§ 3403. Confidentiality of financial records

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. 1978

   Right to Financial Privacy Act of 1978

   Pub. L. 95–630 title XI § 1103 · 92 Stat. 3641

   Enacted · 12 U.S.C. § 3403

   Pub. L. 95–630, title XI, § 1103, Nov. 10, 1978, 92 Stat. 3698

   Source evidence

   Code source credit
   Pub. L. 95–630, title XI, § 1103, Nov. 10, 1978, 92 Stat. 3698

   Enacted provision · exact public law section
   Sec. 1103. confidentiality of records—financial institutions (a) 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 title. (b) 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 title. (c) Nothing in this title 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. (d) (1) Nothing in this title 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 title 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.

2. 1986

   Money Laundering Control Act of 1986

   Pub. L. 99–570 title I § 1353(a) · 100 Stat. 3207

   Inserted · 12 U.S.C. § 3403(c)

   Pub. L. 99–570 inserted provisions that the disclosure of only the name or other identifying information concerning any individual or account involved in and the nature of any suspected illegal activity is permitted notwithstanding any constitution, law, or regulation of any State or political subdivision thereof to the contrary, and any financial institutions, officers, agents, or employees thereof making such disclosure shall not be liable to the customer under any State constitution or any Federal, State, or local law or regulation for such disclosure or failure to notify the customer thereof

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 99–570 inserted provisions that the disclosure of only the name or other identifying information concerning any individual or account involved in and the nature of any suspected illegal activity is permitted notwithstanding any constitution, law, or regulation of any State or political subdivision thereof to the contrary, and any financial institutions, officers, agents, or employees thereof making such disclosure shall not be liable to the customer under any State constitution or any Federal, State, or local law or regulation for such disclosure or failure to notify the customer thereof.

   Enacted provision · exact public law section
   (a) Clarification of Right of Financial Institutions To Report Suspected Violations.— Section 1103(c) of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3403(c)) is amended by adding at the end thereof the following new sentences: “Such information may include only the name or other identifying information concerning any individual 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.”.

3. 1988

   Money Laundering Prosecution Improvements Act of 1988

   Pub. L. 100–690 title VI § 6186(a) · 102 Stat. 4181

   Inserted · 12 U.S.C. § 3403(c)

   Pub. L. 100–690 inserted “, corporation,” after “individual”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 100–690 inserted “, corporation,” after “individual”.

   Enacted provision · exact public law section
   (a) Clarification of Right of Financial Institutions to Report Suspected Violations.— Section 1103(c) of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3403(c)) is amended by inserting “, corporation,” after “individual”.

3 of 3 references resolved to an enrolled provision