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Can you summarize 7 TXAC Chapter 3?
FINANCE COMMISSION OF TEXAS > STATE BANK REGULATION
Short Summary
The provided legal document governs the handling of confidential information by the Texas Department of Banking. It applies to various entities including financial institutions, applicants, shareholders, participants, officers, directors, managers, affiliates, and service providers. The document recognizes the importance of confidentiality in financial institutions’ financial condition and business affairs while also considering the public’s need for information. Confidential information is defined 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, such as 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. No specific penalties are mentioned in the document.
Whom does it apply to?
Financial institutions, applicants, shareholders, participants, officers, directors, managers, affiliates, and service providers
What does it govern?
Handling of confidential information by the Texas Department of Banking
What are exemptions?
Disclosures to the finance commission and other governmental agencies, publication of certain orders, release of employment information, correspondence with the financial institution, disclosures of statistical data and records of failed financial institutions under certain conditions
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Texas