RIGHT TO FINANCIAL PRIVACY ACT AMENDMENTS.

SEC. 6186. RIGHT TO FINANCIAL PRIVACY ACT AMENDMENTS. (a) Clarification of Right of Financial Institutions to Report Suspected Violations.—Section 1103(c) of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3403(c)) is amended by inserting “, corporation,” after “individual”. (b) Transfer by Government Agency of Records to Attorney General for Criminal Investigation.—Section 1112 of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3412) is amended by adding at the end thereof the following new subsection: “(f) Transfer to Attorney General.— “(1) In general.—Nothing in this title shall apply when financial records obtained by an agency or department of the United States are disclosed or transferred to the Attorney General upon the certification by a supervisory level official of the transferring agency or department that— “(A) there is reason to believe that the records may be relevant to a violation of Federal criminal law; and “(B) the records were obtained in the exercise of the agency’s or department’s supervisory or regulatory functions. 102 STAT. 4358 “(2) Limitation on use.—Records so transferred shall be used only for criminal investigative or prosecutive purposes by the Department of Justice and shall, upon completion of the investigation or prosecution (including any appeal), be returned only to the transferring agency or department.”. (c) Financial Records of Insiders.—Section 1113 of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3413) is amended by adding at the end thereof the following new subsection: “(l) Crimes Against Financial Institutions by Insiders.—Nothing in this title shall apply when any financial institution or supervisory agency provides any financial record of any officer, director, employee, or controlling shareholder (within the meaning of subparagraph (A) or (B) of section 2(a)(2) of the Bank Holding Company Act of 1956 or subparagraph (A) or (B) of section 408(a)(2) of the National Housing Act) of such institution, or of any major borrower from such institution who there is reason to believe may be acting in concert with any such officer, director, employee, or controlling shareholder, to the Attorney General of the United States, to a State law enforcement agency, or, in the case of a possible violation of subchapter II of chapter 53 of title 31, United States Code, to the Secretary of the Treasury if there is reason to believe that such record is relevant to a possible violation by such person of— “(1) any law relating to crimes against financial institutions or supervisory agencies by directors, officers, employees, or controlling shareholders of, or by borrowers from, financial institutions; or “(2) any provision of subchapter II of chapter 53 of title 31, United States Code.”. (d) Good Faith as a Defense From Liability for Disclosure of Financial Records of Insiders.—Section 1117(c) of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3417(c)) is amended— (1) by inserting “or pursuant to the provisions of section 1113(1)” after “certificate by any Government authority”; and (2) by inserting before the period at the end thereof the following: “under this title, the constitution of any State, or any law or regulation of any State or any political subdivision of any State”. (e) Exception to Requirement of Actual Presentation of Financial Records to Grand Jury.—Section 1120(1) of the Right to Financial Privacy Act of 1978 (12 U.S.C. 1120(1)) is amended by inserting before the semicolon “unless the volume of such records makes such return and actual presentation impractical in which case the grand jury shall be provided with a description of the contents of the records.”.