Congressman Bill Huizenga (MI-02) released the following statement after President Obama signed the Congressman's legislation, H.R. 4014, into law. H.R. 4014 provides hard-working taxpayers and their businesses who submit information to the Consumer Financial Protection Bureau (CFPB) with the same confidentiality provisions that other financial regulators are required to provide:
"This legislation is a small but important step toward fixing Dodd-Frank," said Huizenga. "H.R. 4014 ensures Americans' sensitive financial information remains protected and is not shared with other entities. This new law essentially functions in the same manner as 'attorney client privilege' meaning any information shared with the CFPB stays there. While there are many other reforms that need to be made to Dodd-Frank and our regulatory structure as a whole, H.R. 4014 is a step in the right direction."