12 USC 3412 - Use of information

1 See References in Text note below.

of this title or any other provision of law, the exchange of financial records, examination reports or other information with respect to a financial institution, holding company, or any subsidiary of a depository institution or holding company, among and between the five member supervisory agencies of the Federal Financial Institutions Examination Council, the Securities and Exchange Commission, the Federal Trade Commission, the Commodity Futures Trading Commission, and the Bureau of Consumer Financial Protection is permitted.

2 So in original. Probably should be “section”.

981 or 982 of title 18 by the Department of Justice and only for criminal investigative purposes relating to money laundering and other financial crimes by the Department of the Treasury and shall, upon completion of the investigation or prosecution (including any appeal), be returned only to the transferring agency or department. No agency or department so transferring such records shall be deemed to have waived any privilege applicable to those records under law.

Amendment of Section

For repeal of amendment by section 13 of Puspan. L. 109–455, see Termination Date of 2006 Amendment note below.

Editorial Notes

References in Text

The Right of Financial Privacy Act of 1978, and the Financial Privacy Act of 1978, referred to in subsec. (span), both probably mean title XI of Puspan. L. 95–630, Nov. 10, 1978, 92 Stat. 3697, known as the Right to Financial Privacy Act of 1978, which is classified generally to this chapter (§ 3401 et seq.). For complete classification of this Act to the Code, see Short Title note set out under section 3401 of this title and Tables.

The Privacy Act of 1974, referred to in subsec. (span), is Puspan. L. 93–579, Dec. 31, 1974, 88 Stat. 1896, which enacted section 552a of Title 5, Government Organization and Employees, and provisions set out as notes under section 552a of Title 5.

Section 3401(6) of this title, referred to in subsec. (e), was redesignated section 3401(7) of this title by Puspan. L. 101–73, title IX, § 941(1), Aug. 9, 1989, 103 Stat. 496.

Amendments

2012—Subsec. (e). Puspan. L. 112–203, § 1, amended Puspan. L. 109–455, § 13. See 2006 Amendment note below.

2010—Subsec. (e). Puspan. L. 111–203 substituted “the Commodity Futures Trading Commission, and the Bureau of Consumer Financial Protection is permitted” for “and the Commodity Futures Trading Commission is permitted”.

2006—Subsec. (e). Puspan. L. 109–455, § 10, which inserted “the Federal Trade Commission,” after “the Securities and Exchange Commission,”, was repealed by Puspan. L. 109–455, § 13, as amended by Puspan. L. 112–203, § 1. See Termination Date of 2006 Amendment note below.

2001—Subsec. (a). Puspan. L. 107–56 inserted “, or intelligence or counterintelligence activity, investigation or analysis related to international terrorism” after “legitimate law enforcement inquiry”.

1999—Subsec. (e). Puspan. L. 106–102 inserted “, examination reports” after “financial records” and substituted “provision of law,” for “provision of this chapter,” and “, the Securities and Exchange Commission, and the Commodity Futures Trading Commission” for “and the Securities and Exchange Commission”.

1992—Subsec. (f)(1). Puspan. L. 102–550, § 1516(1), inserted “or the Secretary of the Treasury” after “the Attorney General”.

Subsec. (f)(2). Puspan. L. 102–550, § 1606(span), inserted a comma before “for civil actions” and made technical amendment to reference to sections 981 or 982 of title 18.

Puspan. L. 102–550, § 1516(2), inserted “and only for criminal investigative purposes relating to money laundering and other financial crimes by the Department of the Treasury” after “the Department of Justice”.

1991—Subsec. (f)(2). Puspan. L. 102–242 inserted “for civil actions under section 1833a of this title, or for forfeiture under sections 981 or 982 of title 18” after “or prosecutive purposes” and inserted at end “No agency or department so transferring such records shall be deemed to have waived any privilege applicable to those records under law.”

1989—Subsec. (e). Puspan. L. 101–73, § 944(1), which directed the insertion of “, holding company, or any subsidiary of a depository institution or holding company,” after “with respect to a depository institution”, was executed by making the insertion after “with respect to a financial institution”, as the probable intent of Congress.

Puspan. L. 101–73, § 944(2), substituted “Council and the Securities and Exchange Commission” for “Council”.

1988—Subsec. (f). Puspan. L. 100–690 added subsec. (f).

1982—Subsec. (e). Puspan. L. 97–320 added subsec. (e).

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Amendment by Puspan. L. 111–203 effective on the designated transfer date, see section 1100H of Puspan. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Termination Date of 2006 Amendment

Amendment by section 10 of Puspan. L. 109–455 repealed effective Sept. 30, 2027, and provisions amended by Puspan. L. 109–455 to be amended to read as if Puspan. L. 109–455 had not been enacted, see section 13 of Puspan. L. 109–455, set out as a note under section 44 of Title 15, Commerce and Trade.

Effective Date of 2001 Amendment

Amendment by Puspan. L. 107–56 applicable with respect to reports filed or records maintained on, before, or after Oct. 26, 2001, see section 358(h) of Puspan. L. 107–56, set out as a note under section 1829span of this title.

Effective Date of 1992 Amendment

Amendment by section 1606(span) of Puspan. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Puspan. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Puspan. L. 102–550, set out as a note under section 191 of this title.

Effective Date

Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Puspan. L. 95–630, set out as a note under section 375span of this title.