12 USC 3109 - Cooperation with foreign supervisors

U.S Code last checked for updates: Nov 22, 2024

§ 3109.

Cooperation with foreign supervisors

(a)

Disclosure of supervisory information to foreign supervisors

(b)

Requirement of confidentiality

(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

(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

(Pub. L. 95–369, § 15, as added Pub. L. 102–242, title II, § 206, Dec. 19, 1991, 105 Stat. 2294; amended Pub. L. 109–351, title VII, § 709, Oct. 13, 2006, 120 Stat. 1990.)

cite as: 12 USC 3109