Missouri Revised Statutes
Chapter 361
Division of Finance and Powers of Director of Finance
←361.070
Section 361.080.1
361.090→
August 28, 2015
Confidential information--exceptions--penalty for disclosure.
361.080. 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.
(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)
Effective 7-10-12
Prior revisions: 1929 § 5291; 1919 § 11679; 1909 § 1079
CROSS REFERENCE:
Bank tax, director of finance to furnish director of revenue reports
filed by banking institutions, 148.100
2005
1999
2005
361.080. 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 except:
(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 disclosure is necessary or required, the director may set
conditions and limitations, including an agreement of confidentiality or a
judicial or administrative protective order.
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.
1999
361.080. 1. To ensure the integrity of the bank examination process,
the director of finance, his deputies, clerks, stenographers, each examiner
and every employee shall be bound, under oath, to keep secret all facts and
information obtained in the course of all examinations, except so far as
the public duty of such officer requires him to report upon or take special
action regarding the affairs of any bank, trust company or small loan
business, and except when he is called as a witness in any proceeding in a
court of justice relating to such financial institution's safety and
soundness or in any criminal proceeding.
2. In all other circumstances, facts and information obtained by the
division of finance in the course of examinations or investigations of a
bank or trust company shall be held in confidence and not disclosed 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 bank examination
process. In no event shall a bank, trust company, or any director,
officer, employee, or agent thereof be held liable for libel, slander or
defamation of character for any good faith communications by such bank,
trust company or any director, officer, employee, or agent thereof to the
director of finance or his deputies, examiners, or employees. Provided,
however, that nothing in this section shall prohibit the disclosure of
examination or investigation reports and work papers to a bank or trust
company when a dispute arises concerning the examination or investigation
of such bank or trust company.
3. If any director of finance, deputy, clerk, stenographer or
examiner shall disclose the name of any debtor of any bank, trust company
or small loan business, or anything relative to the private accounts,
affairs or transactions of the bank, trust company or small loan business,
or shall disclose any facts obtained in the course of his or their
examination of any bank, trust company or small loan business, except as
herein provided, he shall be deemed guilty of a misdemeanor and upon
conviction thereof shall be subject to a forfeiture of his office and the
payment of a fine of not more than one thousand dollars; provided, however,
that the director of finance, his deputies, and each examiner may exchange
information with the Federal Reserve Board, the federal reserve banks, or
with examiners duly appointed by the Federal Reserve Board, or by the
federal reserve banks, the Comptroller of Currency of the United States, or
with examiners duly appointed by him, the Federal Deposit Insurance
Corporation or the examiners duly appointed by it, or any other agency
which regulates financial institutions under the laws of the federal
government or of this state or any other state when the director of finance
determines that the sharing of such information is necessary for the proper
performance of the bank examination, supervisory or regulatory duties of
such agencies and examiners, that such information will receive protection
from disclosure comparable to that accorded by section 361.070 and this
section, and such agencies and examiners routinely share such information
with the division of finance; and provided, further, that reports shall be
made of the condition of the affairs of a bank or trust company ascertained
from the examination to the officers and directors of the bank or trust
company examined, and to the finance director, and to any holding company
owning control of such bank or trust company if authorized by the board of
directors of the bank or trust company.
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