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12 U.S.C. § 3403 — Confidentiality of financial records
Federal law — U.S. Code and appendices · legal_authorities
**(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.
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Stable record: federal_law:legal_authorities:record_usc_d156b6c6d33a7e04f3c4d5dd
Source file: Laws/federal/codes/united-states-code/title-12/section-3403-confidentiality-of-financial-records--7b0723a463.md
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Source location: Title 12, Chapter 35, § 3403; chapter-035-right-to-financial-privacy.md
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**(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.
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Federal law — U.S. Code and appendices · legal_authorities
(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
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Federal law — U.S. Code and appendices · legal_authorities
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. § 3403
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