Banking Regulators' Examination Authority Does Not Override Attorney-Client Privilege

Banking Regulators' Examination Authority Does Not Override Attorney-Client Privilege

May 16, 2018, Covingon Alert

Notwithstanding the venerable status of the attorney-client privilege and the important purposes it serves, the federal bank 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.