12 U.S.C § 3403Confidentiality of financial
- Release of records by financial institutions prohibited
- No financial institution, or officer, employees, or agent of a
institution, may provide to any Government authority access to or copies of,
the information contained in, the financial records of any customer except
accordance with the provisions of this chapter.
- Release of records upon certification of compliance with chapter
- A financial institution shall not release the financial records of a
customer untiling such records certifies in writing to the financial
that it has complied with the applicable provisions of this chapter.
- Notification to Government authority of existence of relevant
- Nothing in this chapter shall preclude any financial institution, or
officer, employee, or agent of a financial institution, from notifying a
Government authority that such institution, or officer, employee, or agent
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
the nature of any suspected illegal activity. Such information may be
notwithstanding any constitution, law, or regulation of any State or
subdivision thereof to the contrary. Any financial institution, or officer,
employee, or agent thereof, making a disclosure of information pursuant to
subsection, shall not be liable to the customer under any law or regulation
the United States or any constitution, law, or regulation of any State or
political subdivision thereof, for such disclosure or for any failure to
the customer of such disclosure.
- Release of records as incident to perfection of security interest,
claim in bankruptcy, collecting debt, or processing application with regard
Government loan, loan guarantee, etc.
- Nothing in this chapter shall preclude a financial institution, as
incident to perfecting a security interest, proving a claim in bankruptcy,
otherwise collecting on a debt owing either to the financial institution
or in its role as a fiduciary, from providing copies of any financial record
any court or Government authority.
- Nothing in this chapter shall preclude a financial institution, as an
incident to processing an application for assistance to a customer in the
of a Government loan, loan guaranty, or loan insurance agreement, or as an
incident to processing a default on, or administering, a Government
or insured loan, from initiating contact with an appropriate Government
for the purpose of providing any financial record necessary to permit such
authority to carry out its responsibilities under a loan insurance