Regulation 12 U.S.C. 3401

§ 3355

TITLE 12—BANKS AND BANKING

ized model used by mortgage originators and
secondary market issuers to determine the collateral worth of a mortgage secured by a consumer’s principal dwelling.
(Pub. L. 101–73, title XI, § 1125, as added Pub. L.
111–203, title XIV, § 1473(q), July 21, 2010, 124 Stat.
2198.)
EFFECTIVE DATE
Section effective on the date on which final regulations implementing such section take effect, or on the
date that is 18 months after the designated transfer
date if such regulations have not been issued by that
date, see section 1400(c) of Pub. L. 111–203, set out as an
Effective Date of 2010 Amendment note under section
1601 of Title 15, Commerce and Trade.

§ 3355. Broker price opinions
(a) General prohibition
In conjunction with the purchase of a consumer’s principal dwelling, broker price opinions
may not be used as the primary basis to determine the value of a piece of property for the purpose of a loan origination of a residential mortgage loan secured by such piece of property.
(b) Broker price opinion defined
For purposes of this section, the term ‘‘broker
price opinion’’ means an estimate prepared by a
real estate broker, agent, or sales person that
details the probable selling price of a particular
piece of real estate property and provides a
varying level of detail about the property’s condition, market, and neighborhood, and information on comparable sales, but does not include
an automated valuation model, as defined in
section 3354(c) 1 of this title.
(Pub. L. 101–73, title XI, § 1126, as added Pub. L.
111–203, title XIV, § 1473(r), July 21, 2010, 124 Stat.
2198.)
REFERENCES IN TEXT
Section 3354(c) of this title, referred to in subsec. (b),
probably means section 3354(d) of this title, which defines ‘‘automated valuation model’’.
EFFECTIVE DATE
Section effective on the date on which final regulations implementing such section take effect, or on the
date that is 18 months after the designated transfer
date if such regulations have not been issued by that
date, see section 1400(c) of Pub. L. 111–203, set out as an
Effective Date of 2010 Amendment note under section
1601 of Title 15, Commerce and Trade.

CHAPTER 35—RIGHT TO FINANCIAL
PRIVACY
Sec.

3401.
3402.
3403.
3404.
3405.
3406.
3407.
3408.
3409.
3410.
3411.
3412.
1 See

Definitions.
Access to financial records by Government
authorities prohibited; exceptions.
Confidentiality of financial records.
Customer authorizations.
Administrative subpena and summons.
Search warrants.
Judicial subpena.
Formal written request.
Delayed notice.
Customer challenges.
Duty of financial institutions.
Use of information.
References in Text note below.

Page 1486

Sec.

3413.
3414.
3415.
3416.
3417.
3418.
3419.
3420.
3421.
3422.

Exceptions.
Special procedures.
Cost reimbursement.
Jurisdiction.
Civil penalties.
Injunctive relief.
Suspension of limitations.
Grand jury information; notification of certain persons prohibited.
Repealed.
Applicability to Securities and Exchange
Commission.

§ 3401. Definitions
For the purpose of this chapter, the term—
(1) ‘‘financial institution’’, except as provided in section 3414 of this title, means any
office of a bank, savings bank, card issuer as
defined in section 1602(n) 1 of title 15, industrial loan company, trust company, savings
association, building and loan, or homestead
association (including cooperative banks),
credit union, or consumer finance institution,
located in any State or territory of the United
States, the District of Columbia, Puerto Rico,
Guam, American Samoa, or the Virgin Islands;
(2) ‘‘financial record’’ means an original of, a
copy of, or information known to have been
derived from, any record held by a financial
institution pertaining to a customer’s relationship with the financial institution;
(3) ‘‘Government authority’’ means any
agency or department of the United States, or
any officer, employee, or agent thereof;
(4) ‘‘person’’ means an individual or a partnership of five or fewer individuals;
(5) ‘‘customer’’ means any person or authorized representative of that person who utilized
or is utilizing any service of a financial institution, or for whom a financial institution is
acting or has acted as a fiduciary, in relation
to an account maintained in the person’s
name;
(6) ‘‘holding company’’ means—
(A) any bank holding company (as defined
in section 1841 of this title); and
(B) any company described in section
1843(f)(1) of this title;
(7) ‘‘supervisory agency’’ means with respect
to any particular financial institution, holding company, or any subsidiary of a financial
institution or holding company, any of the following which has statutory authority to examine the financial condition, business operations, or records or transactions of that institution, holding company, or subsidiary—
(A) the Federal Deposit Insurance Corporation;
(B) the Bureau of Consumer Financial Protection;
(C) the National Credit Union Administration;
(D) the Board of Governors of the Federal
Reserve System;
(E) the Comptroller of the Currency;
(F) the Securities and Exchange Commission;
(G) the Commodity Futures Trading Commission;
1 See

References in Text note below.

Page 1487

§ 3403

TITLE 12—BANKS AND BANKING

(H) the Secretary of the Treasury, with respect to the Bank Secrecy Act (Public Law
91–508, title I) [12 U.S.C. 1951 et seq.] and subchapter II of chapter 53 of title 31; or
(I) any State banking or securities department or agency; and
(8) ‘‘law enforcement inquiry’’ means a lawful investigation or official proceeding inquiring into a violation of, or failure to comply
with, any criminal or civil statute or any regulation, rule, or order issued pursuant thereto.
(Pub. L. 95–630, title XI, § 1101, Nov. 10, 1978, 92
Stat. 3697; Pub. L. 101–73, title VII, § 744(b), title
IX, § 941, Aug. 9, 1989, 103 Stat. 438, 496; Pub. L.
101–647, title XXV, § 2596(c), Nov. 29, 1990, 104
Stat. 4908; Pub. L. 106–102, title VII, § 727(b)(1),
Nov. 12, 1999, 113 Stat. 1475; Pub. L. 108–177, title
III, § 374(b), Dec. 13, 2003, 117 Stat. 2628; Pub. L.
111–203, title X, § 1099(1), July 21, 2010, 124 Stat.
2105.)
REFERENCES IN TEXT
Section 1602(n) of title 15, referred to in par. (1), was
redesignated section 1602(o) of title 15 by Pub. L.
111–203, title X, § 1100A(1)(A), July 21, 2010, 124 Stat. 2107.
The Bank Secrecy Act, referred to in par. (7)(H), is
title I of Pub. L. 91–508, Oct. 26, 1970, 84 Stat. 1114, which
is classified principally to chapter 21 (§ 1951 et seq.) of
this title. For complete classification of this Act to the
Code, see Short Title note set out under section 1951 of
this title and Tables.
CODIFICATION
In par. (7)(H), ‘‘the Bank Secrecy Act (Public Law
91–508, title I) [12 U.S.C. 1951 et seq.] and subchapter II
of chapter 53 of title 31’’ substituted for ‘‘the Bank Secrecy Act [12 U.S.C. 1951 et seq.] and the Currency and
Foreign Transactions Reporting Act [31 U.S.C. 1051 et
seq.] (Public Law 91–508, title I and II)’’, on authority
of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the
first section of which enacted Title 31, Money and Finance.
AMENDMENTS
2010—Par. (6). Pub. L. 111–203, § 1099(1)(A), inserted
‘‘and’’ at end of subpar. (A), struck out ‘‘and’’ at end of
subpar. (B), and struck out subpar. (C) which read as
follows: ‘‘any savings and loan holding company (as defined in the Home Owners’ Loan Act);’’.
Par. (7)(B). Pub. L. 111–203, § 1099(1)(B), added subpar.
(B) and struck out former subpar. (B) which read as follows: ‘‘Director, Office of Thrift Supervision;’’.
2003—Par. (1). Pub. L. 108–177 inserted ‘‘, except as
provided in section 3414 of this title,’’ before ‘‘means
any office’’.
1999—Par. (7)(G) to (I). Pub. L. 106–102 added subpar.
(G) and redesignated former subpars. (G) and (H) as (H)
and (I), respectively.
1990—Par. (6)(B). Pub. L. 101–647 substituted ‘‘section
1843(f)(1)’’ for ‘‘section 1842(f)(1)’’.
1989—Par. (1). Pub. L. 101–73, § 744(b)(1), substituted
‘‘savings association’’ for ‘‘savings and loan’’.
Par. (6). Pub. L. 101–73, § 941(3), added par. (6). Former
par. (6) redesignated (7).
Par. (7). Pub. L. 101–73, § 941(1), (2), redesignated
former par. (6) as (7) and substituted new introductory
provisions for former introductory provisions which
read as follows: ‘‘ ‘supervisory agency’ means, with respect to any particular financial institution any of the
following which has statutory authority to examine
the financial condition or business operations of that
institution—’’. Former par. (7) redesignated (8).
Pub. L. 101–73, § 744(b)(2), (3), redesignated subpars. (C)
to (I) as (B) to (H), respectively, substituted ‘‘Director,
Office of Thrift Supervision’’ for ‘‘the Federal Home
Loan Bank Board’’ in subpar. (B), and struck out

former subpar. (B) which read as follows: ‘‘the Federal
Savings and Loan Insurance Corporation;’’.
Par. (8). Pub. L. 101–73, § 941(1), redesignated par. (7) as
(8).
EFFECTIVE DATE OF 2010 AMENDMENT
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.
EFFECTIVE DATE
Chapter (except for section 3415 of this title) effective
upon the expiration of 120 days after Nov. 10, 1978, see
section 2101 of Pub. L. 95–630, set out as a note under
section 375b of this title.
SHORT TITLE
Section 1100 of title XI of Pub. L. 95–630 provided
that: ‘‘This title [enacting this chapter] may be cited
as the ‘Right to Financial Privacy Act of 1978’.’’

§ 3402. Access to financial records by Government authorities prohibited; exceptions
Except as provided by section 3403(c) or (d),
3413, or 3414 of this title, no Government authority may have access to or obtain copies of, or
the information contained in the financial
records of any customer from a financial institution unless the financial records are reasonably described and—
(1) such customer has authorized such disclosure in accordance with section 3404 of this
title;
(2) such financial records are disclosed in response to an administrative subpena or summons which meets the requirements of section
3405 of this title;
(3) such financial records are disclosed in response to a search warrant which meets the
requirements of section 3406 of this title;
(4) such financial records are disclosed in response to a judicial subpena which meets the
requirements of section 3407 of this title; or
(5) such financial records are disclosed in response to a formal written request which
meets the requirements of section 3408 of this
title.
(Pub. L. 95–630, title XI, § 1102, Nov. 10, 1978, 92
Stat. 3697.)
§ 3403. Confidentiality of financial records
(a) Release of records by financial institutions
prohibited
No financial institution, or officer, employees,
or agent of a financial institution, may provide
to any Government authority access to or copies
of, or the information contained in, the financial records of any customer except in accordance with the provisions of this chapter.
(b) Release of records upon certification of compliance with chapter
A financial institution shall not release the financial records of a customer until the Government authority seeking such records certifies in
writing to the financial institution that it has
complied with the applicable provisions of this
chapter.
(c) Notification to Government authority of existence of relevant information in records
Nothing in this chapter shall preclude any financial institution, or any officer, employee, or