Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to declare that certain federal agencies ("covered agencies") shall not be deemed to have waived any confidentiality applicable to information by either transferring such information to, or permitting it to be used by, another covered agency or specified federal agencies.
Includes among "covered agencies": (1) the Consumer Financial Protection Bureau (CFPB), (2) state bank and financial company supervisors, and (3) certain licensing and registry systems established under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
Defines "confidentiality" to include any work-product, attorney-client, or other privilege recognized under federal or state law.
Shields also from the waiver of confidentiality any information submitted by a person to either a federal banking agency, the CFPB, a state bank supervisor, or foreign banking authority in the course of its supervisory or regulatory process.