Title 12 — Banks and BankingRelease 119-73
§3412 Use of information
Title 12 › Chapter CHAPTER 35— - RIGHT TO FINANCIAL PRIVACY › § 3412
Summary
Agencies may send financial records they got under this law to another agency only if the sending agency gives a written certification saying there is reason to believe the records are relevant to a real law-enforcement inquiry or to an intelligence or counterintelligence activity, investigation, or analysis about international terrorism that the receiving agency handles. After the transfer, the sender must mail the customer a copy of that certification and a notice explaining, with some detail, why the records were shared. That notice must be sent within fourteen days unless a court order under section 3409(a) and (b) delays it; if delayed, the notice must be given when the delay ends and the agency that got the court order must also give any notice required by section 3409(b). Supervisory agencies may share exam reports and other supervisory information with each other. Counsel for the Government may get records needed to defend a government lawsuit. No officer may refuse information to a proper congressional committee. Exchanges are also allowed among the five member supervisory agencies of the Federal Financial Institutions Examination Council, and with the Securities and Exchange Commission, Federal Trade Commission, Commodity Futures Trading Commission, and Bureau of Consumer Financial Protection. Separately, if a supervisory official certifies that records relate to a suspected federal crime and were gathered under supervisory or regulatory duties, those records can go to the Attorney General or the Secretary of the Treasury and may be used only for criminal investigations or prosecutions, certain civil actions under section 1833a, or forfeiture under sections 981 or 982 of title 18; after the matter (including appeals) ends, the records must be returned to the agency that sent them, and no privilege is waived by the transfer.
Full Legal Text
Title 12, §3412
Banks and Banking — Source: USLM XML via OLRC
(a)Financial records originally obtained pursuant to this chapter shall not be transferred to another agency or department unless the transferring agency or department certifies in writing that there is reason to believe that the records are relevant to a legitimate law enforcement inquiry, or intelligence or counterintelligence activity, investigation or analysis related to international terrorism within the jurisdiction of the receiving agency or department.
(b)When financial records subject to this chapter are transferred pursuant to subsection (a), the transferring agency or department shall, within fourteen days, send to the customer a copy of the certification made pursuant to subsection (a) and the following notice, which shall state the nature of the law enforcement inquiry with reasonable specificity: “Copies of, or information contained in, your financial records lawfully in possession of have been furnished to pursuant to the Right of Financial Privacy Act of 1978 [12 U.S.C. 3401 et seq.] for the following purpose: . If you believe that this transfer has not been made to further a legitimate law enforcement inquiry, you may have legal rights under the Financial Privacy Act of 1978 or the Privacy Act of 1974 [5 U.S.C. 552a].”
(c)Notwithstanding subsection (b), notice to the customer may be delayed if the transferring agency or department has obtained a court order delaying notice pursuant to section 3409(a) and (b) of this title and that order is still in effect, or if the receiving agency or department obtains a court order authorizing a delay in notice pursuant to section 3409(a) and (b) of this title. Upon the expiration of any such period of delay, the transferring agency or department shall serve to the customer the notice specified in subsection (b) and the agency or department that obtained the court order authorizing a delay in notice pursuant to section 3409(a) and (b) of this title shall serve to the customer the notice specified in section 3409(b) of this title.
(d)Nothing in this chapter prohibits any supervisory agency from exchanging examination reports or other information with another supervisory agency. Nothing in this chapter prohibits the transfer of a customer’s financial records needed by counsel for a Government authority to defend an action brought by the customer. Nothing in this chapter shall authorize the withholding of information by any officer or employee of a supervisory agency from a duly authorized committee or subcommittee of the Congress.
(e)Notwithstanding section 3401(6) 11 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.
(f)(1)Nothing in this chapter shall apply when financial records obtained by an agency or department of the United States are disclosed or transferred to the Attorney General or the Secretary of the Treasury upon the certification by a supervisory level official of the transferring agency or department that—
(A)there is reason to believe that the records may be relevant to a violation of Federal criminal law; and
(B)the records were obtained in the exercise of the agency’s or department’s supervisory or regulatory functions.
(2)Records so transferred shall be used only for criminal investigative or prosecutive purposes, for civil actions under section 1833a of this title, or for forfeiture under section 22 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.
Legislative History
Notes & Related Subsidiaries
Amendment of SectionFor repeal of amendment by section 13 of Pub. 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. (b), both probably mean title XI of Pub. 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. (b), is Pub. 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 Pub. L. 101–73, title IX, § 941(1), Aug. 9, 1989, 103 Stat. 496.
Amendments
2012—Subsec. (e). Pub. L. 112–203, § 1, amended Pub. L. 109–455, § 13. See 2006 Amendment note below. 2010—Subsec. (e). Pub. 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). Pub. L. 109–455, § 10, which inserted “the Federal Trade Commission,” after “the Securities and Exchange Commission,”, was repealed by Pub. L. 109–455, § 13, as amended by Pub. L. 112–203, § 1. See Termination Date of 2006 Amendment note below. 2001—Subsec. (a). Pub. L. 107–56 inserted “, or intelligence or counterintelligence activity, investigation or analysis related to international terrorism” after “legitimate law
Enforcement
inquiry”. 1999—Subsec. (e). Pub. 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). Pub. L. 102–550, § 1516(1), inserted “or the Secretary of the Treasury” after “the Attorney General”. Subsec. (f)(2). Pub. L. 102–550, § 1606(b), inserted a comma before “for civil actions” and made technical amendment to reference to section 981 or 982 of title 18. Pub. 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). Pub. L. 102–242 inserted “for civil actions under section 1833a of this title, or for forfeiture under section 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). Pub. 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. Pub. L. 101–73, § 944(2), substituted “Council and the Securities and Exchange Commission” for “Council”. 1988—Subsec. (f). Pub. L. 100–690 added subsec. (f). 1982—Subsec. (e). Pub. L. 97–320 added subsec. (e).
Statutory Notes and Related Subsidiaries
Effective Date
of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. Termination Date of 2006 AmendmentAmendment by section 10 of Pub. L. 109–455 repealed effective Sept. 30, 2027, and provisions amended by Pub. L. 109–455 to be amended to read as if Pub. L. 109–455 had not been enacted, see section 13 of Pub. L. 109–455, set out as a note under section 44 of Title 15, Commerce and Trade.
Effective Date
of 2001 AmendmentAmendment by Pub. L. 107–56 applicable with respect to reports filed or records maintained on, before, or after Oct. 26, 2001, see section 358(h) of Pub. L. 107–56, set out as a note under section 1829b of this title.
Effective Date
of 1992 AmendmentAmendment by section 1606(b) of Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. 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 Pub. L. 95–630, set out as a note under section 375b of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 3412
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73