Browse Arkansas Code titles and sections

12 U.S.C. § 3401 — Definitions

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

12 U.S.C. § 3401 — Definitions

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3401

Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.

Original supplied file — preserved unchanged

Download original Markdown file

File SHA-256: 6fc065ad22288b295d1261d7a08be96659fad7a6b5203d9764899044df53fb37. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.

Authority boundary: historical or unconfirmed source not current law verified.

Open the recorded source website ↗

Record provenance

Stable record: federal_law:legal_authorities:record_usc_8b95d3e597f2b5a05cc590d2
Source file: Laws/federal/codes/united-states-code/title-12/section-3401-definitions--320cc7635a.md
Pages: Not recorded – Not recorded
Passage SHA-256: 59fd5e9a1392c8145812f5a9a2f64ef579a61aa01dc8da44fd9e3c0d33504895

Source location: Title 12, Chapter 35, § 3401; chapter-035-right-to-financial-privacy.md

Stored source content

For the purpose of this chapter, the term— (1) “financial institution”, except as provided in [section 3414 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3414&num=0&edition=prelim), means any office of a bank, savings bank, card issuer as defined in section 1602(n) 11 See References in Text note below. 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim)); and (B) any company described in [section 1843(f)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/f/1&num=0&edition=prelim); (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) the Bureau of Consumer Financial Protection; (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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1951&num=0&edition=prelim) 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.

Cross-references

Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.

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

12 U.S.C. § 1951 — Congressional findings and declaration of purpose

**(a)** The Congress finds that certain records maintained by businesses engaged in the functions described in [section 1953(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1953/b&num=0&edition=prelim) have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings. The Congress further finds that the power to require reports of changes in the ownership, control, and managements of types of financial institutions referred to in [section 1952 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1952&num=0&edition=prelim) may be necessary for the same purpose. **(b)** It is the purpose of this chapter to require the maintenance of appropriate types of records and the making of appropriate reports by such businesses in the United States where such records or reports have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1951

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

5 U.S.C. § 552a — Records maintained on individuals

**(a) Definitions.—** For purposes of this section— (1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title; (2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence; (3) the term “maintain” includes maintain, collect, use, or disseminate; (4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph; (5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual; (6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim); (7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected; (8) the term “matching program”— (A) means any computerized comparison of— (i) two or more automated systems of records or a system of records with non-Federal records for the purpose

Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 552a

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 375b

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

12 U.S.C. § 1841 — Definitions

**(a)** (1) Except as provided in paragraph (5) of this subsection, “bank holding company” means any company which has control over any bank or over any company that is or becomes a bank holding company by virtue of this chapter. (2) Any company has control over a bank or over any company if— (A) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 per centum or more of any class of voting securities of the bank or company; (B) the company controls in any manner the election of a majority of the directors or trustees of the bank or company; or (C) the Board determines, after notice and opportunity for hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or company. (3) For the purposes of any proceeding under paragraph (2)(C) of this subsection, there is a presumption that any company which directly or indirectly owns, controls, or has power to vote less than 5 per centum of any class of voting securities of a given bank or company does not have control over that bank or company. (4) In any administrative or judicial proceeding under this chapter, other than a proceeding under paragraph (2)(C) of this subsection, a company may not be held to have had control over any given bank or company at any given time unless that company, at the time in question, directly or indirectly owned, controlled, or had power to vote 5 per centum or more of any class of voting securities of the bank or company, or had already been found to have control in a proceeding under paragraph (2)(C). (5) Notwithstanding any other provision of this subsection— (A) No bank and no company owning or controlling voting shares of a bank is a bank hold

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1841

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

12 U.S.C. § 3414 — Special procedures

**(a) Access to financial records for certain intelligence and protective purposes** (1) Nothing in this chapter (except sections 3415, 3417, 3418, and 3421 11 See References in Text note below. of this title) shall apply to the production and disclosure of financial records pursuant to requests from— (A) a Government authority authorized to conduct foreign counter- or foreign positive-intelligence activities for purposes of conducting such activities; (B) the Secret Service for the purpose of conducting its protective functions ([18 U.S.C. 3056](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title18-section3056&num=0&edition=prelim); [18 U.S.C. 3056A](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title18-section3056A&num=0&edition=prelim), Public Law 90–331,1 as amended); or (C) a Government authority authorized to conduct investigations of, or intelligence or counterintelligence analyses related to, international terrorism for the purpose of conducting such investigations or analyses. (2) In the instances specified in paragraph (1), the Government authority shall submit to the financial institution the certificate required in [section 3403(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3403/b&num=0&edition=prelim) signed by a supervisory official of a rank designated by the head of the Government authority and a term that specifically identifies a customer, entity, or account to be used as the basis for the production and disclosure of financial records. (3) (A) If the Government authority described in paragraph (1) or the Secret Service, as the case may be, certifies that otherwise there may result a danger to the national security of the United States, interference with a crim

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3414

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

12 U.S.C. § 3405 — Administrative subpena and summons

A Government authority may obtain financial records under [section 3402(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3402/2&num=0&edition=prelim) pursuant to an administrative subpena or summons otherwise authorized by law only if— (1) there is reason to believe that the records sought are relevant to a legitimate law enforcement inquiry; (2) a copy of the subpena or summons has been served upon the customer or mailed to his last known address on or before the date on which the subpena or summons was served on the financial institution together with the following notice which shall state with reasonable specificity the nature of the law enforcement inquiry:“Records or information concerning your transactions held by the financial institution named in the attached subpena or summons are being sought by this (agency or department) in accordance with the Right to Financial Privacy Act of 1978 [[12 U.S.C. 3401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3401&num=0&edition=prelim) et seq.] for the following purpose: If you desire that such records or information not be made available, you must: “1. Fill out the accompanying motion paper and sworn statement or write one of your own, stating that you are the customer whose records are being requested by the Government and either giving the reasons you believe that the records are not relevant to the legitimate law enforcement inquiry stated in this notice or any other legal basis for objecting to the release of the records. “2. File the motion and statement by mailing or delivering them to the clerk of any one of the following United States district courts: . “3. Serve the Government authority requesting the records by mailing or delivering a

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3405

Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

12 U.S.C. § 3406 — Search warrants

**(a) Applicability of Federal Rules of Criminal Procedure** A Government authority may obtain financial records under [section 3402(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3402/3&num=0&edition=prelim) only if it obtains a search warrant pursuant to the Federal Rules of Criminal Procedure. **(b) Mailing of copy and notice to customer** No later than ninety days after the Government authority serves the search warrant, it shall mail to the customer’s last known address a copy of the search warrant together with the following notice: “Records or information concerning your transactions held by the financial institution named in the attached search warrant were obtained by this (agency or department) on (date) for the following purpose: . You may have rights under the Right to Financial Privacy Act of 1978 [[12 U.S.C. 3401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3401&num=0&edition=prelim) et seq.].”. **(c) Court-ordered delays in mailing** Upon application of the Government authority, a court may grant a delay in the mailing of the notice required in subsection (b), which delay shall not exceed one hundred and eighty days following the service of the warrant, if the court makes the findings required in [section 3409(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3409/a&num=0&edition=prelim). If the court so finds, it shall enter an ex parte order granting the requested delay and an order prohibiting the financial institution from disclosing that records have been obtained or that a search warrant for such records has been executed. Additional delays of up to ninety days may be granted by the court upon application, but only in accordan

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3406

Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

12 U.S.C. § 3407 — Judicial subpena

A Government authority may obtain financial records under [section 3402(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3402/4&num=0&edition=prelim) pursuant to judicial subpena only if— (1) such subpena is authorized by law and there is reason to believe that the records sought are relevant to a legitimate law enforcement inquiry; (2) a copy of the subpena has been served upon the customer or mailed to his last known address on or before the date on which the subpena was served on the financial institution together with the following notice which shall state with reasonable specificity the nature of the law enforcement inquiry:“Records or information concerning your transactions which are held by the financial institution named in the attached subpena are being sought by this (agency or department or authority) in accordance with the Right to Financial Privacy Act of 1978 [[12 U.S.C. 3401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3401&num=0&edition=prelim) et seq.] for the following purpose: If you desire that such records or information not be made available, you must: “1. Fill out the accompanying motion paper and sworn statement or write one of your own, stating that you are the customer whose records are being requested by the Government and either giving the reasons you believe that the records are not relevant to the legitimate law enforcement inquiry stated in this notice or any other legal basis for objecting to the release of the records. “2. File the motion and statement by mailing or delivering them to the clerk of the Court. “3. Serve the Government authority requesting the records by mailing or delivering a copy of your motion and statement to . “4. Be prepared to come to c

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3407

Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

12 U.S.C. § 3408 — Formal written request

A Government authority may request financial records under [section 3402(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3402/5&num=0&edition=prelim) pursuant to a formal written request only if— (1) no administrative summons or subpena authority reasonably appears to be available to that Government authority to obtain financial records for the purpose for which such records are sought; (2) the request is authorized by regulations promulgated by the head of the agency or department; (3) there is reason to believe that the records sought are relevant to a legitimate law enforcement inquiry; and (4) (A) a copy of the request has been served upon the customer or mailed to his last known address on or before the date on which the request was made to the financial institution together with the following notice which shall state with reasonable specificity the nature of the law enforcement inquiry:“Records or information concerning your transactions held by the financial institution named in the attached request are being sought by this (agency or department) in accordance with the Right to Financial Privacy Act of 1978 [[12 U.S.C. 3401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3401&num=0&edition=prelim) et seq.] for the following purpose: “If you desire that such records or information not be made available, you must: “1. Fill out the accompanying motion paper and sworn statement or write one of your own, stating that you are the customer whose records are being requested by the Government and either giving the reasons you believe that the records are not relevant to the legitimate law enforcement inquiry stated in this notice or any other legal basis for objecting to the release of the

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3408

Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

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

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3409

Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.