Attorney-Client Privilege for Financial Institutions in Internal Investigations, Audits, and Bank Regulatory Exams
Confidential Information and Work Product; Bank Examination Privilege; Section 1828 Selective Waiver
Recording of a 90-minute premium CLE webinar with Q&A
This CLE webinar will examine attorney-client privilege for banks and financial institutions. We will provide practical guidance for safeguarding the attorney-client privilege, how to respond to document requests that seek privileged information, and how to respond to regulatory requests for privileged information and the consequences of sharing privileged information with regulators.
Outline
- Bank regulatory agencies and the bank examination privilege
- Regulator requests to compel banks and financial institutions to disclose privileged information; policy positions of OCC, FRB, FDIC, CFPB, and state agencies
- Evaluating whether to waive attorney-client privilege in response to a regulatory demand
- Selective waiver and Section 1828
- Regulators' selective disclosure of confidential material to other agencies
- Steps banks and financial institutions can take to strengthen the protection of confidentiality of shared privileged information
- Waiver
- The scope of waiver (including Rule 502)
- Types of waiver
- Disclosure of investigative report
- Who has the privilege in internal investigations/audits?
- Privilege considerations when interviewing employees
- Privilege within the corporation during the investigation
- Protecting communication among management
- Privilege and former employees
- Audit committees and reporting to the board
- Third parties in investigations
- The Garner doctrine--access to investigatory materials by shareholders and other beneficiaries of fiduciary relationships
Benefits
The panel will review these and other notable issues:
- How and when should banks and financial institutions share privileged materials with their regulators?
- What steps can banks and financial institutions take to strengthen the protection of confidentiality of shared privileged information with banking regulators?
- How should banks and financial institutions respond to civil discovery demands for privileged materials?
- What common mistakes cause companies to lose the benefit of privilege when conducting an internal investigation, and how can they be avoided?
- What is the applicability and scope of the bank examination privilege for confidential information disclosed to banking regulatory agencies?
Faculty

Meghan E. Flinn
Attorney
K&L Gates
Ms. Flinn focuses her practice on the defense of companies and individuals involved in government investigations,... | Read More
Ms. Flinn focuses her practice on the defense of companies and individuals involved in government investigations, regulatory enforcement actions, and litigation matters. Ms. Flinn represents investment advisers, broker-dealers, individuals, banks, and other financial institutions before various state and federal regulators, including the Securities and Exchange Commission (“SEC”), the Consumer Financial Protection Bureau (“CFPB”), the U.S. Department of Justice (“DOJ”), and the Financial Industry Regulatory Authority (“FINRA”). Additionally, Ms. Flinn advises clients in connection with private litigation in federal court.
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Alex C. Lakatos
Partner
Mayer Brown
Mr. Lakatos practices in complex international litigation, particularly on behalf of non-US financial institutions. He... | Read More
Mr. Lakatos practices in complex international litigation, particularly on behalf of non-US financial institutions. He also counsels financial institutions on banking and securities regulatory, enforcement, legislative, and strategic issues. He is experienced in contesting issues of particular concern to non-US financial institutions, such as financial privacy, data protection, multi-jurisdictional discovery, choice‑of-law conflicts, sanctions compliance and asset forfeiture.
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Stavroula E. Lambrakopoulos
Partner
K&L Gates
Ms. Lambrakopoulos concentrates her practice in securities enforcement matters, securities and financial services... | Read More
Ms. Lambrakopoulos concentrates her practice in securities enforcement matters, securities and financial services litigation, internal investigations and broker-dealer regulation. She regularly represents corporate and individual clients in enforcement proceedings before the SEC, the Department of Justice, FINRA, and state securities regulators. She represents financial institutions, corporations, and their officers in complex financial services cases and securities class action litigation.
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