Finance

Banks

The relationship between banks and their customers is confidential and privileged; generally, information from banks may be obtained only by subpoena. The release of information may be subject to the Right to Financial Privacy Act (12 U.S.C. secs. 3401-3422). Requested records, and the information they provide, could include the following:

Central master files of customers (depositors, debtors, and safe deposit
box holders) are maintained by the bank. The bank usually requires the
customer's consent, a search warrant, or a court order before an author-
ized bank official can open a safe deposit box.

Savings account applications can provide handwriting samples and cer-
tain personal information about the customer, varying from one bank to
another. Savings account deposit records reflect date of deposit,
amounts of currency and checks, drawee banks of checks, and dates and
amounts of withdrawals. In cases of large withdrawals, some banks
request a reason for the withdrawal from the customer. The customer is
not required to give the information, nor can the bank refuse to honor
the withdrawal. Some building and loan associations may demand notice
on large withdrawals.

Applications for checking accounts also provide handwriting specimens
and certain personal information, varying from one bank to another.
Checking account deposit slips reflect date of deposit, amounts of cur-
rency and checks, and drawee banks of checks. These slips may also
identify the account holder's financial associates.

Federal Regulatory
Agencies

Export-Import Bank of the
United States

The Export-Import Bank loans funds to foreign countries and businesses to buy goods from U.S. companies. The borrower can obtain up to 50 percent of the purchase price of the goods being acquired. The selling company must complete and submit to the bank a supplier certificate. Included in this certificate is a required statement as to commissions paid, especially in a foreign country, to foreign sales "representatives" or "agents."

Finance

The Farm Credit Administration oversees and regulates the entities within the farm credit system: the Production Credit Association, which provides farm operating loans, and the Federal Land Bank, which grants loans to farmers to buy land.

Federal or state banks or savings associations that apply to be insured by the FDIC must submit an application that covers financial history, financial condition, capital structure, management, future earning prospects, convenience to and needs of the community, and consistency of corporate powers.

FDIC-insured banks are examined annually by FDIC-insured examiners; FDIC savings associations are examined periodically by FDIC examiners. Each examination includes an appraisal of management, directors, officers, and staff. The reports of examination contain white and pink sheets. The white sheets contain examination findings, and a copy is given to the bank's Board of Directors. The examiner retains the pink sheets, which contain confidential information including an alphabetical list of all directors, officers, and principal employees; their titles; and comments on each individual to the extent possible. The examiner also comments on the capabilities of each individual, gives his/her approximate age, and cites other business affiliations. Additionally, the examiner completes a form on each individual, setting forth his/her estimated net worth, par value of stock owned, and salary.

Inquiries regarding types of records available to the public (including records available under the Freedom of Information Act) should be directed to the appropriate FDIC regional office or to the Office of the Executive Secretary, which can be contacted at (202) 898-3811.

The Federal Housing Finance Board is an independent regulatory agency
in the executive branch. The Finance Board succeeded the Federal Home
Loan Bank Board and is responsible for administering and enforcing the
Federal Home Loan Bank Act (Act).

The Finance Board acts in the following ways:

It supervises the Federal Home Loan Banks created by the Act and issues regulations and orders for carrying out the purposes of the Act. Savings associations that make long-term home mortgage loans are eligible to become members of a Federal Home Loan Bank.