Key Takeaways 

• Today, President Obama signed into law H.R. 4014. The law makes clear that the submission of information by any party to, and the sharing of information with other federal agencies by, the Consumer Financial Protection Bureau ("CFPB") does not waive applicable privileges as to private plaintiffs and other third parties. The law supplements even broader CFPB rules enacted earlier this year, which provide that the CFPB may share privileged information with both federal and state agencies without effecting a waiver. 
• In combination, the law and the CFPB's rules should provide supervised entities that share privileged information in response to a CFPB request with substantial protection against third-party waiver claims. In light of these protections, the CFPB may more readily and regularly request privileged information during its supervisory process, particularly where such information provides the clearest and most efficient means of assessing compliance with the federal consumer financial laws.