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Perlmutter, Barr Pass Bipartisan Effort to Ensure EfficiencyBetween State and Federal Regulators
Rep. Ed Perlmutter (CO-07) and Rep. Andy Barr (KY-06) applaud the bipartisan effort to pass H.R. 5062,the Examination and Supervisory Privilege Parity Act of 2014. The legislation clarifies the sharing of information between federal and state regulators that license, supervise or examine consumer financial products or services, it will not waive or affect any privilege during the examination process.
“Congress showed it can work on a bipartisan basis to pass legislation to harmonize the supervision and examination over companies providing financial products to consumers. It is an important step in ensuring federal and state regulators work together to better regulate consumer financial products,” said Rep. Perlmutter. "I appreciate the hard work of Rep. Barr on this issue and look forward to continuing to work with him on the Financial Services Committee.”
"I appreciate Congressman Perlmutter’s leadership on this issue and am glad we were able to work together on a bipartisan basis to advance this legislation that provides commonsense assurances to consumer lenders,” said Congressman Barr. "This important legislation will help Kentucky’s signature auto manufacturing industry by promoting a healthy car market through better cooperation with regulators.”
H.R. 5062 declares that the sharing of information with such regulators, authorities and agencies will not be construed as waiving, destroying, or otherwise affecting any legal privilege claimed by nondepository entities under federal or state law. The legislation aims to resolve the disparity in 15 states, including Colorado, where businesses are not overseen by regulatory agencies but rather by a separate entity such as the Attorney General’s office.
The legislation provides greater assurances to consumer lenders and helps to reduce regulatory burdens by ensuring the Consumer Financial Protection Bureau (CFPB), state banking agencies and nonbank agencies coordinate examination schedules.
As the original co-sponsors, Rep. Perlmutter and Rep. Barr played a key role in introducing and advancing the legislation.