The CFPB has great influential power in the financial industry, but how much is too much? This question was recently raised when the CFPB asked Morgan Drexen and Connecticut attorney Kimberly A. Pisinski to hand over thousands of their clients' sensitive non-public personal information.
Some of the documents they were requiring included names, addresses, phone numbers, amount of debt owed, sources and amount of income, details of when clients talked to their attorney, attorney notes, amount paid for the attorney's services, and the list goes on and on. (See all here)
A lawsuit has been filed to address the issues and the questions that have been raised:
- Is this a violation of the attorney-client privilege?
- Is the CFPB's structure constitutional?
- Does the CFPB have appropriate checks and balances in place?