NONWAIVER OF PRIVILEGES.

SEC. 607. NONWAIVER OF PRIVILEGES.(a) Insured Depository Institutions.—Section 18 of the Federal Deposit Insurance Act (12 U.S.C. 1828) is amended by adding at the end the following:“(x) Privileges Not Affected by Disclosure to Banking Agency or Supervisor.—“(1) In general.—The submission by any person of any information to any Federal banking agency, State bank supervisor, or foreign banking authority for any purpose in the course of any supervisory or regulatory process of such agency, supervisor, or authority shall not be construed as waiving, destroying, or otherwise affecting any privilege such person may claim with respect to such information under Federal or State law as to any person or entity other than such agency, supervisor, or authority.“(2) Rule of construction.—No provision of paragraph (1) may be construed as implying or establishing that—“(A) any person waives any privilege applicable to information that is submitted or transferred under any circumstance to which paragraph (1) does not apply; or“(B) any person would waive any privilege applicable to any information by submitting the information to any Federal banking agency, State bank supervisor, or foreign banking authority, but for this subsection.”(b) Insured Credit Unions.—Section 205 of the Federal Credit Union Act (12 U.S.C. 1785) is amended by adding at the end the following:“(j) Privileges Not Affected by Disclosure to Banking Agency or Supervisor.—“(1) In general.—The submission by any person of any information to the Administration, any State credit union supervisor, or foreign banking authority for any purpose in the course of any supervisory or regulatory process of such Board, supervisor, or authority shall not be construed as waiving, destroying, or otherwise affecting any privilege such person may claim with respect to such information under Federal or State law as to any person or entity other than such Board, supervisor, or authority.“(2) Rule of construction.—No provision of paragraph (1) may be construed as implying or establishing that—“(A) any person waives any privilege applicable to information that is submitted or transferred under any circumstance to which paragraph (1) does not apply; or“(B) any person would waive any privilege applicable to any information by submitting the information to the 120 STAT. 1983 Administration, any State credit union supervisor, or foreign banking authority, but for this subsection.”.