§ 3109. Cooperation with foreign supervisors

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1991

   International Banking Act of 1978

   Pub. L. 95–369 § 15 · 92 Stat. 607

   Enacted · 12 U.S.C. § 3109

   Pub. L. 95–369, § 15, as added Pub. L. 102–242, title II, § 206, Dec. 19, 1991, 105 Stat. 2294

   Source evidence

   Code source credit
   Pub. L. 95–369, § 15, as added Pub. L. 102–242, title II, § 206, Dec. 19, 1991, 105 Stat. 2294

   Enacted provision · exact public law section
   (15) Section 8 is amended by adding at the end thereof the following new subsection: “(r) (1) Except as otherwise specifically provided in this section, the provisions of this section shall be applied to foreign banks in accordance with this subsection. “(2) An act or practice outside the United States on the part of a foreign bank or any officer, director, employee, or agent thereof may not constitute the basis for any action by any officer or agency of the United States under this section, unless— “(A) such officer or agency alleges a belief that such act or practice has been, is, or is likely to be a cause of or carried on in connection with or in furtherance of an act or practice within any one or more States which, in and of itself, would constitute an appropriate basis for action by a Federal officer or agency under this section; or “(B) the alleged act or practice is one which, if proven, would, in the judgment of the Board of Directors, adversely affect the insurance risk assumed by the Corporation. “(3) In any case in which any action or proceeding is brought pursuant to an allegation under paragraph (2) of this subsection for the suspension or removal of any officer, director, or other person associated with a foreign bank, and such person fails to appear promptly as a party to such action or proceeding and to comply with any effective order or judgment therein, any failure by the foreign bank to secure his removal from any office he holds in such bank and from any further participation in its affairs shall, in and of itself, constitute grounds for termination of the insurance of the deposits in any branch of the bank. “(4) Where the venue of any judicial or administrative proceeding under this section is to be determined by reference to the location of the home office of a bank, the venue of such a proceeding with respect to a foreign bank having one or more branches or agencies in not more than one judicial district or other relevant jurisdiction shall be within such jurisdiction. Where such a bank has branches or agencies in more than one such jurisdiction, the venue shall be in the jurisdiction within which the branch or branches or agency or agencies involved in the proceeding are located, and if there is more than one such jurisdiction, the venue shall be proper in any such jurisdiction in which the proceeding is brought or to which it may appropriately be transferred. “(5) Any service required or authorized to be made on a foreign bank may be made on any branch or agency located within any State, but if such service is in connection with an action or proceeding involving one or more branches or one or more agencies located in any State, service shall be made on at least one branch or agency so involved.”.

2. 2006

   Pub. L. 109–351 title VII § 709 · 120 Stat. 1966

   Added · 12 U.S.C. § 3109(c)

   Pub. L. 109–351 added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 109–351 added subsec. (c).

   Enacted provision · exact public law section
   SEC. 709. PROTECTION OF CONFIDENTIAL INFORMATION RECEIVED BY FEDERAL BANKING REGULATORS FROM FOREIGN BANKING SUPERVISORS.   Section 15 of the International Banking Act of 1978 (12 U.S.C. 3109) is amended by adding at the end the following: “(c) Confidential Information Received From Foreign Supervisors.— “(1) In general.— Except as provided in paragraph (3), a Federal banking agency may not be compelled to disclose information received from a foreign regulatory or supervisory authority if— “(A) the Federal banking agency determines that the foreign regulatory or supervisory authority has, in good faith, determined and represented in writing to such Federal banking agency that public disclosure of the information would violate the laws applicable to that foreign regulatory or supervisory authority; and “(B) the relevant Federal banking agency obtained such information pursuant to— “(i) such procedures as the Federal banking agency may establish for use in connection with the administration and enforcement of Federal banking laws; or “(ii) a memorandum of understanding or other similar arrangement between the Federal banking agency and the foreign regulatory or supervisory authority. “(2) Treatment under title 5, united states code.— For purposes of section 552 of title 5, United States Code, this subsection shall be treated as a statute described in subsection (b)(3)(B) of such section. “(3) Savings provision.— No provision of this section shall be construed as— “(A) authorizing any Federal banking agency to withhold any information from any duly authorized committee of the House of Representatives or the Senate; or “(B) preventing any Federal banking agency from complying with an order of a court of the United States in an action commenced by the United States or such agency. “(4) Federal banking agency defined.— For purposes of this subsection, the term ‘Federal banking agency’ means the Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision.” .

2 of 2 references resolved to an enrolled provision