\ (collectively, supervised financial institutions).\7\ Many supervised financial institutions became subject to federal supervision for the first time under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).\8\ --------------------------------------------------------------------------- \4\ 12 U.S.C. 5515(a). \5\ Under 12 U.S.C. 5514, the CFPB has supervisory authority over all nonbank covered persons offering or providing three enumerated types of consumer financial products or services: (1) Origination, brokerage, or servicing of consumer loans secured by real estate, and related mortgage loan modification or foreclosure relief services; (2) private education loans; and (3) payday loans. 12 U.S.C. 5514(a)(1)(A), (D), (E). The CFPB also has supervisory authority over ``larger participant[s] of a market for other consumer financial products or services,'' as the CFPB defines by rule. 12 U.S.C. 5514(a)(1)(B), (a)(2). Additionally, the CFPB has the authority to supervise any nonbank covered person that it ``has reasonable cause to determine, by order, after notice to the covered person and a reasonable opportunity . . . to respond[,] . . . is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services.'' 12 U.S.C. 5514(a)(1)(C). \6\ 12 U.S.C. 5514(e), 5515(d). \7\ ``Financial institution'' means ``any person involved in the offering or provision of a `financial product or service,' including a `covered person' or `service provider,' as those terms are defined by 12 U.S.C. 5481.'' 12 CFR 1070.2(l). ``Supervised financial institution'' means ``a financial institution that is or that may become subject to the CFPB's supervisory authority.'' 12 CFR 1070.2(q). \8\ Public Law 111-203 (codified at 12 U.S.C. 5301 et seq.). --------------------------------------------------------------------------- Pursuant to authority granted under the Dodd-Frank Act,\9\ the CFPB has issued regulations that govern the use and disclosure of CSI.\10\ The CFPB expects all supervised financial institutions to know and comply with the regulations governing CSI, and provides the following guidance to assist with such compliance. --------------------------------------------------------------------------- \9\ 12 U.S.C. 5512(c)(6)(A). \10\ See 12 CFR part 1070. In addition to the confidentiality protections afforded by the CFPB's regulation, CSI may also be subject to other laws regarding disclosure, including the bank examination or other privileges, privacy laws, and other restrictions. --------------------------------------------------------------------------- A. Definition of CSI Under the CFPB's regulations, ``confidential supervisory information'' means:Reports of examination, inspection and visitation, non- public operating, condition, and compliance reports, and any information contained in, derived from, or related to such reports; Any documents, including reports of examination, prepared by, or on behalf of, or for the use of the CFPB or any other Federal, State, or foreign government agency in the exercise of supervisory authority over a financial institution, and any supervision information derived from such documents; Any communications between the CFPB and a supervised financial institution or a Federal, State, or foreign government agency related to the CFPB's supervision of the institution; Any information provided to the CFPB by a financial institution to enable the CFPB to monitor for risks to consumers in the offering or provision of consumer financial products or services, or to assess whether an institution should be considered a covered person, as that term is defined by 12 U.S.C. 5481, or is subject to the CFPB's supervisory authority; and/or Information that is exempt from disclosure pursuant to 5 U.S.C. 552(b)(8).\11\ --------------------------------------------------------------------------- \11\ 12 CFR 1070.2(i). --------------------------------------------------------------------------- CSI does not include documents prepared by a financial institution for its own business purposes and that the CFPB does not possess.\12\ --------------------------------------------------------------------------- \12\ 12 CFR 1070.2(i)(2). --------------------------------------------------------------------------- B. Examples of CSI Supervised financial institutions and other persons that may come into possession of CSI should understand what constitutes CSI in order to comply with the applicable rules.\13\ Examples of CSI include, but are not limited to: --------------------------------------------------------------------------- \13\ See generally 12 CFR 1070. --------------------------------------------------------------------------- CFPB examination reports and supervisory letters; All information contained in, derived from, or related to those documents, including an institution's supervisory Compliance rating; Communications between the CFPB and the supervised financial institution related to the CFPB's examination of the institution or other supervisory activities; and Other information created by the CFPB in the exercise of its supervisory authority. [[Page 10073]] Thus, CSI includes any workpapers or other documentation that CFPB examiners have prepared in the course of an examination. CSI also includes supervisory information requests from the CFPB to a supervised financial institution, along with the institution's responses. In addition, any CFPB supervisory actions, such as memoranda of understanding between the CFPB and an institution, and related submissions and correspondence, are CSI. C. Disclosure of Confidential Information Generally Prohibited Subject to limited exceptions, supervised financial institutions and other persons in possession of CSI of the CFPB may not disclose such information.\14\ --------------------------------------------------------------------------- \14\ See 12 CFR 1070.41(a) (providing that ``[e]xcept as required by law or as provided in this part, no . . . person in possession of confidential information[] shall disclose such confidential information by any means (including written or oral communications) or in any format (including paper and electronic formats), to: (1) [a]ny person who is not an employee, contractor, or consultant of the CFPB; or (2) [a]ny CFPB employee, contractor, or consultant when the disclosure of such confidential information . . . is not relevant to the performance of the employee's, contractor's, or consultant's assigned duties''); see also 12 CFR 1070.42(b) (setting forth exceptions relating to the disclosure of ``confidential supervisory information of the CFPB'' which is ``lawfully in [the] possession'' of any ``supervised financial institution''). --------------------------------------------------------------------------- D. Exceptions to General Prohibition on Disclosure of CSI There are certain exceptions to the general prohibition against disclosing CSI to third parties. A supervised financial institution may disclose CSI of the CFPB lawfully in its possession to: Its affiliates; Its directors, officers, trustees, members, general partners, or employees, to the extent that the disclosure of such CSI is relevant to the performance of such individuals' assigned duties; The directors, officers, trustees, members, general partners, or employees of its affiliates, to the extent that the disclosure of such CSI is relevant to the performance of such individuals' assigned duties; Its certified public accountant, legal counsel, contractor, consultant, or service provider.\15\ --------------------------------------------------------------------------- \15\ 12 CFR 1070.42(b). --------------------------------------------------------------------------- Supervised financial institutions may also in certain instances disclose CSI to others with the prior written approval of the Associate Director for Supervision, Enforcement, and Fair Lending, or his or her delegee (Associate Director).\16\ The recipient of CSI shall not, without the prior written approval of the Associate Director, utilize, make, or retain copies of, or disclose CSI for any purpose, except as is necessary to provide advice or services to the supervised financial institution or its affiliate.\17\ Moreover, any supervised financial institution or affiliate disclosing CSI shall take reasonable steps as specified in the regulations to ensure that the recipient complies with the rules governing CSI.\18\ --------------------------------------------------------------------------- \16\ 12 CFR 1070.42(b)(2)(ii). \17\ 12 CFR 1070.42(b)(3)(i). \18\ 12 CFR 1070.42(b)(3)(ii). --------------------------------------------------------------------------- Confidential information made available by the CFPB pursuant to 12 CFR part 1070 remains the property of the CFPB. There are other important requirements relating to the disclosure of confidential information, including disclosure pursuant to third-party legally enforceable demands, such as subpoenas or Freedom of Information Act requests. Among a number of other requirements, a recipient of a demand for confidential information must inform the CFPB's General Counsel of the demand.\19\ --------------------------------------------------------------------------- \19\ 12 CFR 1070.47. --------------------------------------------------------------------------- E. NDAs Do Not Supersede Federal Legal Requirements The CFPB recognizes that some supervised financial institutions may have entered into third-party NDAs that, in part, purport to: (1) Restrict the supervised financial institution from sharing certain information with a supervisory agency; and/or (2) require the supervised financial institution to advise the third party when the institution shares with a supervisory agency information subject to the NDA. However, such provisions in NDAs between supervised financial institutions and third parties do not alter or limit the CFPB's supervisory authority or the supervised financial institution's obligations relating to CSI. A supervised financial institution should not attempt to use an NDA as the basis for failing to provide information sought pursuant to supervisory authority. The CFPB has the authority to require supervised financial institutions and certain other persons to provide it with reports and other information to conduct supervisory activities, pursuant to the Dodd-Frank Act.\20\ Failure to provide information required by the CFPB is a violation of law for which the CFPB will pursue all available remedies.\21\ --------------------------------------------------------------------------- \20\ 12 U.S.C. 5514, 5515. \21\ See 12 U.S.C. 5536(a)(2) (making it unlawful for a supervised financial institution ``to fail or refuse, as required by Federal consumer financial law, or any rule or order issued by the CFPB thereunder--(A) to permit access to or copying of records; . . . or (C) to make reports or provide information to the Bureau.''). --------------------------------------------------------------------------- In addition, a supervised financial institution may risk violating the law if it relies upon provisions of an NDA to justify disclosing CSI in a manner not otherwise permitted. As noted above, any disclosure of CSI outside of the applicable exceptions would require the prior written approval of the Associate Director for Supervision, Enforcement, and Fair Lending (or his or her delegee).\22\ --------------------------------------------------------------------------- \22\ See 12 CFR 1070.42(b)(2)(ii). --------------------------------------------------------------------------- Supervised financial institutions should contact appropriate CFPB supervisory personnel with any questions regarding this Bulletin. III. Regulatory Requirements This compliance bulletin provides nonbinding guidance on matters including limitations on disclosure of CSI under applicable law. It is therefore exempt from the notice and comment rulemaking requirements under the Administrative Procedure Act pursuant to 5 U.S.C. 553(b). Because no notice of proposed rulemaking is required, the Regulatory Flexibility Act does not require an initial or final regulatory flexibility analysis.\23\ In addition, the CFPB has determined that this bulletin summarizes existing requirements and does not establish any new nor revise any existing recordkeeping, reporting, or disclosure requirements on covered entities or members of the public that would be collections of information requiring OMB approval under the Paperwork Reduction Act.\24\ --------------------------------------------------------------------------- \23\ 5 U.S.C. 603(a), 604(a). \24\ 44 U.S.C. 3501 et seq. Dated: February 2015. Richard Cordray, Director, Bureau of Consumer Financial Protection. [FR Doc. 2015-03791 Filed 2-24-15; 8:45 am] BILLING CODE 4810-AM-P
![10072 Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Notices
BUREAU OF CONSUMER FINANCIAL II. Compliance Bulletin the regulations governing CSI, and
PROTECTION The CFPB has supervisory authority provides the following guidance to
over certain covered persons, including assist with such compliance.
Compliance Bulletin—Treatment of very large depository institutions, credit
Confidential Supervisory Information A. Definition of CSI
unions and their affiliates; 4 certain
Under the CFPB’s regulations,
AGENCY: Bureau of Consumer Financial nonbanks; 5 and service providers 6
‘‘confidential supervisory information’’
Protection. (collectively, supervised financial
means:
ACTION: Compliance Bulletin. institutions).7 Many supervised • Reports of examination, inspection
financial institutions became subject to and visitation, non-public operating,
SUMMARY: The Bureau of Consumer federal supervision for the first time condition, and compliance reports, and
Financial Protection (CFPB) is issuing a under the Dodd-Frank Wall Street any information contained in, derived
compliance bulletin entitled ‘‘Treatment Reform and Consumer Protection Act from, or related to such reports;
of Confidential of Supervisory (Dodd-Frank Act).8 • Any documents, including reports
Information’’ as a reminder that, with Pursuant to authority granted under of examination, prepared by, or on
limited exceptions, persons in the Dodd-Frank Act,9 the CFPB has behalf of, or for the use of the CFPB or
possession of confidential information, issued regulations that govern the use any other Federal, State, or foreign
including confidential supervisory and disclosure of CSI.10 The CFPB government agency in the exercise of
information (CSI), may not disclose expects all supervised financial supervisory authority over a financial
such information to third parties. institutions to know and comply with institution, and any supervision
DATES: This bulletin is effective information derived from such
connection with the offering or provision by such
February 25, 2015 and applicable covered person of a consumer financial product or
documents;
beginning January 27, 2015. service, including a person that—(i) participates in • Any communications between the
FOR FURTHER INFORMATION CONTACT: designing, operating, or maintaining the consumer CFPB and a supervised financial
Christopher Young, Managing Senior financial product or service; or (ii) processes institution or a Federal, State, or foreign
transactions relating to the consumer financial government agency related to the
Counsel and Chief of Staff, (202) 435– product or service (other than unknowingly or
7408, Office of Supervision Policy. incidentally transmitting or processing financial CFPB’s supervision of the institution;
data in a manner that such data is undifferentiated • Any information provided to the
SUPPLEMENTARY INFORMATION:
from other types of data of the same form as the CFPB by a financial institution to enable
I. Introduction person transmits or processes) . . . . The term the CFPB to monitor for risks to
‘service provider’ does not include a person solely
The CFPB issues this compliance by virtue of such person offering or providing to a
consumers in the offering or provision
bulletin as a reminder that, with limited covered person—(i) a support service of a type of consumer financial products or
exceptions, persons in possession of provided to businesses generally or a similar services, or to assess whether an
confidential information, including CSI,
ministerial service; or (ii) time or space for an institution should be considered a
advertisement for a consumer financial product or covered person, as that term is defined
may not disclose such information to service through print, newspaper, or electronic
media.’’ 12 U.S.C. 5481(26). by 12 U.S.C. 5481, or is subject to the
third parties.1 More particularly, this
4 12 U.S.C. 5515(a). CFPB’s supervisory authority; and/or
bulletin:
5 Under 12 U.S.C. 5514, the CFPB has supervisory • Information that is exempt from
1. Sets forth the definition of CSI;
authority over all nonbank covered persons offering disclosure pursuant to 5 U.S.C.
2. Provides examples of CSI; or providing three enumerated types of consumer
3. Highlights certain legal restrictions 552(b)(8).11
financial products or services: (1) Origination, CSI does not include documents
on the disclosure of CSI; and brokerage, or servicing of consumer loans secured
by real estate, and related mortgage loan prepared by a financial institution for its
4. Explains that private
modification or foreclosure relief services; (2) own business purposes and that the
confidentiality and non-disclosure private education loans; and (3) payday loans. 12 CFPB does not possess.12
agreements (NDAs) neither alter the U.S.C. 5514(a)(1)(A), (D), (E). The CFPB also has
legal restrictions on the disclosure of supervisory authority over ‘‘larger participant[s] of B. Examples of CSI
CSI nor impact the CFPB’s authority to a market for other consumer financial products or
services,’’ as the CFPB defines by rule. 12 U.S.C. Supervised financial institutions and
obtain information from covered 5514(a)(1)(B), (a)(2). Additionally, the CFPB has the other persons that may come into
persons 2 and service providers 3 in the authority to supervise any nonbank covered person possession of CSI should understand
exercise of its supervisory authority. that it ‘‘has reasonable cause to determine, by order, what constitutes CSI in order to comply
after notice to the covered person and a reasonable
1 ‘‘Confidential information’’ means ‘‘confidential opportunity . . . to respond[,] . . . is engaging, or with the applicable rules.13 Examples of
consumer complaint information, confidential has engaged, in conduct that poses risks to CSI include, but are not limited to:
investigative information, and confidential consumers with regard to the offering or provision • CFPB examination reports and
supervisory information, as well as any other CFPB of consumer financial products or services.’’ 12 supervisory letters;
information that may be exempt from disclosure U.S.C. 5514(a)(1)(C).
6 12 U.S.C. 5514(e), 5515(d).
• All information contained in,
under the Freedom of Information Act pursuant to derived from, or related to those
7 ‘‘Financial institution’’ means ‘‘any person
5 U.S.C. 552(b). Confidential information does not
include information contained in records that have involved in the offering or provision of a ‘financial documents, including an institution’s
been made publicly available by the CFPB or product or service,’ including a ‘covered person’ or supervisory Compliance rating;
information that has otherwise been publicly ‘service provider,’ as those terms are defined by 12 • Communications between the CFPB
disclosed by an employee with the authority to do U.S.C. 5481.’’ 12 CFR 1070.2(l). ‘‘Supervised and the supervised financial institution
so.’’ 12 CFR 1070.2(f). CSI, the focus of this bulletin, financial institution’’ means ‘‘a financial institution
that is or that may become subject to the CFPB’s
related to the CFPB’s examination of the
is but one type of confidential information. See 12
asabaliauskas on DSK5VPTVN1PROD with NOTICES
CFR 1070.2(i) (defining ‘‘confidential supervisory supervisory authority.’’ 12 CFR 1070.2(q). institution or other supervisory
information’’). 8 Public Law 111–203 (codified at 12 U.S.C. 5301 activities; and
2 ‘‘Covered person[s]’’ include ‘‘(A) any person et seq.). • Other information created by the
that engages in offering or providing a consumer 9 12 U.S.C. 5512(c)(6)(A).
CFPB in the exercise of its supervisory
financial product or service; and (B) any affiliate of 10 See 12 CFR part 1070. In addition to the
a person described [in (A)] if such affiliate acts as
authority.
confidentiality protections afforded by the CFPB’s
a service provider to such person.’’ 12 U.S.C. regulation, CSI may also be subject to other laws
11 12 CFR 1070.2(i).
5481(6). regarding disclosure, including the bank
3 ‘‘Service provider’’ means ‘‘any person that 12 12 CFR 1070.2(i)(2).
examination or other privileges, privacy laws, and
provides a material service to a covered person in other restrictions. 13 See generally 12 CFR 1070.
VerDate Sep<11>2014 18:05 Feb 24, 2015 Jkt 235001 PO 00000 Frm 00029 Fmt 4703 Sfmt 4703 E:\FR\FM\25FEN1.SGM 25FEN1](https://thefederalregister.org/doc/80_FR_10109/page/1.svg)
![Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Notices 10073
Thus, CSI includes any workpapers or Director, utilize, make, or retain copies In addition, a supervised financial
other documentation that CFPB of, or disclose CSI for any purpose, institution may risk violating the law if
examiners have prepared in the course except as is necessary to provide advice it relies upon provisions of an NDA to
of an examination. CSI also includes or services to the supervised financial justify disclosing CSI in a manner not
supervisory information requests from institution or its affiliate.17 Moreover, otherwise permitted. As noted above,
the CFPB to a supervised financial any supervised financial institution or any disclosure of CSI outside of the
institution, along with the institution’s affiliate disclosing CSI shall take applicable exceptions would require the
responses. In addition, any CFPB reasonable steps as specified in the prior written approval of the Associate
supervisory actions, such as memoranda regulations to ensure that the recipient Director for Supervision, Enforcement,
of understanding between the CFPB and complies with the rules governing CSI.18 and Fair Lending (or his or her
an institution, and related submissions Confidential information made delegee).22
and correspondence, are CSI. available by the CFPB pursuant to 12 Supervised financial institutions
CFR part 1070 remains the property of should contact appropriate CFPB
C. Disclosure of Confidential supervisory personnel with any
the CFPB. There are other important
Information Generally Prohibited questions regarding this Bulletin.
requirements relating to the disclosure
Subject to limited exceptions, of confidential information, including III. Regulatory Requirements
supervised financial institutions and disclosure pursuant to third-party
other persons in possession of CSI of the legally enforceable demands, such as This compliance bulletin provides
CFPB may not disclose such subpoenas or Freedom of Information nonbinding guidance on matters
information.14 Act requests. Among a number of other including limitations on disclosure of
requirements, a recipient of a demand CSI under applicable law. It is therefore
D. Exceptions to General Prohibition on exempt from the notice and comment
Disclosure of CSI for confidential information must
inform the CFPB’s General Counsel of rulemaking requirements under the
There are certain exceptions to the the demand.19 Administrative Procedure Act pursuant
general prohibition against disclosing to 5 U.S.C. 553(b). Because no notice of
CSI to third parties. A supervised E. NDAs Do Not Supersede Federal proposed rulemaking is required, the
financial institution may disclose CSI of Legal Requirements Regulatory Flexibility Act does not
the CFPB lawfully in its possession to: The CFPB recognizes that some require an initial or final regulatory
• Its affiliates; supervised financial institutions may flexibility analysis.23 In addition, the
• Its directors, officers, trustees, have entered into third-party NDAs that, CFPB has determined that this bulletin
members, general partners, or in part, purport to: (1) Restrict the summarizes existing requirements and
employees, to the extent that the supervised financial institution from does not establish any new nor revise
disclosure of such CSI is relevant to the sharing certain information with a any existing recordkeeping, reporting, or
performance of such individuals’ supervisory agency; and/or (2) require disclosure requirements on covered
assigned duties; the supervised financial institution to entities or members of the public that
• The directors, officers, trustees, advise the third party when the would be collections of information
members, general partners, or institution shares with a supervisory requiring OMB approval under the
employees of its affiliates, to the extent agency information subject to the NDA. Paperwork Reduction Act.24
that the disclosure of such CSI is However, such provisions in NDAs Dated: February 2015.
relevant to the performance of such between supervised financial Richard Cordray,
individuals’ assigned duties; institutions and third parties do not Director, Bureau of Consumer Financial
• Its certified public accountant, legal alter or limit the CFPB’s supervisory Protection.
counsel, contractor, consultant, or authority or the supervised financial [FR Doc. 2015–03791 Filed 2–24–15; 8:45 am]
service provider.15 institution’s obligations relating to CSI. BILLING CODE 4810–AM–P
Supervised financial institutions may A supervised financial institution
also in certain instances disclose CSI to should not attempt to use an NDA as the
others with the prior written approval of basis for failing to provide information DEPARTMENT OF DEFENSE
the Associate Director for Supervision, sought pursuant to supervisory
Enforcement, and Fair Lending, or his or authority. The CFPB has the authority to Office of the Secretary
her delegee (Associate Director).16 The require supervised financial institutions
recipient of CSI shall not, without the [Docket ID DoD–2015–OS–0021]
and certain other persons to provide it
prior written approval of the Associate with reports and other information to Proposed Collection; Comment
conduct supervisory activities, pursuant Request
14 See 12 CFR 1070.41(a) (providing that ‘‘[e]xcept to the Dodd-Frank Act.20 Failure to
as required by law or as provided in this part, no AGENCY: Defense Security Cooperation
. . . person in possession of confidential provide information required by the
information[] shall disclose such confidential CFPB is a violation of law for which the Agency, DoD.
information by any means (including written or oral CFPB will pursue all available ACTION: Notice.
communications) or in any format (including paper remedies.21
and electronic formats), to: (1) [a]ny person who is SUMMARY: In compliance with the
not an employee, contractor, or consultant of the Paperwork Reduction Act of 1995, the
17 12 CFR 1070.42(b)(3)(i).
CFPB; or (2) [a]ny CFPB employee, contractor, or
asabaliauskas on DSK5VPTVN1PROD with NOTICES
consultant when the disclosure of such confidential 18 12 CFR 1070.42(b)(3)(ii). Defense Security Cooperation Agency
information . . . is not relevant to the performance 19 12 CFR 1070.47. announces a proposed public
of the employee’s, contractor’s, or consultant’s 20 12 U.S.C. 5514, 5515. information collection and seeks public
assigned duties’’); see also 12 CFR 1070.42(b) 21 See 12 U.S.C. 5536(a)(2) (making it unlawful for
comment on the provisions thereof.
(setting forth exceptions relating to the disclosure a supervised financial institution ‘‘to fail or refuse,
of ‘‘confidential supervisory information of the Comments are invited on: (a) Whether
as required by Federal consumer financial law, or
CFPB’’ which is ‘‘lawfully in [the] possession’’ of any rule or order issued by the CFPB thereunder—
any ‘‘supervised financial institution’’). 22 See 12 CFR 1070.42(b)(2)(ii).
(A) to permit access to or copying of records; . . .
15 12 CFR 1070.42(b). 23 5U.S.C. 603(a), 604(a).
or (C) to make reports or provide information to the
16 12 CFR 1070.42(b)(2)(ii). Bureau.’’). 24 44 U.S.C. 3501 et seq.
VerDate Sep<11>2014 18:05 Feb 24, 2015 Jkt 235001 PO 00000 Frm 00030 Fmt 4703 Sfmt 4703 E:\FR\FM\25FEN1.SGM 25FEN1](https://thefederalregister.org/doc/80_FR_10109/page/2.svg)
Document Created: 2015-12-18 13:09:11
Document Modified: 2015-12-18 13:09:11
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Compliance Bulletin. | |
| Dates | This bulletin is effective February 25, 2015 and applicable beginning January 27, 2015. | |
| Contact | Christopher Young, Managing Senior Counsel and Chief of Staff, (202) 435-7408, Office of Supervision Policy. | |
| FR Citation | 80 FR 10072 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR