§1831m–1 Reports of information regarding safety and soundness of depository institutions

Summary

Federal leaders like the Attorney General, the Secretary of the Treasury, and other U.S. agency heads must tell the appropriate Federal banking agency when they have information that raises serious concerns about the safety or financial health of any depository institution doing business in the United States, unless another law stops them. The Director of Central Intelligence must give relevant intelligence to the Attorney General or the Secretary of the Treasury, who after talking with the Director must pass it to the appropriate Federal banking agency. Each banking agency, working with the Director of Central Intelligence, must create rules to protect any intelligence it gets. If giving the information would harm a civil or criminal case, risk serious injury or death to government workers, informants, or witnesses, or reveal sensitive investigative methods, the Attorney General or Secretary of the Treasury must give as much detail as possible without causing those harms and let the banking agency review the full information in a secure place under protective procedures. These rules do not cover grand jury information or anything barred by rule 6 of the Federal Rules of Criminal Procedure. Within 90 days after October 28, 1992, each appropriate Federal banking agency had to set up procedures to receive and protect these reports, including access controls and accountability. After getting a report, the banking agency must consult with the disclosing agency and update protections as needed. There is no duty on those officials to go out and collect new information or reexamine old files. The terms “appropriate Federal banking agency” and “depository institution” have the same meanings as in section 1818.