§ 3401. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3401]
TITLE 12--BANKS AND BANKING
CHAPTER 35--RIGHT TO FINANCIAL PRIVACY
Sec. 3401. Definitions
For the purpose of this chapter, the term--
(1) ``financial institution'' means any office of a bank,
savings bank, card issuer as defined in section 1602(n) of title 15,
industrial loan company, trust company, savings association,
building and loan, or homestead association (including cooperative
banks), credit union, or consumer finance institution, located in
any State or territory of the United States, the District of
Columbia, Puerto Rico, Guam, American Samoa, or the Virgin Islands;
(2) ``financial record'' means an original of, a copy of, or
information known to have been derived from, any record held by a
financial institution pertaining to a customer's relationship with
the financial institution;
(3) ``Government authority'' means any agency or department of
the United States, or any officer, employee, or agent thereof;
(4) ``person'' means an individual or a partnership of five or
fewer individuals;
(5) ``customer'' means any person or authorized representative
of that person who utilized or is utilizing any service of a
financial institution, or for whom a financial institution is acting
or has acted as a fiduciary, in relation to an account maintained in
the person's name;
(6) ``holding company'' means--
(A) any bank holding company (as defined in section 1841 of
this title);
(B) any company described in section 1843(f)(1) of this
title; and
(C) any savings and loan holding company (as defined in the
Home Owners' Loan Act [12 U.S.C. 1461 et seq.]);
(7) ``supervisory agency'' means with respect to any particular
financial institution, holding company, or any subsidiary of a
financial institution or holding company, any of the following which
has statutory authority to examine the financial condition, business
operations, or records or transactions of that institution, holding
company, or subsidiary--
(A) the Federal Deposit Insurance Corporation;
(B) Director,\1\ Office of Thrift Supervision;
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\1\ So in original. Probably should be ``the Director,''.
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(C) the National Credit Union Administration;
(D) the Board of Governors of the Federal Reserve System;
(E) the Comptroller of the Currency;
(F) the Securities and Exchange Commission;
(G) the Commodity Futures Trading Commission;
(H) the Secretary of the Treasury, with respect to the Bank
Secrecy Act (Public Law 91-508, title I) [12 U.S.C. 1951 et
seq.] and subchapter II of chapter 53 of title 31; or
(I) any State banking or securities department or agency;
and
(8) ``law enforcement inquiry'' means a lawful investigation or
official proceeding inquiring into a violation of, or failure to
comply with, any criminal or civil statute or any regulation, rule,
or order issued pursuant thereto.
(Pub. L. 95-630, title XI, Sec. 1101, Nov. 10, 1978, 92 Stat. 3697; Pub.
L. 101-73, title VII, Sec. 744(b), title IX, Sec. 941, Aug. 9, 1989, 103
Stat. 438, 496; Pub. L. 101-647, title XXV, Sec. 2596(c), Nov. 29, 1990,
104 Stat. 4908; Pub. L. 106-102, title VII, Sec. 727(b)(1), Nov. 12,
1999, 113 Stat. 1475.)
References in Text
The Home Owners' Loan Act, referred to in par. (6)(C), is act June
13, 1933, ch. 64, 48 Stat. 128, as amended, which is classified
generally to chapter 12 (Sec. 1461 et seq.) of this title. For complete
classification of this Act to the Code, see section 1461 of this title
and Tables.
The Bank Secrecy Act, referred to in par. (7)(H), is title I of Pub.
L. 91-508, Oct. 26, 1970, 84 Stat. 1114, as amended, which is classified
principally to chapter 21 (Sec. 1951 et seq.) of this title. For
complete classification of this Act to the Code, see Short Title note
set out under section 1951 of this title and Tables.
Codification
In par. (7)(H), ``the Bank Secrecy Act (Public Law 91-508, title I)
[12 U.S.C. 1951 et seq.] and subchapter II of chapter 53 of title 31''
substituted for ``the Bank Secrecy Act [12 U.S.C. 1951 et seq.] and the
Currency and Foreign Transactions Reporting Act [31 U.S.C. 1051 et seq.]
(Public Law 91-508, title I and II)'', on authority of Pub. L. 97-258,
Sec. 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which
enacted Title 31, Money and Finance.
Amendments
1999--Par. (7)(G) to (I). Pub. L. 106-102 added subpar. (G) and
redesignated former subpars. (G) and (H) as (H) and (I), respectively.
1990--Par. (6)(B). Pub. L. 101-647 substituted ``section
1843(f)(1)'' for ``section 1842(f)(1)''.
1989--Par. (1). Pub. L. 101-73, Sec. 744(b)(1), substituted
``savings association'' for ``savings and loan''.
Par. (6). Pub. L. 101-73, Sec. 941(3), added par. (6). Former par.
(6) redesignated (7).
Par. (7). Pub. L. 101-73, Sec. 941(1), (2), redesignated former par.
(6) as (7) and substituted new introductory provisions for former
introductory provisions which read as follows: `` `supervisory agency'
means, with respect to any particular financial institution any of the
following which has statutory authority to examine the financial
condition or business operations of that institution--''. Former par.
(7) redesignated (8).
Pub. L. 101-73, Sec. 744(b)(2), (3), redesignated subpars. (C) to
(I) as (B) to (H), respectively, substituted ``Director, Office of
Thrift Supervision'' for ``the Federal Home Loan Bank Board'' in subpar.
(B), and struck out former subpar. (B) which read as follows: ``the
Federal Savings and Loan Insurance Corporation;''.
Par. (8). Pub. L. 101-73, Sec. 941(1), redesignated par. (7) as (8).
Effective Date
Chapter (except for section 3415 of this title) 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.
Short Title
Section 1100 of title XI of Pub. L. 95-630 provided that: ``This
title [enacting this chapter] may be cited as the `Right to Financial
Privacy Act of 1978'.''
Section Referred to in Other Sections
This section is referred to in section 3412 of this title; title 7
section 6f; title 15 sections 78o-5, 78q, 1681u; title 42 sections 669a,
1320d-8, 1383; title 50 section 438.
