12 U.S.C. § 1828b: Interagency data sharing

Summary

Four federal banking regulators must share their data with the Attorney General and the Federal Trade Commission when those antitrust agencies need it to review bank deals that require notice or approval under certain banking or antitrust laws (including sections 1842, 1843, 1828(c), the National Bank Consolidation and Merger Act, and section 1467a), unless another law says they cannot. Any information shared this way must be kept confidential. Before giving it to a third party, the receiving agency must give written notice to the agency that provided it and let that agency object or ask limits. Sharing does not waive any legal privilege. Authorized congressional committees and the Comptroller General may still get the information. These rules also cover data shared between federal banking agencies and confidential exam or supervisory reports given to states or others.

Title 12, §1828b

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(a)In general

To the extent not prohibited by other law, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System shall make available to the Attorney General and the Federal Trade Commission any data in the possession of any such banking agency that the antitrust agency deems necessary for antitrust review of any transaction requiring notice to any such antitrust agency or the approval of such agency under section 1842 or 1843 of this title, section 1828(c) of this title, the National Bank Consolidation and Merger Act [12 U.S.C. 215 et seq.], section 1467a of this title, or the antitrust laws.

(b)Confidentiality requirements

(1)In general

Any information or material obtained by any agency pursuant to subsection (a) shall be treated as confidential.

(2)Procedures for disclosure

If any information or material obtained by any agency pursuant to subsection (a) is proposed to be disclosed to a third party, written notice of such disclosure shall first be provided to the agency from which such information or material was obtained and an opportunity shall be given to such agency to oppose or limit the proposed disclosure.

(3)Other privileges not waived by disclosure under this section (4) Exception

The provision by any Federal agency of any information or material pursuant to subsection (a) to another agency shall not constitute a waiver, or otherwise affect, any privilege any agency or person may claim with respect to such information under Federal or State law.

(c)Banking agency information sharing

The provisions of subsection (b) shall apply to—

(1)any information or material obtained by any Federal banking agency (as defined in section 1813(z) of this title) from any other Federal banking agency; and

(2)any report of examination or other confidential supervisory information obtained by any State agency or authority, or any other person, from a Federal banking agency.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The National Bank Consolidation and Merger Act, referred to in subsec. (a), is act Nov. 7, 1918, ch. 209, as added by Pub. L. 86–230, § 20, Sept. 8, 1959, 73 Stat. 460, which is classified generally to subchapter XVI (§ 215 et seq.) of chapter 2 of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 215 of this title and Tables. Codification Section was enacted as part of the Gramm-Leach-Bliley Act, and not as part of the Federal Deposit Insurance Act which comprises this chapter.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective 120 days after Nov. 12, 1999, see section 161 of Pub. L. 106–102, set out as an

Effective Date

of 1999 Amendment note under section 24 of this title.

§1828b Interagency Data Sharing

Summary

Title 12, §1828b

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata