Washington Code 31.12.565 – Examination reports and specified other information confidential — Exceptions — Penalty
Current as of: 2023 | Check for updates
|
Other versions
(1) The following are confidential and privileged and not subject to public disclosure under chapter 42.56 RCW:
Attorney's Note
Under the Washington Code, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| gross misdemeanor | up to 364 days | up to $5,000 |
Terms Used In Washington Code 31.12.565
- Contract: A legal written agreement that becomes binding when signed.
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Department: means the department of financial institutions. See Washington Code 31.12.005
- Director: means the director of financial institutions. See Washington Code 31.12.005
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Financial institution: means any commercial bank, trust company, savings bank, or savings and loan association, whether state or federally chartered, and any credit union, out-of-state credit union, or federal credit union. See Washington Code 31.12.005
- Foreign credit union: means a credit union organized and operating under the laws of another country or other foreign jurisdiction. See Washington Code 31.12.005
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means an organization or a natural person including, but not limited to, a sole proprietorship. See Washington Code 31.12.005
(a) Examination reports and information obtained by the director in conducting examinations and investigations under this chapter and chapter 31.13 RCW;
(b) Examination reports and related information from other financial institution regulators obtained by the director;
(c) Reports or parts of reports accepted in lieu of an examination under RCW 31.12.545; and
(d) Business plans and other proprietary information obtained by the director in connection with a credit union’s application or notice to the director.
(2) Notwithstanding subsection (1) of this section, the director may furnish examination reports, work papers, final orders, or other information obtained in the conduct of an examination or investigation prepared by the director to:
(a) Federal agencies empowered to examine credit unions or other financial institutions;
(b) Officials empowered to investigate criminal charges. The director may furnish only that part of the report which is necessary and pertinent to the investigation, and only after notifying the affected credit union and members of the credit union who are named in that part of the examination report, or other person examined, that the report is being furnished to the officials, unless the officials requesting the report obtain a waiver of the notice requirement for good cause from a court of competent jurisdiction;
(c) The examined credit union or other person examined, solely for its confidential use;
(d) A department licensee or regulated entity that uses a covered service as defined in RCW 43.320.500, by contract or otherwise, solely for its confidential use;
(e) The attorney general in his or her role as legal advisor to the director;
(f) Prospective merger partners or conservators, receivers, or liquidating agents of a distressed credit union;
(g) Credit union regulators in other states or foreign jurisdictions regarding an out-of-state or foreign credit union conducting business in this state under this chapter, or regarding a credit union conducting business in the other state or jurisdiction;
(h) A person officially connected with the credit union or other person examined, as officer, director, supervisory committee member, attorney, auditor, accountant, independent attorney, independent auditor, or independent accountant;
(i) Organizations that have bonded the credit union to the extent that information is relevant to the renewal of the bond coverage or to a claim under the bond coverage;
(j) Organizations insuring or guaranteeing the shares of, or deposits in, the credit union; or
(k) Other persons as the director may determine necessary to protect the public interest and confidence.
(3) Examination reports, work papers, temporary and final orders, consent orders, and other information obtained in the conduct of an examination or investigation furnished under subsection (2) of this section remain the property of the director and no person to whom reports are furnished or any officer, director, or employee thereof may disclose or make public the reports or information contained in the reports except in published statistical information that does not disclose the affairs of a person, except that nothing prevents the use in a criminal prosecution of reports furnished under subsection (2)(b) of this section.
(4) In a civil action in which the reports or information are sought to be discovered or used as evidence, a party may, upon notice to the director, petition the court for an in-camera review of the reports or information. The court may permit discovery and introduction of only those portions of the report or information which are relevant and otherwise unobtainable by the requesting party. This subsection does not apply to an action brought or defended by the director.
(5) This section does not apply to investigation reports prepared by the director concerning an application for a new credit union or a notice of intent to establish a branch of a credit union, except that the director may adopt rules making portions of the reports confidential, if in the director’s opinion the public disclosure of that portion of the report would impair the ability to obtain information the director considers necessary to fully evaluate the application.
(6) Any person who knowingly violates a provision of this section is guilty of a gross misdemeanor.
[ 2022 c 49 § 8; 2010 c 87 § 6; 2005 c 274 § 254; 2001 c 83 § 28; 1997 c 397 § 48. Prior: 1994 c 256 § 90; 1994 c 92 § 209; 1984 c 31 § 58.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.
Examination reports and information from financial institutions exempt: RCW 42.56.400.