A Consumer Financial Protection Bureau (CFPB) proposal would protect certain information banks provide to the agency, but one prominent group is claiming CFPB doesn't have a right to the information in the first place.

In a comment letter filed Monday, the American Bar Association (ABA) said CFPB's proposal may not shield confidential bank information — turned over during the supervisory process — that is protected by attorney-client privilege. The reason? The rule is based on a flawed presumption that the agency is entitled to the information, the ABA argued.

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