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Huizenga questions witnesses on need for oversight of CFPB at accountability & transparency hearing

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Uploaded on Feb 9, 2012

H.R. 3871, the Proprietary Information Protection Act of 2012, provides legal certainty that the disclosure of privileged information requested from financial institutions by the CFPB does not waive attorney-client privilege and open up the institutions to third-party subpoenas.

Richard Cordray, appointed by President Barack Obama to lead this massive new government bureaucracy created under the Dodd-Frank Act, recently testified that the exclusion of this certainty in the original CFPB law was an "oversight" and that he would be "supportive" of a legislative solution to ensuring privileged information is not leaked to third parties through the CFPB.

WITNESS LIST * Mr. Michael J. Hunter, Chief Operating Officer, American Bankers Association * Mr. Andrew J. Pincus, Partner, Mayer Brown LLP, on behalf of the US Chamber of Commerce * Mr. Chris Stinebert, President and Chief Executive Officer, American Financial Services Association * Mr. Arthur E. Wilmarth, Jr., Professor of Law, The George Washington University

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