The Senate gave final approval to H.R. 4014, the House-passed version of the CFPB attorney-client privilege protection bill. This legislation (and the similar Senate bill, S. 3394), would amend the Federal Deposit Insurance Act to clarify that when banks and other supervised entities submit privileged information to the Consumer Financial Protection Bureau, the privilege will not be waived as to any third parties and the CFPB can share the privileged information with other federal agencies without affecting the privileged status of the information. The bill now goes to President Obama, who is expected to sign it into law in the near future.