§ 6:103 — Records of the Office of Financial Institutions

Louisiana § 6:103

• Jurisdiction: Louisiana
• Title 6: Banks and Banking

Text

§103. Records of the Office of Financial Institutions
A. Except as provided in Subsections B and H, all records of the Office of Financial
Institutions shall be kept strictly confidential within the office, and such records and reports
shall not be subject to subpoena or other legal process except as provided for in Subsection
H.
B. The commissioner, in his sole discretion, may disclose or cause the employees of
the Office of Financial Institutions to disclose:
(1) Information about a particular financial institution to that institution.
(2) Information about any financial institution to any other financial institution
regulatory authority.
(3) Information about a financial institution, upon resolution of the board of directors
of that institution, that is being considered for merger or acquisition to the proposed merger
or acquisition partner.
(4) Information about a financial institution that is in an impaired, unsafe, or unsound
condition to another institution that has under consideration the merger or acquisition of that
institution when the information is necessary to enable that institution to prepare a merger
or acquisition after notification to the impaired institution by the commissioner.
(5) The public portion of an application for a certificate of authority to organize a
new state bank or additional branch office.
(6) Information to the state treasurer or to the legislative auditor concerning any
failure by a financial institution to secure public funds when such security is required by law,
regulation, or contract.
(7) Information obtained under the provisions of R.S. 15:587(A) to any financial
institution.
(8)(a) Information about a certified public accountant, real estate appraiser, or
attorney to their respective boards and associations.
(b) Information about a particular financial institution to the commissioner of
insurance when that financial institution is affiliated with an insurance company or other
entity licensed and regulated by the commissioner of insurance.
(9) Information submitted pursuant to R.S. 6:124.
(10) Confidential information or records of either the Office of Financial Institutions
or financial institutions and other supervised entities chartered or licensed in accordance with
Title 6 of the Louisiana Revised Statutes of 1950, produced by discovery or introduced into
evidence as part of an administrative hearing conducted in accordance with the
Administrative Procedure Act, and notwithstanding any other provision of law to the
contrary, such records shall remain confidential and shall not be deemed public.
(11) Statistical information compiled by the Office of Financial Institutions, provided
the information does not reveal the identity of any person or entity which is the source of that
information.
(12) Any action taken by the commissioner of the Office of Financial Institutions and
any legal grounds upon which such action is based relative to the fitness of any person to
receive, or to continue to hold any license the issuance of which requires the approval of the
commissioner of the Office of Financial Institutions.
(13) The status of, and any action taken by the commissioner of the Office of
Financial Institutions regarding, any application any person is required to file with the
commissioner, or the Office of Financial Institutions.
(14) Any action taken by the commissioner of the Office of Financial Institutions to
deny, suspend, or revoke a license, order refunds, impose civil money penalties, or enter into
a consent agreement against any person pursuant to the enforcement powers of the
commissioner authorized in R.S. 6:121.1, or otherwise authorized by law.
(15) Guidance, advisory opinions and interpretations issued by the Office of
Financial Institutions from time to time, provided that any names or other identifying
information contained within the original of such issuances, shall be excised from any text
or summary, unless those parties who would be identified, consent in writing to such
disclosure.
(16) Information that may be obtained in connection with any online licensing
system, as provided for in R.S. 6:1088.1, to other regulatory agencies that utilize the same
system and to third-party providers of the system.
(17) Records of the Office of Financial Institutions, other than criminal history
record information provided to the office by a state or federal law enforcement agency,
concerning any person subject to its jurisdiction when such records are requested by another
state or federal agency having authority to license or investigate such entity or person.
C. Records made by the office shall be retained by the office for seven years, except
those records that pertain to the internal business operations of the office.
D. A copy of any document on file with the office which is declared public by the
laws of this state or by regulation of the commissioner and is certified by the commissioner
as being a true copy may be introduced in evidence as if it were the original. The
commissioner shall establish a schedule of fees for copies of those documents.
E.(1) Copies of agency records and reports of examination of financial institutions
which from time to time may be left with such financial institutions by the Office of
Financial Institutions shall be:
(a) Kept strictly confidential by all persons.
(b) In whatever form, the property of the Office of Financial Institutions.
(c) Obtainable only from the Office of Financial Institutions by the procedures
established pursuant to Subsection H.
(d) Deemed a privileged communication under applicable state law and Federal Rule
of Evidence 501 and shall not be admissible in evidence in any court action or proceeding
except pursuant to subpoena of a court of record.
(e) For the purposes of this Title and Titles 9, 44, and 51 of the Louisiana Revised
Statutes of 1950, read in pari materia with R.S. 44:4.
(2) The board of directors of a financial institution may, by resolution, authorize the
disclosure of information contained in its report of examination to attorneys, CPA's, and
consultants employed by the financial institution, agents of a licensed banker's blanket bond
company for the purpose of obtaining blanket bond coverage, and to prospective directors
of the financial institution. Such a person, if not covered by a written code of professional
conduct provided for by Louisiana law, shall enter into a written confidentiality agreement
with the financial institution establishing his status and affirming that he will not disclose any
information that he has obtained from the report of examination other than for the purposes
expressly provided for in the agreement.
F.(1) Any information disclosed by the commissioner or employees of the Office of
Financial Institutions to any person pursuant to Paragraphs B(1) through (4), (6), and (8) of
this Section and any information received by the commissioner from any other financial
institution regulatory authority shall be kept strictly confidential by all persons and all such
information, in whatever form, shall not be subject to subpoena or other legal process.
(2)(a) It shall be unlawful for any person, including current and former employees of
the Office of Financial Institutions, who receives information pursuant to Subsection B of
this Section to disclose such information to anyone other than a state or federal bank
regulatory agency without authority from the commissioner of the Office of Financial
Institutions.
(b) Anyone who is found guilty of violating Subparagraph (2)(a) of this Subsection
shall be fined not more than five hundred dollars or imprisoned for not more than ninety
days, or both.
G. Office of Financial Institutions employees or officers, or employees of financial
institutions or licensed lenders, or members of the public making good faith criminal
referrals to either federal, state, or local law enforcement officials shall not be liable to
retaliatory lawsuits by those individuals suspected of the commission of a crime.
H. Notwithstanding any other provision of law to the contrary, except for documents
or information of other federal or state regulatory and law enforcement agencies in the
possession of the Office of Financial Institutions, any federal or state district court within the
state of Louisiana may order the Office of Financial Institutions to disclose information and
produce documents belonging to the Office of Financial Institutions, which are relevant to
claims or disputes at issue in a lawsuit, including but not limited to any writings, records,
accounts, letters, letter books, photographs, reports of examination, work papers of
examiners, loan write-ups, line sheets, handwritten notes, loan classification documents, or
other applicable materials of the Office of Financial Institutions, subject to all of the
following conditions:
(1) The person seeking any such information or documents shall file a motion in a
federal or state district court in the state of Louisiana having jurisdiction over the subject
matter.
(2) The motion shall specifically set forth a concise summary of the claims or
disputes at issue in the suit or proceeding and shall describe the information and documents
sought to be produced or disclosed by the Office of Financial Institutions.
(3) The person seeking such information or documents shall provide a copy of any
motion, pleadings, or documents relating to the motion to the Office of Financial Institutions
prior to any hearing or proceeding relating to the request for disclosure of information or
documents in the possession of the Office of Financial Institutions to allow the office a
reasonable period of time within which to respond to such filing in an adequate manner, but
in no event fewer than ten days prior to such scheduled hearing date.
(4) When no other source is available, and upon a showing of good cause and
substantial need, the court may order the disclosure and production of such information or
documents sought by the motion.
(5) In the event the court orders the disclosure and production of such information
or documents, the court shall enter a protective order limiting the disclosure and production
of any such information or documents to any of the following:
(a) The person requesting the information or documents.
(b) Any other party to the lawsuit or proceeding.
(c) The state or federal district court and any duly authorized officials thereof.
(d) Any witness who testifies under oath during a deposition, hearing, or trial.
(e) Any attorney for any such party or witness.
(f) Any other person as deemed necessary and appropriate by the court.
(6) Any such protective order shall require any person to whom any such information
or documents are disclosed or produced to hold such information or documents strictly
confidential and prohibit the dissemination or disclosure of any such information or
documents to any other person except as authorized by the court.
(7) The private financial records of clients of open or closed financial institutions in
the custody of the Office of Financial Institutions shall remain confidential under this Section
and R.S. 44:4. If a civil litigant seeks access via court order to the financial records of clients
of financial institutions for purposes of litigation, those records must be subpoenaed from
the client of the financial institution. The procedure in R.S. 6:333 shall be used for open and
closed financial institutions.
I. Persons injured by negligent or intentional disclosure of confidential or privileged
communications covered by this Title or Titles 9, 44, or 51 of the Louisiana Revised Statutes
of 1950 shall have a civil cause of action under Civil Code Article 2315 et seq.
J. Notwithstanding any other provision of law to the contrary, including but not
limited to R.S. 49:975.1(8)(c), there shall be no liability on the part of, and no cause of action
of any nature shall arise against, the Office of Financial Institutions or its agents or
employees, for any good faith release or disclosure of information or for statements made in
good faith in any administrative hearings or in any reports or communications concerning
safety or soundness, other regulatory issues, and the supervision and regulation of all entities
under the jurisdiction of the Office of Financial Institutions.
NOTE: See Acts 1993, Nos. 282 and 837, for apparent conflicts in R.S.
6:103(E).

Legislative History

Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1985, No. 359, §1, eff. July 9, 1985; Acts 1986, No. 800, §1, eff. July 10, 1986; Acts 1987, No. 103, §1; Acts 1987, No. 810, §2; Acts 1991, No. 199, §1, eff. July 2, 1991; Acts 1991, No. 961, §1, eff. July 24, 1991; Acts 1992, No. 113, §1, eff. Sept. 1, 1992; Acts 1992, No. 144, §1; Acts 1993, No. 282, §1, eff. Oct. 1, 1993; Acts 1993, No. 837, §1, eff. July 1, 1993; Acts 1995, No. 1084, §§1, 2, eff. June 29, 1995; Acts 1997, No. 366, §1; Acts 2001, No. 915, §1, eff. June 26, 2001; Acts 2004, No. 587, §1, eff. June 29, 2004; Acts 2006, No. 456, §1, eff. June 15, 2006; Acts 2007, No. 36, §1, eff. June 18, 2007; Acts 2008, No. 220, §1, eff. June 14, 2008; Acts 2011, No. 136, §1.