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Can you summarize 7 TXAC 3.111?
ACCESS TO INFORMATION > Confidential Information
Short Summary
This document governs the handling of confidential information by the Texas Department of Banking and applies to financial institutions, applicants, shareholders, participants, officers, directors, managers, affiliates, and service providers. The document recognizes the need for confidentiality in financial institutions’ financial condition and business affairs while balancing the public’s need for information. It defines confidential information as written and oral information obtained by the department regarding the financial condition or business affairs of the mentioned entities. The document provides exceptions to non-disclosure, including disclosures to the finance commission and other governmental agencies, publication of certain orders, release of employment information, and correspondence with the financial institution. It also allows disclosures of statistical data and records of failed financial institutions under certain conditions. The document prohibits the disclosure of confidential information by the department, financial institutions, service providers, and affiliates, except as authorized. It emphasizes the importance of protecting confidential information to maintain stability in financial institutions, encourage regulatory responsiveness, and protect the financial privacy of customers.
Whom does it apply to?
Texas Department of Banking, financial institutions, applicants, shareholders, participants, officers, directors, managers, affiliates, and service providers
What does it govern?
Confidential information
What are exemptions?
Public portions of call reports of state banks and public trust companies, names of proposed directors of a de novo financial institution or an entity converting to a state financial institution, information contained in an official document required to be filed with the department, information contained in the portion of an application designated as public, information previously disclosed to the public by the person or entity
What are the Penalties?
Not mentioned
Jurisdiction
Texas