12 U.S.C. § 3412 (BANKS AND BANKING)
§ 3412. Use of information
(a) Transfer of financial records to other agencies or departments; certification
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.
(b) Mailing of copy of certification and notice to customer
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].”
(c) Court-ordered delays in mailing
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.
(d) Exchanges of examination reports by supervisory agencies; transfer of financial records to defend customer action; withholding of information
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.
(e) Exchange of records, reports, or other information
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.
(f) Transfer to Attorney General or Secretary of the Treasury
(1) In general
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—
(A) there is reason to believe that the records may be relevant to a violation of Federal criminal law; and
(B) the records were obtained in the exercise of the agency’s or department’s supervisory or regulatory functions.
(2) Limitation on use
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.
(Pub. L. 95–630, title XI, § 1112, Nov. 10, 1978, 92 Stat. 3705; Pub. L. 97–320, title IV, § 432(a), Oct. 15, 1982, 96 Stat. 1527; Pub. L. 100–690, title VI, § 6186(b), Nov. 18, 1988, 102 Stat. 4357; Pub. L. 101–73, title IX, § 944, Aug. 9, 1989, 103 Stat. 498; Pub. L. 102–242, title IV, § 411(1), Dec. 19, 1991, 105 Stat. 2375; Pub. L. 102–550, title XV, § 1516, title XVI, § 1606(b), Oct. 28, 1992, 106 Stat. 4059, 4087; Pub. L. 106–102, title II, § 231(b)(2), title VII, § 727(b)(2), Nov. 12, 1999, 113 Stat. 1407, 1475; Pub. L. 107–56, title III, § 358(f)(1), Oct. 26, 2001, 115 Stat. 327; Pub. L. 109–455, §§ 10, 13, Dec. 22, 2006, 120 Stat. 3381, 3382; Pub. L. 111–203, title X, § 1099(2), July 21, 2010, 124 Stat. 2105; Pub. L. 112–203, § 1, Dec. 4, 2012, 126 Stat. 1484.)
heading: Amendment of Section
text: For repeal of amendment by section 13 of Pub. L. 109–455, see Termination Date of 2006 Amendment note below.
heading: References in Text
text: The 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.
heading: Amendments
text: 2012—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).
heading: Effective Date of 2010 Amendment
text: 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.
heading: Termination Date of 2006 Amendment
text: Amendment by section 10 of Pub. L. 109–455 repealed effective Sept. 30, 2020, 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.
heading: Effective Date of 2001 Amendment
text: 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.
heading: Effective Date of 1992 Amendment
text: 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.