12 U.S.C. § 3403 — Confidentiality of financial records
submitted 48 years ago by Pub. L. 95-630 to r/title-12-BANKS-AND-BANKING · 441 words · no verdicts yet
A financial institution generally may not give Government authorities a customer’s financial records and must receive written certification of compliance first. It may disclose limited suspected-violation information and records needed for security interests, bankruptcy claims, debt collection, or Government-loan matters.
(a) A financial institution and its officers, employees, and agents may provide a Government authority no customer financial records, copies, or contained information except as this chapter allows. (b) It may not release records until the requesting authority certifies in writing that it complied with this chapter. (c) It may notify an authority that it has information relevant to a possible statute or regulation violation. The notice may contain only identifying information about the person*, corporation, or account and the suspected illegal activity. It may be disclosed despite contrary State* law, and the institution and its personnel are not liable to the customer for the disclosure or failure to notify the customer. (d)(1) A financial institution may give a court or Government authority records needed to perfect a security interest, prove a bankruptcy claim, or collect a debt owed to it or in its fiduciary role. (2) It may contact an appropriate authority and provide records needed to process a customer’s Government loan, guaranty, or insurance application, or handle a default or administer such a loan.
No financial institution, or officer, employees, or agent of a financial institution, may provide to any Government authority access to or copies of, or the information contained in, the financial records of any customer except in accordance with the provisions of this chapter.
A financial institution shall not release the financial records of a customer until the Government authority seeking such records certifies in writing to the financial institution that it has complied with the applicable provisions of this chapter.
Nothing in this chapter shall preclude any financial institution, or any officer, employee, or agent of a financial institution, from notifying a Government authority that such institution, or officer, employee, or agent has information which may be relevant to a possible violation of any statute or regulation. Such information may include only the name or other identifying information concerning any individual, corporation, or account involved in and the nature of any suspected illegal activity. Such information may be disclosed notwithstanding any constitution, law, or regulation of any State* or political subdivision thereof to the contrary. Any financial institution, or officer, employee, or agent thereof, making a disclosure of information pursuant to this subsection, shall not be liable to the customer under any law or regulation of the United States or any constitution, law, or regulation of any State or political subdivision thereof, for such disclosure or for any failure to notify the customer of such disclosure.
Nothing in this chapter shall preclude a financial institution, as an incident to perfecting a security interest, proving a claim in bankruptcy, or otherwise collecting on a debt owing either to the financial institution itself or in its role as a fiduciary, from providing copies of any financial record to any court or Government authority.
Nothing in this chapter shall preclude a financial institution, as an incident to processing an application for assistance to a customer in the form of a Government loan, loan guaranty, or loan insurance agreement, or as an incident to processing a default on, or administering, a Government guaranteed or insured loan, from initiating contact with an appropriate Government authority for the purpose of providing any financial record necessary to permit such authority to carry out its responsibilities under a loan, loan guaranty, or loan insurance agreement.
Source credit: (Pub. L. 95–630, title XI, § 1103, Nov. 10, 1978, 92 Stat. 3698; Pub. L. 99–570, title I, § 1353(a), Oct. 27, 1986, 100 Stat. 3207–21; Pub. L. 100–690, title VI, § 6186(a), Nov. 18, 1988, 102 Stat. 4357.)
- 1978Enacted · Pub. L. 95-630 · 92 Stat. 3698
- 1986Amended · Pub. L. 99-570 · 100 Stat. 3207
- 1988Amended · Pub. L. 100-690 · 102 Stat. 4357
A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-630 on 1978-11-10.
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