[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1831m-1]
TITLE 12--BANKS AND BANKING
CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 1831m-1. Reports of information regarding safety and
soundness of depository institutions
(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) of this section. 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) of
this section, 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 prot