H.L.C.
‘‘(B) REQUESTS SUBMITTED TO BANKING
AGENCY.—Any request for discovery or disclo-
sure of confidential supervisory information
shall be made to the Federal banking agency
that created or requested the information,
which shall determine within a reasonable time
period whether to disclose such information
pursuant to procedures and criteria established
in regulations.
‘‘(2) EXCLUSIVE
FEDERAL
COURT
JURISDIC-
TION OVER DISPUTES.—
‘‘(A) IN GENERAL.—Federal courts shall
have exclusive jurisdiction over actions or pro-
ceedings in which any party seeks to compel
disclosure of confidential supervisory informa-
tion.
‘‘(B) JUDICIAL REVIEW.—Judicial review
of the final action of a Federal banking agency
with regard to the disposition of a request for
confidential supervisory information shall be be-
fore a district court of the United States of
competent jurisdiction, subject to chapter 7 of
part I of title 5, United States Code.
‘‘(C) RIGHT TO APPEAL.—Any court order
that compels production of confidential super-
H.L.C.
visory information may be immediately appealed
by the Federal banking agency and the order
compelling production shall be automatically
stayed, pending the outcome of such appeal.
‘‘(f) SUBPOENAS.—
‘‘(1) AUTHORITY TO INTERVENE.—In the case
of any action or proceeding to compel compliance
with a subpoena, order, discovery request, or other
judicial or administrative process with respect to any
confidential supervisory information relating to any
depository institution, a Federal banking agency and
the depository institution may intervene in such ac-
tion or proceeding for the purpose of—
‘‘(A) enforcing the limitations established
in paragraph (1) of subsections (b) and (e);
‘‘(B) seeking the withdrawal of any com-
pulsory process with respect to such informa-
tion; and
‘‘(C) registering appropriate objections
with respect to the action or proceeding to the
extent the action or proceeding relates to or in-
volves such information.
‘‘(2) RIGHT TO APPEAL.—Any court order that
compels production of confidential supervisory infor-
mation may be immediately appealed by the Federal
H.L.C.
banking agency and the order compelling production
shall be automatically stayed, pending the outcome
of such appeal.
‘‘(g) REGULATIONS.—
‘‘(1) AUTHORITY TO PRESCRIBE.—Each Fed-
eral banking agency may prescribe such regulations
as the agency considers to be appropriate, after con-
sultation with the other Federal banking agencies
and the National Credit Union Administration
Board, to carry out the purposes of this section.
‘‘(2) AUTHORITY
TO
REQUIRE
NOTICE.—Any
regulations prescribed by a Federal banking agency
under paragraph (1) may require any person in pos-
session of confidential supervisory information to no-
tify the Federal banking agency whenever the person
is served with a subpoena, order, discovery request,
or other judicial or administrative process requiring
the personal attendance of such person as a witness
or requiring the production of such information in
any proceeding.
‘‘(h) ACCESS IN ACCORDANCE WITH REGULATIONS
AND ORDERS.—Notwithstanding any other provision of
this section, the Federal banking agency may, without
waiving any privilege, authorize access to confidential su-
pervisory information for any appropriate governmental,
H.L.C.
law enforcement, or public purpose in accordance with
agency regulations or orders.’’.
SEC. 502. AMENDMENT TO THE FEDERAL CREDIT UNION
ACT.
Title II of the Federal Credit Union Act (12 U.S.C.
1781 et seq.) is amended by adding at the end the follow-
ing new section:
‘‘SEC. 215. CREDIT UNION SUPERVISORY PRIVILEGE.
‘‘(a) DEFINITIONS.—For purposes of this section, the
following definitions shall apply:
‘‘(1) SUPERVISORY
PROCESS.—The term ‘su-
pervisory process’ means any activity engaged in by
the Administration to carry out the official respon-
sibilities of the Administration with regard to the
regulation or supervision of credit unions.
‘‘(2) CONFIDENTIAL
SUPERVISORY
INFORMA-
TION.—The term ‘confidential supervisory informa-
tion’ means any of the following information, or any
portion of any such information, which is treated as,
or considered to be, confidential information by the
Administration, regardless of the medium in which
the information is conveyed or stored:
‘‘(A) Any report of examination, inspec-
tion, visitation, or investigation, and informa-
tion prepared or collected by the Administration
H.L.C.
in connection with the supervisory process, in-
cluding any computer file, work paper, or simi-
lar document.
‘‘(B) Any correspondence or communica-
tion from the Administration to a credit union
arising from or relating to an examination, in-
spection, visitation, or investigation by the Ad-
ministration.
‘‘(C) Any correspondence, communication,
or document, including any compliance and
other reports, created by a credit union in re-
sponse to any request, inquiry, or directive from
the Administration in connection with any ex-
amination, inspection, visitation, or investiga-
tion and provided to the Administration, other
than any book or record in the possession of the
credit union routinely prepared by the credit
union and maintained in the ordinary course of
business or any information required to be
made publicly available by any Federal law or
regulation.
‘‘(D) Any record of the Administration to
the extent it contains information derived from
any report, correspondence, communication or
H.L.C.
other information described in subparagraph
(A), (B), or (C).
‘‘(b) CREDIT UNION SUPERVISORY PRIVILEGE.—
‘‘(1) PRIVILEGE ESTABLISHED.—
‘‘(A) IN GENERAL.—All confidential super-
visory information shall be the property of the
Administration and shall be privileged from dis-
closure to any other person.
‘‘(B) PROHIBITION
ON
UNAUTHORIZED
DISCLOSURES.—No person in possession of con-
fidential supervisory information may disclose
such information, in whole or in part, without
the prior authorization of the Administration,
except for a disclosure made in published statis-
tical material that does not disclose, either di-
rectly or when used in conjunction with publicly
available information, the affairs of any person.
‘‘(C) AGENCY WAIVERS.—The Board may
waive, in whole or in part, in the discretion of
the Board, any privilege established under this
paragraph.
‘‘(2) EXCEPTION.—No provision of paragraph
(1) shall be construed as preventing access to con-
fidential supervisory information by duly authorized
H.L.C.
committees of the United States Congress or the
Comptroller General of the United States.
‘‘(c) OTHER PRIVILEGES NOT WAIVED BY DISCLO-
SURE TO ADMINISTRATION.—The submission by a credit
union of any information to the Administration or a State
credit union supervisor for any purpose in the course of
the supervisory process of the Administration or such su-
pervisor shall not be construed as waiving, destroying, or
otherwise affecting any privilege such institution may
claim with respect to such information under Federal or
State law.
‘‘(d) DISCOVERY
AND DISCLOSURE
OF INFORMA-
TION.—
‘‘(1) INFORMATION AVAILABLE ONLY FROM AD-
MINISTRATION.—
‘‘(A) IN GENERAL.—A person seeking dis-
covery or disclosure, in whole or in part, of con-
fidential supervisory information may not seek
to obtain such information through subpoena,
discovery procedures, or other process from any
person, except that such information may be
sought in accordance with this section from the
Administration.
‘‘(B) REQUEST SUBMITTED TO ADMINIS-
TRATION.—Any request for discovery or disclo-
H.L.C.
sure of confidential supervisory information
shall be made in the Administration, which
shall determine within a reasonable time period
whether to disclose such information pursuant
to procedures and criteria established in regula-
tions.
‘‘(2) EXCLUSIVE
FEDERAL
COURT
JURISDIC-
TION OVER DISPUTES.—
‘‘(A) IN GENERAL.—Federal courts shall
have exclusive jurisdiction over actions or pro-
ceedings in which any party seeks to compel
disclosure of confidential supervisory informa-
tion.
‘‘(B) JUDICIAL REVIEW.—Judicial review
of the final action of the Administration with
regard to the disposition of a request for con-
fidential supervisory information shall be before
a district court of the United States of com-
petent jurisdiction, subject to chapter 7 of part
I of title 5, United States Code.
‘‘(C) RIGHT TO APPEAL.—Any court order
that compels production of confidential super-
visory information may be immediately appealed
by the Administration and the order compelling
H.L.C.
production shall be automatically stayed, pend-
ing the outcome of such appeal.
‘‘(e) SUBPOENAS.—
‘‘(1) AUTHORITY TO INTERVENE.—In the case
of any action or proceeding to compel compliance
with a subpoena, order, discover request, or other ju-
dicial or administrative process with respect to any
confidential supervisory information relating to any
credit union, the Administration and the credit
union may intervene in such action or proceeding for
the purpose of—
‘‘(A) enforcing the limitations established
in paragraph (1) of subsections (b) and (d);
‘‘(B) seeking the withdrawal of any com-
pulsory process with respect to such informa-
tion; and
‘‘(C) registering appropriate objections
with respect to the action or proceeding to the
extent the action or proceeding relates to or in-
volves such information.
‘‘(2) RIGHT TO APPEAL.—Any court order that
compels production of confidential supervisory infor-
mation may be immediately appealed by the Admin-
istration and the order compelling production shall
H.L.C.
be automatically stayed, pending the outcome of
such appeal.
‘‘(f) REGULATIONS.—
‘‘(1) AUTHORITY TO PRESCRIBE.—The Board
may prescribe such regulations as the Board consid-
ers to be appropriate, after consultation with the
Federal banking agencies (as defined in section 3 of
the Federal Deposit Insurance Act), to carry out the
purposes of this section.
‘‘(2) AUTHORITY
TO
REQUIRE
NOTICE.—Any
regulations prescribed by the Administration under
paragraph (1) may require any person in possession
of confidential supervisory information to notify the
Administration whenever the person is served with a
subpoena, order, discovery request, or other judicial
or administrative process requiring the personal at-
tendance of such person as a witness or requiring
the production of such information in any proceed-
ing.
‘‘(g) ACCESS IN ACCORDANCE WITH REGULATIONS
AND ORDERS.—Notwithstanding any other provision of
this section, the Administration may, without waiving any
privilege, authorize access to confidential supervisory in-
formation for any appropriate governmental, law enforce-
H.L.C.
ment, or public purpose in accordance with agency regula-
tions or orders.’’.
Æ