§1831m–1 Reports of Information Regarding Safety and Soundness of Depository Institutions

Summary

The Attorney General, the Secretary of the Treasury, and other federal agency heads must tell the right Federal banking agency when they have information that raises serious concerns about the safety or soundness of a bank or other depository doing business in the United States, unless another law forbids it. The Director of Central Intelligence must pass along intelligence that would otherwise be reported, and after talking with the DCI the Attorney General or Secretary must give that intelligence to the banking agency. Banking agencies must work with the DCI to set up secure ways to receive and protect intelligence. If sharing would harm a pending civil or criminal case, risk serious injury or death to government staff, informants, witnesses, or their families, or reveal secret investigative methods, the Attorney General or Secretary must give as much detail as possible without causing those harms and let the banking agency review the information at a secure location under protective rules. These rules do not apply to grand jury matters or information barred by Rule 6 of the Federal Rules of Criminal Procedure. Within 90 days after October 28, 1992, each appropriate Federal banking agency must create procedures for receiving these reports that protect the information, including access controls and tracking. When a report arrives, the banking agency must consult with the agency that sent it about those protections and change the procedures if needed. The Attorney General, the Secretary of the Treasury, and other agency heads are not required to start collecting new information or recheck old files. The terms “appropriate Federal banking agency” and “depository institution” have the same meanings as in section 1818.