12 U.S.C. § 1831m–1: Reports of information…

Summary

Certain U.S. officials must tell the right federal banking agency when they believe they have information that raises big safety or soundness concerns about any bank or similar institution doing business in the United States, unless another law stops them. The Director of Central Intelligence must give intelligence to the Attorney General or the Treasury Secretary, who then must share it with the banking agency after talking with the Director. Banking agencies must set up secure ways to receive and protect intelligence. If sharing would harm a pending criminal or civil investigation, risk serious injury or death to government workers, informants, or witnesses, or reveal secret investigative methods, the Attorney General or Treasury Secretary must give as much safe detail as possible and let the banking agency review the full information in a secure place under protective rules. The rule does not force sharing of information tied to a pending grand jury matter or information barred by Federal Rule of Criminal Procedure 6. Within 90 days after October 28, 1992, each federal banking agency must create procedures to receive these reports and to protect them (like controlling access and tracking who sees them). When a report arrives, the banking agency must talk with the reporting agency about the procedures and make changes if needed. This law does not make those officials collect new information or review what they already have. The terms “appropriate Federal banking agency” and “depository institution” mean the same as in section 1818.

Title 12, §1831m–1

Banks and Banking, Source: USLM XML via OLRC

(a)Reports to appropriate Federal banking agencies

(1)In general

The Attorney General, the Secretary of the Treasury, and the head of any other agency or instrumentality of the United States shall, unless otherwise prohibited by law, disclose to the appropriate Federal banking agency any information that the Attorney General, the Secretary of the Treasury, or such agency head believes raises significant concerns regarding the safety or soundness of any depository institution doing business in the United States.

(2)Exceptions

(A)Intelligence information

(i)In general

The Director of Central Intelligence shall disclose to the Attorney General or the Secretary of the Treasury any intelligence information that would otherwise be reported to an appropriate Federal banking agency pursuant to paragraph (1). After consultation with the Director of Central Intelligence, the Attorney General or the Secretary of the Treasury, shall disclose the intelligence information to the appropriate Federal banking agency.

(ii)Procedures for receipt of intelligence information

Each appropriate Federal banking agency, in consultation with the Director of Central Intelligence, shall establish procedures for receipt of intelligence information that are adequate to protect the intelligence information.

(B)Criminal investigations, safety of Government investigators, informants, and witnesses

If the Attorney General, the Secretary of the Treasury or their respective designees determines that the disclosure of information pursuant to paragraph (1) may jeopardize a pending civil investigation or litigation, or a pending criminal investigation or prosecution, may result in serious bodily injury or death to Government employees, informants, witnesses or their respective families, or may disclose sensitive investigative techniques and methods, the Attorney General or the Secretary of the Treasury shall—

(i)provide the appropriate Federal banking agency a description of the information that is as specific as possible without jeopardizing the investigation, litigation, or prosecution, threatening serious bodily injury or death to Government employees, informants, or witnesses or their respective families, or disclosing sensitive investigation techniques and methods; and

(ii)permit a full review of the information by the Federal banking agency at a location and under procedures that the Attorney General determines will ensure the effective protection of the information while permitting the Federal banking agency to ensure the safety and soundness of any depository institution.

(C)Grand jury investigations; criminal procedure

Paragraph (1) shall not—

(i)apply to the receipt of information by an agency or instrumentality in connection with a pending grand jury investigation; or

(ii)be construed to require disclosure of information prohibited by rule 6 of the Federal Rules of Criminal Procedure.

(b)Procedures for receipt of disclosure reports

(1)In general

Within 90 days after October 28, 1992, each appropriate Federal banking agency shall establish procedures for receipt of a disclosure report by an agency or instrumentality made in accordance with subsection (a)(1). The procedures established in accordance with this subsection shall ensure adequate protection of information disclosed, including access control and information accountability.

(2)Procedures related to each disclosure report

Upon receipt of a report in accordance with subsection (a)(1), the appropriate Federal banking agency shall—

(A)consult with the agency or instrumentality that made the disclosure regarding the adequacy of the procedures established pursuant to paragraph (1), and

(B)adjust the procedures to ensure adequate protection of the information disclosed.

(c)Effect on agencies

This section does not impose an affirmative duty on the Attorney General, the Secretary of the Treasury, or the head of any agency or instrumentality of the United States to collect new or to review existing information.

(d)Definitions

For purposes of this section, the terms “appropriate Federal banking agency” and “depository institution” have the same meanings as in section 1818 of this title.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Rule 6 of the Federal Rules of Criminal Procedure, referred to in subsec. (a)(2)(C)(ii), is set out in the Appendix to Title 18, Crimes and Criminal Procedure. Codification Section was enacted as part of the Annunzio-Wylie Anti-Money Laundering Act and also as part of the Housing and Community Development Act of 1992, and not as part of the Federal Deposit Insurance Act which comprises this chapter.

Amendments

1998—Subsec. (e). Pub. L. 105–362 struck out heading and text of subsec. (e). Text read as follows: “The Attorney General and the Secretary of the Treasury shall report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives, not later than 90 days after the end of each calendar year on their utilization of the exceptions provided in subsection (a)(1)(B) of this section.”

Statutory Notes and Related Subsidiaries

Change of Name

Reference to the Director of Central Intelligence or the Director of the Central Intelligence Agency in the Director’s capacity as the head of the intelligence community deemed to be a reference to the Director of National Intelligence. Reference to the Director of Central Intelligence or the Director of the Central Intelligence Agency in the Director’s capacity as the head of the Central Intelligence Agency deemed to be a reference to the Director of the Central Intelligence Agency. See section 1081(a), (b) of Pub. L. 108–458, set out as a note under section 3001 of Title 50, War and National Defense.

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