12 U.S.C. § 3423 — Immunity from suit for disclosure of fi-

Page 1552 TITLE 12—BANKS AND BANKING § 3423 AMENDMENTS 1980—Pub. L. 96–433 substituted provision making this chapter applicable with respect to the Commission, ex- cept as provided in the Securities Exchange Act of 1934, for provision exempting the Commission from this chapter for a period of two years from November 10, 1978. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96–433 effective Nov. 10, 1980, see section 5(b) of Pub. L. 96–433, set out as a note under section 78u of Title 15, Commerce and Trade. 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. § 3423. Immunity from suit for disclosure of fi- nancial exploitation of senior citizens (a) Immunity (1) Definitions In this section— (A) the term ‘‘Bank Secrecy Act officer’’ means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31 (commonly known as the ‘‘Bank Secrecy Act’’); (B) the term ‘‘broker-dealer’’ means a broker and a dealer, as those terms are de- fined in section 78c(a) of title 15; (C) the term ‘‘covered agency’’ means— (i) a State financial regulatory agency, including a State securities or law enforce- ment authority and a State insurance reg- ulator; (ii) each of the Federal agencies rep- resented in the membership of the Finan- cial Institutions Examination Council es- tablished under section 3303 of this title; (iii) a securities association registered under section 78o–3 of title 15; (iv) the Securities and Exchange Com- mission; (v) a law enforcement agency; or (vi) a State or local agency responsible for administering adult protective service laws; (D) the term ‘‘covered financial institu- tion’’ means— (i) a credit union; (ii) a depository institution; (iii) an investment adviser; (iv) a broker-dealer; (v) an insurance company; (vi) an insurance agency; or (vii) a transfer agent; (E) the term ‘‘credit union’’ has the mean- ing given the term in section 5301 of this title; (F) the term ‘‘depository institution’’ has the meaning given the term in section 1813(c) of this title; (G) the term ‘‘exploitation’’ means the fraudulent or otherwise illegal, unauthor- ized, or improper act or process of an indi- vidual, including a caregiver or a fiduciary, that— (i) uses the resources of a senior citizen for monetary or personal benefit, profit, or gain; or (ii) results in depriving a senior citizen of rightful access to or use of benefits, re- sources, belongings, or assets; (H) the term ‘‘insurance agency’’ means any business entity that sells, solicits, or ne- gotiates insurance coverage; (I) the term ‘‘insurance company’’ has the meaning given the term in section 80a–2(a) of title 15; (J) the term ‘‘insurance producer’’ means an individual who is required under State law to be licensed in order to sell, solicit, or negotiate insurance coverage; (K) the term ‘‘investment adviser’’ has the meaning given the term in section 80b–2(a) of this title; (L) the term ‘‘investment adviser rep- resentative’’ means an individual who— (i) is employed by, or associated with, an investment adviser; and (ii) does not perform solely clerical or ministerial acts; (M) the term ‘‘registered representative’’ means an individual who represents a broker-dealer in effecting or attempting to effect a purchase or sale of securities; (N) the term ‘‘senior citizen’’ means an in- dividual who is not younger than 65 years of age; (O) the term ‘‘State’’ means each of the several States, the District of Columbia, and any territory or possession of the United States; (P) the term ‘‘State insurance regulator’’ has the meaning given the term in section 6735 of title 15; (Q) the term ‘‘State securities or law en- forcement authority’’ has the meaning given the term in section 78x(f)(4) of title 15; and (R) the term ‘‘transfer agent’’ has the meaning given the term in section 78c(a) of title 15. (2) Immunity from suit (A) Immunity for individuals An individual who has received the train- ing described in subsection (b) shall not be liable, including in any civil or administra- tive proceeding, for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure— (i) served as a supervisor or in a compli- ance or legal function (including as a Bank Secrecy Act officer) for, or, in the case of a registered representative, investment ad- viser representative, or insurance pro- ducer, was affiliated or associated with, a covered financial institution; and (ii) made the disclosure— (I) in good faith; and (II) with reasonable care. (B) Immunity for covered financial institu- tions A covered financial institution shall not be liable, including in any civil or adminis- Page 1553 TITLE 12—BANKS AND BANKING § 3423 trative proceeding, for a disclosure made by an individual described in subparagraph (A) if— (i) the individual was employed by, or, in the case of a registered representative, in- surance producer, or investment adviser representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and (ii) before the time of the disclosure, each individual described in subsection (b)(1) received the training described in subsection (b). (C) Rule of construction Nothing in subparagraph (A) or (B) shall be construed to limit the liability of an indi- vidual or a covered financial institution in a civil action for any act, omission, or fraud that is not a disclosure described in subpara- graph (A). (b) Training (1) In general A covered financial institution or a third party selected by a covered financial institu- tion may provide the training described in paragraph (2)(A) to each officer or employee of, or registered representative, insurance pro- ducer, or investment adviser representative af- filiated or associated with, the covered finan- cial institution who— (A) is described in subsection (a)(2)(A)(i); (B) may come into contact with a senior citizen as a regular part of the professional duties of the individual; or (C) may review or approve the financial documents, records, or transactions of a sen- ior citizen in connection with providing fi- nancial services to a senior citizen. (2) Content (A) In general The content of the training that a covered financial institution or a third party se- lected by the covered financial institution may provide under paragraph (1) shall— (i) be maintained by the covered finan- cial institution and made available to a covered agency with examination author- ity over the covered financial institution, upon request, except that a covered finan- cial institution shall not be required to maintain or make available such content with respect to any individual who is no longer employed by, or affiliated or associ- ated with, the covered financial institu- tion; (ii) instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen internally and, as appropriate, to govern- ment officials or law enforcement authori- ties, including common signs that indicate the financial exploitation of a senior cit- izen; (iii) discuss the need to protect the pri- vacy and respect the integrity of each in- dividual customer of the covered financial institution; and (iv) be appropriate to the job responsibil- ities of the individual attending the train- ing. (B) Timing The training under paragraph (1) shall be provided— (i) as soon as reasonably practicable; and (ii) with respect to an individual who be- gins employment, or becomes affiliated or associated, with a covered financial insti- tution after May 24, 2018, not later than 1 year after the date on which the individual becomes employed by, or affiliated or asso- ciated with, the covered financial institu- tion in a position described in subpara- graph (A), (B), or (C) of paragraph (1). (C) Records A covered financial institution shall— (i) maintain a record of each individual who— (I) is employed by, or affiliated or asso- ciated with, the covered financial insti- tution in a position described in subpara- graph (A), (B), or (C) of paragraph (1); and (II) has completed the training under paragraph (1), regardless of whether the training was— (aa) provided by the covered finan- cial institution or a third party se- lected by the covered financial institu- tion; (bb) completed before the individual was employed by, or affiliated or asso- ciated with, the covered financial in- stitution; and (cc) completed before, on, or after May 24, 2018; and (ii) upon request, provide a record de- scribed in clause (i) to a covered agency with examination authority over the cov- ered financial institution. (c) Relationship to State law Nothing in this section shall be construed to preempt or limit any provision of State law, ex- cept only to the extent that subsection (a) pro- vides a greater level of protection against liabil- ity to an individual described in subsection (a)(2)(A) or to a covered financial institution de- scribed in subsection (a)(2)(B) than is provided under State law. (Pub. L. 115–174, title III, § 303, May 24, 2018, 132 Stat. 1335.) Editorial Notes REFERENCES IN TEXT For the Bank Secrecy Act, referred to in subsec. (a)(1)(A), (2)(A)(i), see Short Title note set out under section 1951 of this title and Tables. CODIFICATION Section was enacted as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act, and not as part of the Right to Financial Privacy Act of 1978 which comprises this chapter. Page 1554 TITLE 12—BANKS AND BANKING §§ 3501 to 3509 CHAPTER 36—DEPOSITORY INSTITUTIONS DEREGULATION AND FINANCIAL REGULA- TION SIMPLIFICATION SUBCHAPTER I—DEPOSITORY INSTITUTIONS DEREGULATION §§ 3501 to 3509. Omitted Editorial Notes CODIFICATION Sections 3501 to 3509, which provided for creation and operation of Depository Institutions Deregulation Com- mittee, were omitted pursuant to section 3509 which provided that the Committee and all authorities trans- ferred to the Committee ceased to exist on expiration of six years after Mar. 31, 1980. Section 3501, Pub. L. 96–221, title II, § 202, Mar. 31, 1980, 94 Stat. 142, set out congressional findings and stated that the purpose in enacting this subchapter was to provide for orderly phase-out and ultimate elimi- nation of limitations on maximum rates of interest and dividends which could be paid on deposits and accounts by depository institutions. Pub. L. 96–221, title II, § 201, Mar. 31, 1980, 94 Stat. 142, provided that title II of Pub. L. 96–221 (subchapter I of this chapter) could be cited as the ‘‘Depository Institu- tions Deregulation Act of 1980’’. Pub. L. 96–221, title VIII, § 801, Mar. 31, 1980, 94 Stat. 191, provided that title VIII of Pub. L. 96–221 (sub- chapter II of this chapter) could be cited as the ‘‘Finan- cial Regulation Simplification Act of 1980’’, prior to re- peal (effective 5 years after the date of enactment) by Pub. L. 96–221, title VIII, § 806, Mar. 31, 1980, 94 Stat. 192. Section 3502, Pub. L. 96–221, title II, § 203, Mar. 31, 1980, 94 Stat. 142, provided for membership and author- ity of Depository Institutions Deregulation Committee. Section 3503, Pub. L. 96–221, title II, § 204, Mar. 31, 1980, 94 Stat. 143; Pub. L. 97–320, title III, § 327, Oct. 15, 1982, 96 Stat. 1501; Pub. L. 97–457, § 13, Jan. 12, 1983, 96 Stat. 2508, provided for phase-out and elimination of limitations, and gradual increases in maximum rates of interest and dividends paid on deposits and accounts. Section 3504, Pub. L. 96–221, title II, § 205, Mar. 31, 1980, 94 Stat. 143, set voting requirements respecting targets for limitations on maximum rates of interest and dividends paid on deposits and accounts and phase- out of interest rate controls. Section 3505, Pub. L. 96–221, title II, § 206, Mar. 31, 1980, 94 Stat. 143, set out the reporting requirements for individual members of Deregulation Committee. Section 3506, Pub. L. 96–221, title II, § 207, Mar. 31, 1980, 94 Stat. 144, provided for repeal of related statu- tory authorities. Section 3507, Pub. L. 96–221, title II, § 208, Mar. 31, 1980, 94 Stat. 144; Pub. L. 101–73, title VII, § 744(s), Aug. 9, 1989, 103 Stat. 440, set the procedures applicable for enforcement of regulations. Section 3508, Pub. L. 96–221, title II, § 209, Mar. 31, 1980, 94 Stat. 145, provided for transitional application of rules and regulations issued pursuant to transferred statutory authorities. Section 3509, Pub. L. 96–221, title II, § 210, Mar. 31, 1980, 94 Stat. 145, directed that, on the expiration of six years after Mar. 31, 1980, all authorities transferred to Deregulation Committee by this subchapter would cease to be effective and Deregulation Committee would cease to exist. SUBCHAPTER II—REGULATORY SIMPLIFICATION §§ 3521 to 3524. Repealed. Pub. L. 96–221, title VIII, § 806, Mar. 31, 1980, 94 Stat. 192 Section 3521, Pub. L. 96–221, title VIII, § 802, Mar. 31, 1980, 94 Stat. 191, set forth Congressional findings with respect to regulatory simplification. Section 3522, Pub. L. 96–221, title VIII, § 803, Mar. 31, 1980, 94 Stat. 191, set forth statement of policy respect- ing regulations issued by Federal financial regulatory agencies. Section 3523, Pub. L. 96–221, title VIII, § 804, Mar. 31, 1980, 94 Stat. 192, authorized program for periodic re- view by financial regulatory agencies of existing regu- lations, and revision of regulations not in accord with policy statement. Section 3524, Pub. L. 96–221, title VIII, § 805, Mar. 31, 1980, 94 Stat. 192, related to reporting requirements for each financial regulatory agency. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Pub. L. 96–221, title VIII, § 806, Mar. 31, 1980, 94 Stat. 192, provided that: ‘‘This title [enacting this sub- chapter] is hereby repealed five years after the date of enactment of this title [Mar. 31, 1980].’’ CHAPTER 37—SOLAR ENERGY AND ENERGY CONSERVATION BANK §§ 3601 to 3620. Repealed. Pub. L. 102–550, title IX, § 912(i)(1), Oct. 28, 1992, 106 Stat. 3876 Section 3601, Pub. L. 96–294, title V, § 503, June 30, 1980, 94 Stat. 719, provided Congressional statement of purpose for this chapter. Section 3602, Pub. L. 96–294, title V, § 504, June 30, 1980, 94 Stat. 719; Pub. L. 98–181, title I [title IV, § 463(a)], Nov. 30, 1983, 97 Stat. 1233, provided definitions for this chapter. Section 3603, Pub. L. 96–294, title V, § 505, June 30, 1980, 94 Stat. 722; Pub. L. 100–122, § 2(a), Sept. 30, 1987, 101 Stat. 793; Pub. L. 100–154, Nov. 5, 1987, 101 Stat. 890; Pub. L. 100–170, Nov. 17, 1987, 101 Stat. 914; Pub. L. 100–179, Dec. 3, 1987, 101 Stat. 1018; Pub. L. 100–200, Dec. 21, 1987, 101 Stat. 1327, established Solar Energy and Energy Conservation Bank. Section 3604, Pub. L. 96–294, title V, § 506, June 30, 1980, 94 Stat. 723; Pub. L. 100–242, title V, § 570(e), Feb. 5, 1988, 101 Stat. 1950, provided for a Board of Directors for Bank. Section 3605, Pub. L. 96–294, title V, § 507, June 30, 1980, 94 Stat. 723, provided for officers and personnel of Bank. Section 3606, Pub. L. 96–294, title V, § 508, June 30, 1980, 94 Stat. 723; Pub. L. 98–181, title I [title IV, § 463(b)], Nov. 30, 1983, 97 Stat. 1233, provided for estab- lishment of advisory committees of Bank. Section 3607, Pub. L. 96–294, title V, § 509, June 30, 1980, 94 Stat. 725; Pub. L. 100–242, title V, § 570(e), Feb. 5, 1988, 101 Stat. 1950, authorized financial assistance in various forms and limitations and conditions on such assistance. Section 3608, Pub. L. 96–294, title V, § 510, June 30, 1980, 94 Stat. 726, provided for establishment of levels of financial assistance. Section 3609, Pub. L. 96–294, title V, § 511, June 30, 1980, 94 Stat. 726; Pub. L. 98–181, title I [title IV, § 463(c)], Nov. 30, 1983, 97 Stat. 1233, set maximum amounts of financial assistance for residential and commercial energy conserving improvements. Section 3610, Pub. L. 96–294, title V, § 512, June 30, 1980, 94 Stat. 728, set maximum amounts of financial as- sistance for solar energy systems. Section 3611, Pub. L. 96–294, title V, § 513, June 30, 1980, 94 Stat. 729, established general conditions on fi- nancial assistance for loans. Section 3612, Pub. L. 96–294, title V, § 514, June 30, 1980, 94 Stat. 730; Pub. L. 98–181, title I [title IV, § 463(d)], formerly § 463(c), Nov. 30, 1983, 97 Stat. 1234; Pub. L. 98–479, title I, § 104(d)(1), (e)(1), Oct. 17, 1984, 98 Stat. 2226, established conditions on financial assist- ance for residential and commercial energy conserving improvements. Section 3613, Pub. L. 96–294, title V, § 515, June 30, 1980, 94 Stat. 732; Pub. L. 100–242, title V, § 570(e), Feb.