Examination and Supervisory Privilege Parity Act of 2014

Floor Speech

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Mr. BARR. Mr. Speaker, I thank the gentlewoman for yielding, and I appreciate her leadership as the chairman of the Financial Institutions Subcommittee and for her support of this important legislation.

Mr. Speaker, I rise in support of H.R. 5062, the Examination and Supervisory Privilege Parity Act, and I want to thank the gentleman from Colorado, my friend, Mr. Perlmutter, for working with me in a bipartisan fashion to introduce and advance this legislation.

In central Kentucky, one of our signature industries is the auto manufacturing industry, and no place exemplifies this proud fact more than Toyota Motor Manufacturing of Kentucky and the plant that is located in my district in Georgetown, Kentucky.

With over 7,300 Toyota team members and their families dependent on these high-quality jobs in that facility, I am committed to doing everything I can to support these Kentucky workers. This legislation does that.

H.R. 5062 is, as my friend from Colorado said, a technical fix, but it is an important piece of legislation because it helps automobile finance companies like Toyota Financial Services, which finances over two-thirds of new vehicle sales for Toyota customers.

This legislation assures these consumer lenders that when they provide confidential and privileged information to their regulators in the course of supervision, the customary privilege or confidentiality of that information is not waived when shared with the State regulatory agencies.

This is necessary because the unintended fragmented structure of current law leaves privileged and confidential status of this information in question, and that poses a significant risk to auto finance companies.

Consumer access to finance is vital for new car sales and a healthy car market, and a healthy car market is good for the 7,300 automobile manufacturing workers in central Kentucky and all around America.

Mr. Speaker, I urge support for this legislation which, again, simply guaranties that when the Consumer Financial Protection Bureau asks for confidential and privileged information from a captive finance company and then shares that information with a State regulator, that information shared will continue to be treated as privileged and confidential. I urge support for this legislation.

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