Notwithstanding the venerable status of the attorney-client privilege and the important purposes it serves, federal banking regulators and the Consumer Financial Protection Bureau have taken the position that they have the legal authority to override the privilege and compel supervised institutions to produce information protected by the privilege. Seven law firms, including Debevoise, have prepared a memorandum analyzing the regulators' position. This memorandum, which was shared with the relevant regulators, analyzes the regulators’ position and explains why it is not legally sustainable.

We’re pleased to share this analysis with you. If you would like to discuss this issue further or if you have any questions, please contact any of the lawyers listed below or another member of Debevoise’s Banking or White Collar & Regulatory Defense Groups.