Privileged Information Bill Wins Senate OK

The Senate gave final approval on Tuesday to legislation that would create a single standard for the treatment of privileged information submitted to all federal agencies that supervise banks and other financial institutions. The legislation, supported by the American Bar Association and the Tennessee Bar Association, clarifies and provides consistent regulation for privileged information submitted to the Consumer Financial Protection Bureau and across all federal banking agencies. Tennessee Senator Bob Corker is a cosponsor of the measure, which President Obama is expected to sign into law.