[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3871 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 3871

  To amend the Consumer Financial Protection Act of 2010 to preserve 
privilege for information submitted to the Bureau of Consumer Financial 
                              Protection.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 1, 2012

  Mr. Huizenga of Michigan (for himself, Mr. Bachus, and Mrs. Capito) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Consumer Financial Protection Act of 2010 to preserve 
privilege for information submitted to the Bureau of Consumer Financial 
                              Protection.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Proprietary Information Protection 
Act of 2012''.

SEC. 2. DISCLOSURE TO THE BUREAU DOES NOT AFFECT PRIVILEGE.

    Section 1022(c)(6) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5512(c)(6)) is amended--
            (1) by redesignating subparagraphs (B) and (C) as 
        subparagraphs (C) and (D), respectively; and
            (2) by inserting after subparagraph (A) the following:
                    ``(B) Privileges not affected by disclosure to the 
                bureau.--
                            ``(i) In general.--The submission by any 
                        person of any information to the Bureau for any 
                        purpose in the course of any supervisory or 
                        regulatory process of the Bureau shall not be 
                        construed as waiving, destroying, or otherwise 
                        affecting any privilege such person may claim 
                        with respect to such information under Federal 
                        or State law as to any person or entity other 
                        than the Bureau.
                            ``(ii) Rule of construction.--No provision 
                        of clause (i) may be construed as implying or 
                        establishing that--
                                    ``(I) any person waives any 
                                privilege applicable to information 
                                that is submitted or transferred under 
                                any circumstance to which clause (i) 
                                does not apply; or
                                    ``(II) any person would waive any 
                                privilege applicable to any information 
                                by submitting the information to the 
                                Bureau, but for this subparagraph.''.
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