1 2 3 4 5 6 3 (F) a credit union organized under the laws of any State or of the United States; or (G) any other organization chartered under the banking laws of any State and subject to the supervision of the bank supervisory authorities of a State. (2) The term "financial records" means any original or 7 any copy of (A) a document granting signature authority over a deposit or share account; (B) a statement, ledger card, or other record on any deposit or share account, which shows each transaction in or with respect to that account; (C) a check, clear draft, or money order drawn on an institution or issued and payable by an institution; or (D) any item, other than an institutional or periodic charge, made pursuant to any agreement by an institution and a person which constitutes a debit or a credit to that person's deposit or share account if such item is not included in clause (C). (3) The term "supervisory agency" means (A) the Federal Deposit Insurance Corporation; (B) the Federal Savings and Loan Insurance Corporation; (C) the Federal Home Loan Bank Board; (D) the National Credit Union Administration; 1 2 3 4 5 6 7 8 4 (E) the Federal Reserve Board; (F) the Comptroller of the Currency; and (G) any authority of any State or local government which the Secretary of the Treasury determines by reg ulation exercises supervisory functions substantially similar to those exercised by the agencies referred to in clauses (A) through (F) of this paragraph. (b) Nothing in this Act prohibits (1) the examination 9 of any financial records by, or the furnishing of financial rec10 ords by a fiduciary institution to, any officer or employee 11 of a supervisory agency for use solely in the exercise of his 12 duties as such an officer or employee, (2) the publication of 13 data furnished from financial records relating to customers 14 where such data cannot be identified to any particular customer or account, or (3) the making of reports or returns 16 required under chapter 61 of the Internal Revenue Code of 17 1954. 15 18 19 CONFIDENTIALITY OF RECORDS SEC. 3. A fiduciary institution may not disclose to any 20 person except to the customer or his duly authorized agent * 2 2 2 2 21 any financial records relating to that customer of that fiduci 22 ary institution unless 23 24 (1) such customer has authorized, in accordance with section 4, disclosure to such person; or 1 2 5 (2) such financial records are disclosed in response to a court order which meet the requirements of section 5. 4 SEC. 4. A customer may authorize disclosure under sec 5 tion 3 (1) if he furnishes to the fiduciary institution a signed 6 and dated statement which 20 (1) authorizes such disclosure for a period not in excess of one week; (2) does not contain any contractual or other provision not directly related to such authorization; and (3) identifies the specific financial records or the items of information contained in any financial records which are authorized to be disclosed unless such au thorizations relate only to (A) a record of the cus tomer's average balance for the preceding six months, (B) a record of the customer's current balance, and (C) a record of the customer's loan and overdraft re payments during the preceding six months. COURT ORDERS SEC. 5. A fiduciary institution shall disclose financial 21 records under section 3 pursuant to a court order only if: 22 2 2 2 2 2 23 24 (1) the court order is issued upon a showing of probable cause which would be sufficient to support the issuance of a valid search warrant to obtain the financial 6 records if the financial records were in the home of the customer, and (2) the court order is served upon the customer and upon the fiduciary institution at least twenty-one days prior to the date on which the records are to be disclosed. 6 7 8 RECORDKEEPING SEC. 6. Notwithstanding any other provision of law, 9 the Secretary of the Treasury may not require an institution 10 to maintain any financial records relating to customers un11 less 16 17 18 (1) such records are normally required for use by a supervisory agency in the supervision of that institu tion; (2) such records relate solely to international financial transactions; or (3) such records are required to be maintained un der a provision of the Internal Revenue Code of 1954. For purposes of this section, the term "international financial 20 transaction" means any transfer of funds or monetary instru 21 ments across any 223 border of the United States. CIVIL PENALTIES 23 SEC. 7. Any fiduciary institution which knowingly and 24 25 willfully discloses financial records in violation of this Act is liable to the customer to whom such records relate in an amount equal to the sum of— 1 2 3 4 5 67 8 9 7 (1) any actual damages sustained by the person as a result of the failure; (2) such punitive damages as the court may allow, except that such punitive damages shall be not less than $100; and (3) in the case of any successful action to enforce liability under this section, the cost of the action together with reasonable attorneys fees as determined by the court. 10 An action to enforce any liability under this Act may be 11 brought in any appropriate United States district court with12 out regard to the amount in controversy, or in any other 13 court of competent jurisdiction within three years from the 14 date on which the liability arises. 15 16 CRIMINAL PENALTIES SEC. 8. (a) Whoever, being an officer or employee of a 17 fiduciary institution, knowingly and willfully furnishes fi18 nancial records in violation of this Act is guilty of a mis19 demeanor, and upon conviction shall be imprisoned for not 20 21 more than one year or fined not more than $5,000 or both. (b) Whoever knowingly and willfully induces or at22 tempts to induce any officer or employee of a fiduciary insti23 tution to disclose financial records in violation of this Act, is guilty of a misdemeanor and upon conviction shall be imprisoned for not more than one year or fined not more than $5,000, or both. 24 25 26 |