§ 3109. Cooperation with foreign supervisors

448 words·~2 min read·/usc/title-12/section-3109

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(a)Disclosure of supervisory information to foreign supervisors Notwithstanding any other provision of law, the Board, Comptroller of the Currency, Federal Deposit Insurance Corporation, and Director of the Office of Thrift Supervision may disclose information obtained in the course of exercising supervisory or examination authority to any foreign bank regulatory or supervisory authority if the Board, Comptroller, Corporation, or Director determines that such disclosure is appropriate and will not prejudice the interests of the United States.

(b)Requirement of confidentiality Before making any disclosure of any information to a foreign authority, the Board, Comptroller of the Currency, Federal Deposit Insurance Corporation, and Director of the Office of Thrift Supervision shall obtain, to the extent necessary, the agreement of such foreign authority to maintain the confidentiality of such information to the extent possible under applicable law.

(c)Confidential information received from foreign supervisors

(1)In general Except as provided in paragraph (3), a Federal banking agency may not be compelled to disclose information received from a foreign regulatory or supervisory authority if—

(A)the Federal banking agency determines that the foreign regulatory or supervisory authority has, in good faith, determined and represented in writing to such Federal banking agency that public disclosure of the information would violate the laws applicable to that foreign regulatory or supervisory authority; and

(B)the relevant Federal banking agency obtained such information pursuant to—

(i)such procedures as the Federal banking agency may establish for use in connection with the administration and enforcement of Federal banking laws; or

(ii)a memorandum of understanding or other similar arrangement between the Federal banking agency and the foreign regulatory or supervisory authority.

(2)Treatment under title 5 For purposes of section 552 of title 5, this subsection shall be treated as a statute described in subsection (b)(3)(B) of such section.

(3)Savings provision No provision of this section shall be construed as—

(A)authorizing any Federal banking agency to withhold any information from any duly authorized committee of the House of Representatives or the Senate; or

(B)preventing any Federal banking agency from complying with an order of a court of the United States in an action commenced by the United States or such agency.

(4)Federal banking agency defined For purposes of this subsection, the term “Federal banking agency” means the Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision.

(Pub. L. 95–369, § 15, as added Pub. L. 102–242, title II, § 206, Dec. 19, 1991, 105 Stat. 2294; amended Pub. L. 109–351, title VII, § 709, Oct. 13, 2006, 120 Stat. 1990.)

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Cited by 16 sections

CFR

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statute-compilations

Sec. 15
COOPERATION WITH FOREIGN SUPERVISORS

bill

Traces to 1 document

U.S. Code

Public information; agency rules, opinions, orders, records, and proceedings
§ 552

6 references not yet in our index

Pub. L. 95–369, § 15
Pub. L. 102–242, title II, § 206
105 Stat. 2294
Pub. L. 109–351, title VII, § 709
120 Stat. 1990
Pub. L. 109–351

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cites case law

§ 3109

Cooperation with foreign supervisors

Bills×7

Fed. Reg.×4

C.F.R.×2

Stat.×2

Stat. Comp.×1

U.S.C.§ 552

Pub. L.Pub. L. 95–369, § 15

Pub. L.Pub. L. 102–242, title II, § 206

Stat.105 Stat. 2294

Pub. L.Pub. L. 109–351, title VII, § 709

Stat.120 Stat. 1990

Cites 7 · showing 6Cited by 16 across 5 sources