§3109 — Title 12 Banks and Banking | U.S. Code

Summary

Federal bank regulators may share information they get while supervising banks with foreign bank supervisors if they think sharing is appropriate and won’t hurt U.S. interests. Before giving out the information, they must, when needed, get the foreign authority to agree to keep it confidential as allowed by that country’s law. If a foreign regulator gives information and says in writing that releasing it would break its laws, a U.S. agency generally cannot be forced to disclose that information, as long as the information was obtained under the agency’s procedures or under an agreement like a memorandum of understanding. Under the Freedom of Information Act (5 U.S.C. 552) this rule is treated like other laws that allow withholding. This does not let agencies refuse information to a proper congressional committee or avoid complying with a U.S. court order in a case brought by the United States or the agency. Federal banking agency: the Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision.

Title 12, §3109

Banks and Banking — Source: USLM XML via OLRC

(a)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)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)(1)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)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)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)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.

Editorial Notes

Amendments

2006—Subsec. (c). Pub. L. 109–351 added subsec. (c).

§3109 Cooperation with foreign supervisors

Summary

Title 12, §3109

Notes & Related Subsidiaries

Editorial Notes

Amendments

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