☰ Revisor of Missouri

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

Effective - 10 Jul 2012, see footnote bottom

  361.080.  Confidential information — exceptions — penalty for disclosure. — 1.  To ensure the integrity of the examination process, the director of finance and all employees of the division of finance shall be bound under oath to keep secret all facts and information obtained in the course of all examinations and investigations subject only to the exceptions set out below.  When disclosure is necessary or required under this subsection, the director may set conditions and limitations including an agreement of confidentiality or seek a judicial protective order under subsection 2 of this section.  The exceptions allowing disclosure are as follows:

  (1)  To the extent that the public duty of the director requires the director to report information to another government official or agency or take administrative or judicial enforcement action regarding the affairs of a financial institution;

  (2)  When called as a witness in a court proceeding relating to such financial institution's safety and soundness or in any criminal proceeding;

  (3)  When reporting on the condition of the financial institution to the officers and directors of the financial institution or to a holding company which owns the financial institution;

  (4)  When reporting findings to a complainant, provided the disclosure is limited to such complainant's account information;

  (5)  When exchanging information with any agency which regulates financial institutions under federal law or the laws of any state when the director of finance determines that the sharing of information is necessary for the proper performance by the director of finance and the other agencies, that such information will remain confidential as though subject to section 361.070 and this section and that said agencies routinely share information with the division of finance;

  (6)  When authorized by the financial institution's board of directors to provide the information to anyone else; or

  (7)  When undergoing a state audit, provided that the director of finance has entered an agreement of confidentiality with the state auditor.  The agreement of confidentiality shall include provisions for the redaction of records to remove protected information from disclosure.  The redaction of information shall be required when it is comprised of nonpublic personal or proprietary commercial and financial information, trade secrets, information the disclosure of which could prejudice the effective performance or security of the division of finance including component CAMELS ratings or other sensitive findings, or information that is protected under any recognized privilege, such as attorney-client privilege or work product.  Protected information shall also be identifying bank information including anything that could be matched with public information to discern the identity of a financial institution under the jurisdiction of the division of finance or of individual persons or business entities served by such financial institutions.  When confidential or protected information relating to a particular financial institution under the division's jurisdiction is requested, the director of the division of finance shall provide notice to that institution at least thirty days prior to production, and shall provide the institution a copy of the proposed agreement of confidentiality.  The affected institution may submit comments to the director regarding the agreement or the production and may seek review of the decision to produce the information or of the confidentiality agreement, or both, under the provisions of section 536.150.  The director of the division of finance may forego the notice to a financial institution under this subsection when the notice would compromise an investigation by any agency with criminal prosecutorial powers.

  2.  In all other circumstances, facts and information obtained by the director of finance and the employees of the division of finance through examinations or investigations shall be held in confidence absent a court's finding of compelling reasons for disclosure.  Such finding shall demonstrate that the need for the information sought outweighs the public interest in free and open communications during the examination or investigation process.  To assure a meaningful hearing, any financial institution that is not already a party to the judicial proceeding and whose information is the subject of a records request or subpoena shall be joined or notified and permitted to intervene in the hearing and to participate regarding the production request or subpoena.  In no event shall a financial institution, or any officer, director, or employee thereof, be charged with libel, slander, or defamation for any good faith communications with the director of finance or any employees of the division of finance.

  3.  If the director or any employees of the division of finance disclose the name of any debtor of any financial institution or disclose any facts obtained in the course of any examination or investigation of any financial institution, except as herein provided, the disclosing party shall be deemed guilty of a misdemeanor and upon conviction shall be subject to forfeiture of office and the payment of a fine not to exceed one thousand dollars.

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(RSMo 1939 § 7885, A.L. 1967 p. 445, A.L. 1980 S.B. 700, A.L. 1990 H.B. 1456, A.L. 1998 S.B. 852 & 913, A.L. 2005 H.B. 707, A.L. 2012 H.B. 1400)

Prior revisions: 1929 § 5291; 1919 § 11679; 1909 § 1079

Effective 7-10-12

CROSS REFERENCE:

Bank tax, director of finance to furnish director of revenue reports filed by banking institutions, 148.100


---- end of effective   10 Jul 2012 ----

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