361.080. Confidential information--exceptions--penalty for disclosure. - Missouri Statutes

Confidential information--exceptions--penalty for disclosure.

361.080. 1. To ensure the integrity of the examination process, thedirector of finance and all employees of the division of finance shall bebound under oath to keep secret all facts and information obtained in thecourse of all examinations and investigations except:

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

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

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

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

(5) When exchanging information with any agency which regulatesfinancial institutions under federal law or the laws of any state when thedirector of finance determines that the sharing of information is necessaryfor the proper performance by the director of finance and the otheragencies, that such information will remain confidential as though subjectto section 361.070 and this section and that said agencies routinely shareinformation with the division of finance;

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

(7) When disclosure is necessary or required, the director may setconditions and limitations, including an agreement of confidentiality or ajudicial or administrative protective order.

2. In all other circumstances, facts and information obtained by thedirector of finance and the employees of the division of finance throughexaminations or investigations shall be held in confidence absent a court'sfinding of compelling reasons for disclosure. Such finding shalldemonstrate that the need for the information sought outweighs the publicinterest in free and open communications during the examination orinvestigation process. To assure a meaningful hearing, any financialinstitution that is not already a party to the judicial proceeding andwhose information is the subject of a records request or subpoena shall bejoined or notified and permitted to intervene in the hearing and toparticipate regarding the production request or subpoena. In no eventshall a financial institution, or any officer, director, or employeethereof, be charged with libel, slander, or defamation for any good faithcommunications with the director of finance or any employees of thedivision of finance.

3. If the director or any employees of the division of financedisclose the name of any debtor of any financial institution or discloseany facts obtained in the course of any examination or investigation of anyfinancial institution, except as herein provided, the disclosing partyshall be deemed guilty of a misdemeanor and upon conviction shall besubject to forfeiture of office and the payment of a fine not to exceed onethousand 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)

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, RSMo 148.100