H.R. 6125 (112th): To amend the Federal Deposit Insurance Act and the Federal Credit Union Act with respect to privilege ...

...of information provided to Federal and State agencies, and for other purposes.

112th Congress, 2011–2013. Text as of Jul 12, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

2d Session

H. R. 6125

IN THE HOUSE OF REPRESENTATIVES

July 12, 2012

(for himself and Mr. Perlmutter) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Federal Deposit Insurance Act and the Federal Credit Union Act with respect to privilege of information provided to Federal and State agencies, and for other purposes.

1.

Privilege and confidentiality of information provided to regulators

(a)

Federal Deposit Insurance Act

The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended—

(1)

in section 11(t) (12 U.S.C. 1821(t))—

(A)

in paragraph (1), by inserting or confidentiality after privilege;

(B)

in paragraph (2)—

(i)

in subparagraph (A)—

(I)

by inserting after clause (v) the following:

(vi)

The Bureau of Consumer Financial Protection.

; and

(II)

by adding at the end the following:

(viii)

State bank and financial company supervisors.

(ix)

Any licensing and registry system established under section 1502 or section 1509 of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.).

; and

(ii)

by adding at the end the following:

(C)

State bank and financial company supervisor

The term State bank and financial company supervisor means—

(i)

a State bank supervisor; or

(ii)

any agency of a State which licenses, supervises, or examines the offering of consumer financial products or services provided by persons subject to the regulatory or supervisory authority of the Bureau of Consumer Financial Protection.

; and

(C)

in paragraph (3), by inserting or confidentiality after privilege;

(2)

in section 18(x)—

(A)

in paragraph (1)—

(i)

by inserting the Bureau of Consumer Financial Protection, before any Federal banking agency;

(ii)

by striking State bank supervisor and inserting State bank and financial company supervisor (as defined under section 11(t)(2)), licensing and registry system established under section 1502 or section 1509 of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.); and

(iii)

by striking such agency each place such term appears and inserting such Bureau, agency, system;

(iv)

by inserting or confidentiality after privilege; and

(B)

in paragraph (2)—

(i)

by inserting or confidentiality after privilege each place such term appears; and

(ii)

in subparagraph (B)—

(I)

by inserting the Bureau of Consumer Financial Protection, before any Federal banking agency; and

(II)

by striking State bank supervisor and inserting State bank and financial company supervisor, licensing and registry system established under section 1502 or section 1509 of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.).

(b)

Federal Credit Union Act

Section 205(j) of the Federal Credit Union Act (12 U.S.C. 1785(j)) is amended—

(1)

by inserting or confidentiality after privilege each place such term appears; and

(2)

by inserting the Bureau of Consumer Financial Protection, before the Administration each place such term appears.