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Bank Data Confidentiality Rule Awaits Obama After Senate Passage

Banks moved closer to greater confidentiality for information they share with the Consumer Financial Protection Bureau after the U.S. Senate unanimously passed legislation to extend the protection.

Senators backed amending the Federal Deposit Insurance Act to give lenders assurance that providing information to the bureau wouldn’t automatically waive any privileged status. The measure would correct what lawmakers and the bureau agree was an oversight that left the rule -- already in place for other regulators out of the Dodd-Frank Act, which created the agency.