The Clearing House Association filed a joint-trade comment letter to the CFPB on its proposed rule aimed at protecting against the waiver of privilege for information submitted to the agency by financial institutions subject to its supervision or that the CFPB shares with other regulatory agencies. The letter supports the proposed rule, but urges the CFPB to (i) continue to support a statutory amendment that would expressly clarify the protection of privileged information provided to and shared by the CFPB, consistent with the express statutory protection provided for privileged information provided to and shared by the prudential regulators; (ii) expressly reaffirm in its final rule the CFPB’s recognition of the importance of the privileges to our legal system and of the need to limit its requests for privileged information when possible; and (iii) expressly reaffirm in its final rule the CFPB’s policy that limits the sharing of privileged information with nonsupervisory agencies. The associations also ask the CFPB to address in the final rule steps that a supervised entity should generally take to designate materials as privileged when it provides such materials to the Bureau.