§ 3403. Confidentiality of financial records
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/usc/title-12/section-3403A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Release of records by financial institutions prohibited 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.
(b)Release of records upon certification of compliance with 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.
(c)Notification to Government authority of existence of relevant information in records 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.
(d)Release of records as incident to perfection of security interest, proving a claim in bankruptcy, collecting a debt, or processing an application with regard to a Government loan, loan guarantee, etc.
(1)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.
(2)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.
(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.)
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U.S. Code
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- Public Law 95–630To extend the authority for the flexible regulation of Interest rates on deposits and accounts in depository institutions
- Public Law 99–569To authorize appropriations for fiscal year 1987 for intelligence and intelligence-related activities of the United States Government, the Intelligence Community Staff, and the Central Intelligence Agency Retirement and Disability System, and for other purposes
- Public Law 100–690To prevent the manufacturing, distribution, and use of illegal drugs, and for other purposes
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- Pub. L. 95–630, title XI, § 1103
- 92 Stat. 3698
- Pub. L. 99–570, title I, § 1353(a)
- 100 Stat. 3207–21
- Pub. L. 100–690, title VI, § 6186(a)
- 102 Stat. 4357
- Pub. L. 100–690
- Pub. L. 99–570
- section 2101 of Pub. L. 95–630
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§ 3403
Confidentiality of financial records
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Pub. L.Pub. L. 95–630, title XI, § 1103
Stat.92 Stat. 3698
Pub. L.Pub. L. 99–570, title I, § 1353(a)
Stat.100 Stat. 3207–21
Pub. L.Pub. L. 100–690, title VI, § 6186(a)
Cites 10 · showing 6Cited by 25 across 5 sources