12 U.S.C. § 3412
Financial records originally obtained pursuant to this chapter shall not be transferred to another agency or department unless the transferring agency or department certifies in writing that there is reason to believe that the records are relevant to a legitimate law enforcement inquiry, or intelligence or counterintelligence activity, investigation or analysis related to international terrorism within the jurisdiction of the receiving agency or department.
When financial records subject to this chapter are transferred pursuant to subsection (a), the transferring agency or department shall, within fourteen days, send to the customer a copy of the certification made pursuant to subsection (a) and the following notice, which shall state the nature of the law enforcement inquiry with reasonable specificity: "Copies of, or information contained in, your financial records lawfully in possession of have been furnished to pursuant to the Right of Financial Privacy Act of 1978 [ 12 U.S.C. 3401 et seq.] for the following purpose: . If you believe that this transfer has not been made to further a legitimate law enforcement inquiry, you may have legal rights under the Financial Privacy Act of 1978 or the Privacy Act of 1974 [ 5 U.S.C. 552a ]."
Notwithstanding subsection (b), notice to the customer may be delayed if the transferring agency or department has obtained a court order delaying notice pursuant to section 3409(a) and (b) of this title and that order is still in effect, or if the receiving agency or department obtains a court order authorizing a delay in notice pursuant to section 3409(a) and (b) of this title. Upon the expiration of any such period of delay, the transferring agency or department shall serve to the customer the notice specified in subsection (b) and the agency or department that obtained the court order authorizing a delay in notice pursuant to section 3409(a) and (b) of this title shall serve to the customer the notice specified in section 3409(b) of this title.
Nothing in this chapter prohibits any supervisory agency from exchanging examination reports or other information with another supervisory agency. Nothing in this chapter prohibits the transfer of a customer's financial records needed by counsel for a Government authority to defend an action brought by the customer. Nothing in this chapter shall authorize the withholding of information by any officer or employee of a supervisory agency from a duly authorized committee or subcommittee of the Congress.
Notwithstanding section 3401(6) 1 of this title or any other provision of law, the exchange of financial records, examination reports or other information with respect to a financial institution, holding company, or any subsidiary of a depository institution or holding company, among and between the five member supervisory agencies of the Federal Financial Institutions Examination Council, the Securities and Exchange Commission, the Federal Trade Commission, the Commodity Futures Trading Commission, and the Bureau of Consumer Financial Protection is permitted.
Nothing in this chapter shall apply when financial records obtained by an agency or department of the United States are disclosed or transferred to the Attorney General or the Secretary of the Treasury upon the certification by a supervisory level official of the transferring agency or department that-
Records so transferred shall be used only for criminal investigative or prosecutive purposes, for civil actions under section 1833a of this title, or for forfeiture under sections 2 981 or 982 of title 18 by the Department of Justice and only for criminal investigative purposes relating to money laundering and other financial crimes by the Department of the Treasury and shall, upon completion of the investigation or prosecution (including any appeal), be returned only to the transferring agency or department. No agency or department so transferring such records shall be deemed to have waived any privilege applicable to those records under law.
1 See References in Text note below.
2 So in original. Probably should be "section".
12 U.S.C. § 3412
Amendment of SectionFor repeal of amendment by section 13 of Pub. L. 109-455 see Termination Date of 2006 Amendment note below.
EDITORIAL NOTES
REFERENCES IN TEXTThe Right of Financial Privacy Act of 1978, and the Financial Privacy Act of 1978, referred to in subsec. (b), both probably mean title XI of Pub. L. 95-630, Nov. 10, 1978, 92 Stat. 3697, known as the Right to Financial Privacy Act of 1978, which is classified generally to this chapter (§3401 et seq.). For complete classification of this Act to the Code, see Short Title note set out under section 3401 of this title and Tables.The Privacy Act of 1974, referred to in subsec. (b), is Pub. L. 93-579, Dec. 31, 1974, 88 Stat. 1896, which enacted section 552a of Title 5, Government Organization and Employees, and provisions set out as notes under section 552a of Title 5.Section 3401(6) of this title, referred to in subsec. (e), was redesignated section 3401(7) of this title by Pub. L. 101-73, title IX, §941(1), Aug. 9, 1989, 103 Stat. 496.
AMENDMENTS2012-Subsec. (e). Pub. L. 112-203, §1, amended Pub. L. 109-455, §13. See 2006 Amendment note below.2010-Subsec. (e). Pub. L. 111-203 substituted "the Commodity Futures Trading Commission, and the Bureau of Consumer Financial Protection is permitted" for "and the Commodity Futures Trading Commission is permitted".2006-Subsec. (e). Pub. L. 109-455, §10, which inserted "the Federal Trade Commission," after "the Securities and Exchange Commission,", was repealed by Pub. L. 109-455, §13, as amended by Pub. L. 112-203, §1. See Termination Date of 2006 Amendment note below.2001-Subsec. (a). Pub. L. 107-56 inserted ", or intelligence or counterintelligence activity, investigation or analysis related to international terrorism" after "legitimate law enforcement inquiry".1999-Subsec. (e). Pub. L. 106-102 inserted ", examination reports" after "financial records" and substituted "provision of law," for "provision of this chapter," and ", the Securities and Exchange Commission, and the Commodity Futures Trading Commission" for "and the Securities and Exchange Commission". 1992-Subsec. (f)(1). Pub. L. 102-550, §1516(1), inserted "or the Secretary of the Treasury" after "the Attorney General". Subsec. (f)(2). Pub. L. 102-550, §1606(b), inserted a comma before "for civil actions" and made technical amendment to reference to sections 981 or 982 of title 18. Pub. L. 102-550, §1516(2), inserted "and only for criminal investigative purposes relating to money laundering and other financial crimes by the Department of the Treasury" after "the Department of Justice".1991-Subsec. (f)(2). Pub. L. 102-242 inserted "for civil actions under section 1833a of this title, or for forfeiture under sections 981 or 982 of title 18" after "or prosecutive purposes" and inserted at end "No agency or department so transferring such records shall be deemed to have waived any privilege applicable to those records under law."1989-Subsec. (e). Pub. L. 101-73, §944(1), which directed the insertion of ", holding company, or any subsidiary of a depository institution or holding company," after "with respect to a depository institution", was executed by making the insertion after "with respect to a financial institution", as the probable intent of Congress. Pub. L. 101-73, §944(2), substituted "Council and the Securities and Exchange Commission" for "Council". 1988-Subsec. (f). Pub. L. 100-690 added subsec. (f).1982-Subsec. (e). Pub. L. 97-320 added subsec. (e).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111-203 effective on the designated transfer date, see section 1100H of Pub. L. 111-203 set out as a note under section 552a of Title 5, Government Organization and Employees.
TERMINATION DATE OF 2006 AMENDMENT Amendment by section 10 of Pub. L. 109-455 repealed effective Sept. 30, 2027, and provisions amended by Pub. L. 109-455 to be amended to read as if Pub. L. 109-455 had not been enacted, see section 13 of Pub. L. 109-455 set out as a note under section 44 of Title 15, Commerce and Trade.
EFFECTIVE DATE OF 2001 AMENDMENT Amendment by Pub. L. 107-56 applicable with respect to reports filed or records maintained on, before, or after Oct. 26, 2001, see section 358(h) of Pub. L. 107-56 set out as a note under section 1829b of this title.
EFFECTIVE DATE OF 1992 AMENDMENT Amendment by section 1606(b) of Pub. L. 102-550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102-242 as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102-550 set out as a note under section 191 of this title.
EFFECTIVE DATESection 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.
- Bureau
- The term "Bureau" means the Bureau of Consumer Financial Protection.
- State
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- consumer
- The term "consumer" means an individual or an agent, trustee, or representative acting on behalf of an individual.
- designated transfer date
- The term "designated transfer date" means the date established under section 5582 of this title.