Notwithstanding the venerable status of the attorney-client privilege and the important purposes it serves, the federal banking regulators and the Consumer Financial Protection Bureau have taken the position that they have the legal authority to override the privilege and compel supervised institutions to produce information protected by the privilege. Seven law firms, including WilmerHale, have prepared a memorandum analyzing the regulators' position. This memorandum, which was shared with the relevant regulators, analyzes the regulators' position and explains why it is not legally sustainable.