For the purpose of this chapter, the term—
(1) “financial institution”, except as provided in [section 3414 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3414&num=0&edition=prelim), means any office of a bank, savings bank, card issuer as defined in section 1602(n) 11 See References in Text note below. 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim)); and
(B) any company described in [section 1843(f)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/f/1&num=0&edition=prelim);
(7) “supervisory
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Stable record: federal_law:legal_authorities:record_usc_8b95d3e597f2b5a05cc590d2 Source file: Laws/federal/codes/united-states-code/title-12/section-3401-definitions--320cc7635a.md Pages: Not recorded – Not recorded Passage SHA-256: 59fd5e9a1392c8145812f5a9a2f64ef579a61aa01dc8da44fd9e3c0d33504895 Retained source evidence SHA-256: 6fc065ad22288b295d1261d7a08be96659fad7a6b5203d9764899044df53fb37
Source location: Title 12, Chapter 35, § 3401; chapter-035-right-to-financial-privacy.md
Stored source content
For the purpose of this chapter, the term—
(1) “financial institution”, except as provided in [section 3414 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3414&num=0&edition=prelim), means any office of a bank, savings bank, card issuer as defined in section 1602(n) 11 See References in Text note below. 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim)); and
(B) any company described in [section 1843(f)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/f/1&num=0&edition=prelim);
(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;
(H) the Secretary of the Treasury, with respect to the Bank Secrecy Act (Public Law 91–508, title I) [[12 U.S.C. 1951](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1951&num=0&edition=prelim) 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.
Cross-references
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Congress finds that certain records maintained by businesses engaged in the functions described in [section 1953(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1953/b&num=0&edition=prelim) have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings. The Congress further finds that the power to require reports of changes in the ownership, control, and managements of types of financial institutions referred to in [section 1952 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1952&num=0&edition=prelim) may be necessary for the same purpose.
**(b)** It is the purpose of this chapter to require the maintenance of appropriate types of records and the making of appropriate reports by such businesses in the United States where such records or reports have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.
Stored review status: release_metadata_unconfirmed. The source passage cites 12 U.S.C. § 1951. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 1951. Congressional findings and declaration of
purpose
(a) The Congress finds that certain records
maintained by businesses engaged in the func-
tions described in section 1953(b) of this title
have a high degree of usefulness in criminal,
tax, and regulatory investigations and pro-
ceedings. The Congress further finds that the
power to require reports of changes in the own-
ership, control, and managements of types of fi-
nancial institutions referred to in section 1952 of
this title may be necessary for the same pur-
pose.
(b) It is the purpose of this chapter to require
the maintenance of appropriate types of records
and the making of appropriate reports by such
businesses in the United States where such
records or reports have a high degree of useful-
ness in criminal, tax, or regulatory investiga-
tions or proceedings.
(Pub. L. 91–508, title I, § 121, Oct. 26, 1970, 84 Stat.
1116.)
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 91–508, title IV, § 401(a), (b), Oct. 26, 1970, 84
Stat. 1125, provided that:
‘‘(a) Except as otherwise provided in this section, ti-
tles I, II, and III of this Act and the amendments made
thereby [enacting this chapter and sections 1730d and
1829b of this title and section 1051 et seq. of former
Title 31, Money and Finance, amending section 78g of
Title 15, Commerce and Trade, and enacting provisions
set out as notes under section 78g of Title 15 and sec-
tion 1051 of former Title 31] take effect on the first day
of the seventh calendar month which begins after the
date of enactment [Oct. 26, 1970].
‘‘(b) The Secretary of the Treasury may by regulation
provide that any provision of title I or II or any amend-
ment made thereby [enacting this chapter and sections
1730d and 1829b of this title
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 1951. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 3401. Definitions
For the purpose of this chapter, the term—
(1) ‘‘financial institution’’, except as pro-
vided 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, indus-
trial 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 rela-
tionship 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 part-
nership of five or fewer individuals;
(5) ‘‘customer’’ means any person or author-
ized representative of that person who utilized
or is utilizing any service of a financial insti-
tution, 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;
Page 1535
TITLE 12—BANKS AND BANKING
§ 3402
(7) ‘‘supervisory agency’’ means with respect
to any particular financial institution, hold-
ing company, or any subsidiary of a financial
institution or holding company, any of the fol-
lowing which has statutory authority to ex-
amine the financial condition, bu