Alert November 13, 2012

CFPB Proposes to Amend Rule on Disclosure of Documents and Information

The CFPB issued a notice of proposed rulemaking to amend 12 C.F.R. § 1070.60 on exempt records to include investigative information gathered by way of its Consumer Response System. If implemented, the amended rule would bar disclosure of information relating to specific consumer complaints, such as the identity of the complainant, the basis of the allegations and the identity of the respondent. According to the CFPB, this exemption would prevent interference with law enforcement investigations and also prevent its investigative processes from being compromised. Comments on this proposed amendment must be received by November 19, 2012.