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12 U.S.C. § 3404 — Customer authorizations

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3404 — Customer authorizations

**(a) Statement furnished by customer to financial institution and Government authority; contents** A customer may authorize disclosure under [section 3402(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3402/1&num=0&edition=prelim) if he furnishes to the financial institution and to the Government authority seeking to obtain such disclosure a signed and dated statement which— (1) authorizes such disclosure for a period not in excess of three months; (2) states that the customer may revoke such authorization at any time before the financial records are disclosed; (3) identifies the financial records which are authorized to be disclosed; (4) specifies the purposes for which, and the Government authority to which, such records may be disclosed; and (5) states the customer’s rights under this chapter. **(b) Authorization as condition of doing business prohibited** No such authorization shall be required as a condition of doing business with any financial institution. **(c) Right of customer to access to financial institution’s record of disclosures** The customer has the right, unless the Government authority obtains a court order as provided in [section 3409 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3409&num=0&edition=prelim), to obtain a copy of the record which the financial institution shall keep of all instances in which the customer’s record is disclosed to a Government authority pursuant to this section, including the identity of the Government authority to which such disclosure is made.

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Stable record: federal_law:legal_authorities:record_usc_7d38f7743506485acdf4b787
Source file: Laws/federal/codes/united-states-code/title-12/section-3404-customer-authorizations--c04d1e84f3.md
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Source location: Title 12, Chapter 35, § 3404; chapter-035-right-to-financial-privacy.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3409 — Delayed notice

**(a) Application by Government authority; findings** Upon application of the Government authority, the customer notice required under section 3404(c), 3405(2), 3406(c), 3407(2), 3408(4), or 3412(b) of this title may be delayed by order of an appropriate court if the presiding judge or magistrate judge finds that— (1) the investigation being conducted is within the lawful jurisdiction of the Government authority seeking the financial records; (2) there is reason to believe that the records being sought are relevant to a legitimate law enforcement inquiry; and (3) there is reason to believe that such notice will result in— (A) endangering life or physical safety of any person; (B) flight from prosecution; (C) destruction of or tampering with evidence; (D) intimidation of potential witnesses; or (E) otherwise seriously jeopardizing an investigation or official proceeding or unduly delaying a trial or ongoing official proceeding to the same extent as the circumstances in the preceeding 11 So in original. Probably should be “preceding”. subparagraphs. An application for delay must be made with reasonable specificity. **(b) Grant of delay order; duration and specifications; extensions; copy of request and notice to customer** (1) If the court makes the findings required in paragraphs (1), (2), and (3) of subsection (a), it shall enter an ex parte order granting the requested delay for a period not to exceed ninety days and an order prohibiting the financial institution from disclosing that records have been obtained or that a request for records has been made, except that, if the records have been sought by a Government authority exercising financial controls over foreign accounts in the United States under [section 4305(b) of title 50](https://uscode.ho

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 375b — Extensions of credit to executive officers, directors, and principal shareholders of member banks

(1) **In general** — No member bank may extend credit to any of its executive officers, directors, or principal shareholders, or to any related interest of such a person, except to the extent permitted under paragraphs (2), (3), (4), (5), and (6). (2) **Preferential terms prohibited** (A) *In general* — A member bank may extend credit to its executive officers, directors, or principal shareholders, or to any related interest of such a person, only if the extension of credit— (i) is made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank; (ii) does not involve more than the normal risk of repayment or present other unfavorable features; and (iii) the bank follows credit underwriting procedures that are not less stringent than those applicable to comparable transactions by the bank with persons who are not executive officers, directors, principal shareholders, or employees of the bank. (B) *Exception* — Nothing in this paragraph shall prohibit any extension of credit made pursuant to a benefit or compensation program— (i) that is widely available to employees of the member bank; and (ii) that does not give preference to any officer, director, or principal shareholder of the member bank, or to any related interest of such person, over other employees of the member bank. (3) **Prior approval required** — A member bank may extend credit to a person described in paragraph (1) in an amount that, when aggregated with the amount of all other outstanding extensions of credit by that bank to each such person and that person’s related interests, would e

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3402 — Access to financial records by Government authorities prohibited; exceptions

Except as provided by section 3403(c) or (d), 3413, or 3414 of this title, no Government authority may have access to or obtain copies of, or the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described and— (1) such customer has authorized such disclosure in accordance with [section 3404 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3404&num=0&edition=prelim); (2) such financial records are disclosed in response to an administrative subpena or summons which meets the requirements of [section 3405 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3405&num=0&edition=prelim); (3) such financial records are disclosed in response to a search warrant which meets the requirements of [section 3406 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3406&num=0&edition=prelim); (4) such financial records are disclosed in response to a judicial subpena which meets the requirements of [section 3407 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3407&num=0&edition=prelim); or (5) such financial records are disclosed in response to a formal written request which meets the requirements of [section 3408 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3408&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 57b–2a — Confidentiality and delayed notice of compulsory process for certain third parties

**(a) Application with other laws** The Right to Financial Privacy Act ([12 U.S.C. 3401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3401&num=0&edition=prelim) et seq.) and chapter 121 of title 18 shall apply with respect to the Commission, except as otherwise provided in this section. **(b) Procedures for delay of notification or prohibition of disclosure** The procedures for delay of notification or prohibition of disclosure under the Right to Financial Privacy Act ([12 U.S.C. 3401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3401&num=0&edition=prelim) et seq.) and chapter 121 of title 18, including procedures for extensions of such delays or prohibitions, shall be available to the Commission, provided that, notwithstanding any provision therein— (1) a court may issue an order delaying notification or prohibiting disclosure (including extending such an order) in accordance with the procedures of section 1109 of the Right to Financial Privacy Act ([12 U.S.C. 3409](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3409&num=0&edition=prelim)) (if notification would otherwise be required under that Act), or [section 2705 of title 18](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title18-section2705&num=0&edition=prelim) (if notification would otherwise be required under chapter 121 of that title), if the presiding judge or magistrate judge finds that there is reason to believe that such notification or disclosure may cause an adverse result as defined in subsection (g) of this section; and (2) if notification would otherwise be required under chapter 121 of title 18, the Commission may delay notification (including extending such a delay) upon the execution of a wri

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3404 — Customer authorizations

Page 1536 TITLE 12—BANKS AND BANKING § 3403 Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section 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. § 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 finan- cial records of any customer except in accord- ance with the provisions of this chapter. (b) Release of records upon certification of com- pliance with chapter A financial institution shall not release the fi- nancial records of a customer until the Govern- ment 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 exist- ence of relevant information in records Nothing in this chapter shall preclude any fi- nancial 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, corpora- tion, or account involved in and the nature of any suspected illegal activity. Such information may be disclosed notwithstanding any constitu- tion, law, or regulation of any State or political subdivision thereof to the contrary. Any finan- cial institution, or officer, employee, o

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3404

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