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pertaining to the account holder's financial condition or

status;

"(G) any records performing similar or substitute functions for any of the foregoing.

"(5) (A) The term 'supervisory agency' means—

"(1) the Federal Deposit Insurance Corporation;

"(2) the Federal Home Loan Bank Board;

"(3) the Federal Savings and Loan Insurance Corporation;

"(4) the National Credit Union Board;

"(5) the National Credit Union Administration; "(6) the Federal Reserve Board; '

"(7) the Comptroller of the Currency; and

"(8) any State department or agency which is

required by law to perform periodic examination or audit of the financial records of non-Federal financial

institutions. 1

"(B) Notwithstanding any other provisions of this 19 title, the examination or audit of financial records by any 20 officer or employee of a supervisory agency in the exercise 21 of his duties as such an officer or employee in accordance 22 with applicable laws shall not be affected by this title except as prescribed below in section 5.

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"CONFIDENTIALITY OF RECORDS

"SEC. 4. Except as provided in section 6, a financial

26 institution is prohibited from disclosing to any officer, em

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1 ployee, agent, department, or agency of any State or the 2 United States, or to any other person, copies of or the in

3 formation contained in any financial records relating to any 4 account holdler unless

5 "(a) Such account holder has given the financial in6 stitution written consent on each occasion when disclosure 7 is requested after receipt from such institution of written 8 notification of the request stating the name of the intended 9 recipient and, if applicable, the statutory purpose for which 10 the information is to be obtained; or

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"(b) (1) A person requesting such disclosure presents

a signed written authorization from such account holder

naming the intended recipient, specifying the information to 14 be disclosed and, if applicable, specifying the statutory pur15 pose for which the information is to be obtained, and

16 "(2) The financial institution receiving such request 17 and authorization notifies its account holder in writing by 18 registered mail, return receipt requested, of the request in19 cluding the name of the intended recipient and, if appli20 cable, the statutory purpose for which the information is to 21 be obtained and no contrary instructions are received from 22 such account holder within ten days of such mailing; or "(c) Such records are made available pursuant to a Federal or State subpena or summons which has

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"(1) been personally served upon the account

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holder and the financial institution in accordance with

applicable laws governing service of process, and

"(2) (A) such account holder in writing directs the financial institution to comply with such subpena, or

"(B) the elapse of the period of compliance or fifteen days whichever is longer, has taken place without a court order precluding compliance having been served upon the financial institution; or

"(d). Such records are made available pursuant to a

10 Federal or State subpena which has

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"(1) been served upon the account holder by sub

12 stituted service in accordance with applicable laws gov

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13 erning service of process with a copy of the subpena served upon the financial institution and

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"(2) (A) such account holder in writing directs the financial institution to comply with such subpena, or "(B) a court of competent jurisdiction has thereafter ordered compliance with the subpena, such court order being served upon both the account holder and the financial institution; or

"(e) Such records are made available in response to

an order of a court of competent jurisdiction after a probable

23 cause hearing which on its face comports with the require

24 ments of the fourth amendment of the United States 25 Constitution.

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1 “SEC. 5. (a) No supervisory agency, or any State or 2 Federal governmental department or agency, or any officer,

3 employee, or agent of a State or the United States obtaining 4 copies of or the information contained in any financial

5 records may,

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"(1) use or retain in any form the information disclosed by any financial institution for any purpose

other than the specific statutory purpose for which

the information was originally obtained unless such information provides the basis for or gives rise to a civil

or criminal complaint or indictment within six months of obtaining such information.

(b) The prohibition of disclosure shall not limit or 14 prevent the dissemination of statistical information not 15 identified or identifiable as derived from any particular per16 son's deposit, share, or credit card account.

17 "SEC. 6. Notwithstanding any other provision in this 18 title, a financial institution is not prohibited from disclosing 19 necessary financial records

"(a) to a bank service corporation to perform

bank services;.

"(b) to an appropriate State agency to report accounts deemed by law to be abandoned;

"(c) to persons solely for the commercial purpose

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of collecting delinquent balances on particular accounts

to which the financial records relate;

"(d) to a surviving spouse or relative of a de

, ceased account holder where such person is entitled by law to claim any assets held by the financial institution;

"(e) to appropriate State or Federal agencies in compliance with State revenue laws or the Internal Revenue Code of 1954 solely for the purpose of filing

the financial institution's income tax return.

"CIVIL PENALTIES

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"SEC. 7. (a) For each willful violation of this title,

12 the person to whom such records relate may recover from 13 such financial institution, the United States or any other 14 person willfully violating this title an amount equal to 15 the sum of—

"(1) any actual damages sustained by such per

son as a result of the violation;

"(2) such punitive damages as the court may

allow; but not less than $5,000; and

"(3) in the event of any successful action to enforce liability under this section, the cost of the action

together with a reasonable attorney's fee as determined

by the court.

"(b) For every other violation of this Act, the person

to whom such records relate may recover from such financial