Confidentiality not Protected by Congressional Bill

In legislation passed this week by the House of Representatives, nationalmortgagenews says confidential information submitted by banks and thrifts to the Consumer Financial Protection Bureau (CFPB) will be protected, but nonbanks in some states are not included. Independent mortgage banks, payday lenders and finance companies are regulated by consumer agencies in some states instead of banking supervisors. Passed on a voice vote in the House, the measure now moves to the Senate where a similar bill awaits action, but it, too, does not protect nonbanks in 15 states, MHProNews has been informed. Bill Himpler, of the American Financial Services Association, says, “We want to make sure there is confidentially protection for all consumer lenders and a level playing field between banks and finance companies”.

(Image credit: Consumer Financial Protection Bureau)

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