§ 3403. — Confidentiality of financial records.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC3403]
TITLE 12--BANKS AND BANKING
CHAPTER 35--RIGHT TO FINANCIAL PRIVACY
Sec. 3403. Confidentiality of financial records
(a) Release of records by financial institutions prohibited
No financial institution, or officer, employees, or agent of a
financial institution, may provide to any Government authority access to
or copies of, or the information contained in, the financial records of
any customer except in accordance with the provisions of this chapter.
(b) Release of records upon certification of compliance with chapter
A financial institution shall not release the financial records of a
customer until the Government authority seeking such records certifies
in writing to the financial institution that it has complied with the
applicable provisions of this chapter.
(c) Notification to Government authority of existence of relevant
information in records
Nothing in this chapter shall preclude any financial institution, or
any officer, employee, or agent of a financial institution, from
notifying a Government authority that such institution, or officer,
employee, or agent has information which may be relevant to a possible
violation of any statute or regulation. Such information may include
only the name or other identifying information concerning any
individual, corporation, or account involved in and the nature of any
suspected illegal activity. Such information may be disclosed
notwithstanding any constitution, law, or regulation of any State or
political subdivision thereof to the contrary. Any financial
institution, or officer, employee, or agent thereof, making a disclosure
of information pursuant to this subsection, shall not be liable to the
customer under any law or regulation of the United States or any
constitution, law, or regulation of any State or political subdivision
thereof, for such disclosure or for any failure to notify the customer
of such disclosure.
(d) Release of records as incident to perfection of security interest,
proving a claim in bankruptcy, collecting a debt, or processing
an application with regard to a Government loan, loan guarantee,
etc.
(1) Nothing in this chapter shall preclude a financial institution,
as an incident to perfecting a security interest, proving a claim in
bankruptcy, or otherwise collecting on a debt owing either to the
financial institution itself or in its role as a fiduciary, from
providing copies of any financial record to any court or Government
authority.
(2) Nothing in this chapter shall preclude a financial institution,
as an incident to processing an application for assistance to a customer
in the form of a Government loan, loan guaranty, or loan insurance
agreement, or as an incident to processing a default on, or
administering, a Government guaranteed or insured loan, from initiating
contact with an appropriate Government authority for the purpose of
providing any financial record necessary to permit such authority to
carry out its responsibilities under a loan, loan guaranty, or loan
insurance agreement.
(Pub. L. 95-630, title XI, Sec. 1103, Nov. 10, 1978, 92 Stat. 3698; Pub.
L. 99-570, title I, Sec. 1353(a), Oct. 27, 1986, 100 Stat. 3207-21; Pub.
L. 100-690, title VI, Sec. 6186(a), Nov. 18, 1988, 102 Stat. 4357.)
Amendments
1988--Subsec. (c). Pub. L. 100-690 inserted ``, corporation,'' after
``individual''.
1986--Subsec. (c). Pub. L. 99-570 inserted provisions that the
disclosure of only the name or other identifying information concerning
any individual or account involved in and the nature of any suspected
illegal activity is permitted notwithstanding any constitution, law, or
regulation of any State or political subdivision thereof to the
contrary, and any financial institutions, officers, agents, or employees
thereof making such disclosure shall not be liable to the customer under
any State constitution or any Federal, State, or local law or regulation
for such disclosure or failure to notify the customer thereof.
Section Referred to in Other Sections
This section is referred to in sections 3402, 3411, 3413, 3414, 3415
of this title; title 42 section 1383.
