JURISDICTION SEC. 1116. [12 U.S.C. 3416] An action to enforce any provision of this title may be brought in any appropriate United States district court without regard to the amount in controversy within three years from the date on which the violation occurs or the date of discovery of such violation, whichever is later. CIVIL PENALTIES SEC. 1117. [12 U.S.C. 3417] (a) Any agency or department of the United States or financial institution obtaining or disclosing financial records or information contained therein in violation of this title is liable to the customer to whom such records relate in an amount equal to the sum of— (1) $100 without regard to the volume of records involved; (2) any actual damages sustained by the customer as a result of the disclosure; (3) such punitive damages as the court may allow, where the violation is found to have been willful or intentional; and (4) in the case of any successful action to enforce liability under this section, the costs of the action together with reasonable attorney's fees as determined by the court. (b) Whenever the court determines that any agency or department of the United States has violated any provision of this title and the court finds that the circumstances surrounding the violation raise questions of whether an officer or employee of the department or agency acted willfully or intentionally with respect to the violation, the Civil Service Commission shall promptly initiate a proceeding to determine whether disciplinary action is warranted against the agent or employee who was primarily responsible for the violation. The Commission after investigation and consideration of the evidence submitted, shall submit its findings and recommendations to the administrative authority of the agency concerned and shall send copies of the findings and recommendations to the officer or employee or his representative. The administrative authority shall take the corrective action that the Commission recommends. (c) Any financial institution or agent or employee thereof making a disclosure of financial records pursuant to this title in goodfaith reliance upon a certificate by any Government authority or pursuant to the provisions of section 1113(1) shall not be liable to the customer for such disclosure under this title, the constitution of any State, or any law or regulation of any State or any political subdivision of any State. (d) The remedies and sanctions described in this title shall be the only authorized judicial remedies and sanctions for violations of this title. INJUNCTIVE RELIEF SEC. 1118. [12 U.S.C. 3418] In addition to any other remedy contained in this title, injunctive relief shall be available to require that the procedures of this title are complied with. In the event of any successful action, costs together with reasonable attorney's fees as determined by the court may be recovered. SUSPENSION OF STATUTES OF LIMITATIONS SEC. 1119. [12 U.S.C. 3419] If any individual files a motion or application under this title which has the effect of delaying the access of a Government authority to financial records pertaining to such individual, any applicable statute of limitations shall be deemed to be tolled for the period extending from the date such motion or application was filed until the date upon which the motion or application is decided. GRAND JURY INFORMATION SEC. 1120. [12 U.S.C. 3420] (a) Financial records about a customer obtained from a financial institution pursuant to a subpena issued under the authority of a Federal grand jury— (1) shall be returned and actually presented to the grand jury unless the volume of such records makes such return and actual presentation impractical in which case the grand jury shall be provided with a description of the contents of the records.; 1 (2) shall be used only for the purpose of considering whether to issue an indictment or presentment by that grand jury, or of prosecuting a crime for which that indictment or presentment is issued, or for a purpose authorized by rule 6(e) of the Federal Rules of Criminal Procedure, or for a purpose authorized by section 1112(a); (3) shall be destroyed or returned to the financial institution if not used for one of the purposes specified in paragraph (2); and (4) shall not be maintained, or a description of the contents of such records shall not be maintained by any Government authority other than in the sealed records of the grand jury, unless such record has been used in the prosecution of a crime for which the grand jury issued an indictment or presentment or for a purpose authorized by rule 6(e) of the Federal Rules of Criminal Procedure. (b)(1) No officer, director, partner, employee, or shareholder of, or agent or attorney for, a financial institution shall, directly or indirectly, notify any person named in a grand jury subpoena served on such institution in connection with an investigation relating to a possible (A) crime against any financial institution or supervisory agency or crime involving a violation of the Controlled Substance Act, the Controlled Substances Import and Export Act, section 1956 or 1957 of title 18, sections 5313, 5316 and 5324 of title 31, or section 6050I of the Internal Revenue Code of 1986; or (B) conspiracy to commit such a crime, about the existence or contents of such subpoena, or information that has been furnished to the grand jury in response to such subpoena. 1 So in law. Period probably should be deleted. See section 6186(e) of P.L. 100-690, 102 Stat. 4358. (2) Section 8 of the Federal Deposit Insurance Act and section 206(k)(2) of the Federal Credit Union Act shall apply to any violation of this subsection. [REPORTING REQUIREMENTS [SEC. 1121. Repealed by section 3001(d) of Pub. L. 104-66, 109 Stat. 7341 SECURITIES AND EXCHANGE COMMISSION SEC. 1122. [12 U.S.C. 3422] Except as provided in the Securities Exchange Act of 1934, this Act shall apply with respect to the Securities and Exchange Commission. SUBTITLE A OF TITLE IV OF THE FEDERAL DEPOSIT INSURANCE CORPORATION IMPROVEMENT ACT OF 1991 (Pub. L. 102–242, Dec. 19, 1991, 105 Stat. 2371) TITLE IV-MISCELLANEOUS Subtitle A-Payment System Risk SEC. 401. [12 U.S.C. 4401] FINDINGS AND PURPOSE. (1) many financial institutions engage daily in thousands of transactions with other financial institutions directly and through clearing organizations; (2) the efficient processing of such transactions is essential to a smoothly functioning economy; (3) such transactions can be processed most efficiently if, consistent with applicable contractual terms, obligations among financial institutions are netted; (4) such netting procedures would reduce the systemic risk within the banking system and financial markets; and (5) the effectiveness of such netting procedures can be assured only if they are recognized as valid and legally binding in the event of the closing of a financial institution participating in the netting procedures. SEC. 402. [12 U.S.C. 4402] DEFINITIONS. For purposes of this chapter (1) BROKER OR DEALER.-The term "broker or dealer" means (A) any company that is registered or licensed under Federal or State law to engage in the business of brokering, underwriting, or dealing in securities in the United States; and (B) to the extent consistent with this title, as determined by the Board of Governors of the Federal Reserve System, any company that is an affiliate of a company described in subparagraph (A) and that is engaged in the business of entering into netting contracts. (2) CLEARING ORGANIZATION.-The term "clearing organization” means a clearinghouse, clearing association, clearing corporation, or similar organization (A) that provides clearing, netting, or settlement services for its members and— (i) in which all members other than the clearing organization itself are financial institutions or other clearing organizations; or (ii) which is registered as a clearing agency under the Securities Exchange Act of 1934; or (B) that is registered as a derivatives clearing organization under section 5b of the Commodity Exchange Act. (3) COVERED CLEARING OBLIGATION.-The term "covered clearing obligation" means an obligation of a member of a clearing organization to make payment to another member of a clearing organization, subject to a netting contract. (4) ČOVERED CONTRACTUAL PAYMENT ENTITLEMENT.-The term "covered contractual payment entitlement" means (A) an entitlement of a financial institution to receive a payment, subject to a netting contract from another financial institution; and (B) an entitlement of a member of a clearing organization to receive payment, subject to a netting contract, from another member of a clearing organization of a covered clearing obligation. (5) COVERED CONTRACTUAL PAYMENT OBLIGATION.-The term "covered contractual payment obligation" means (A) an obligation of a financial institution to make payment, subject to a netting contract to another financial institution; and (B) a covered clearing obligation. (6) DEPOSITORY INSTITUTION.-The term "depository institution" means (A) a depository institution as defined in section 19(b)(1)(A) of the Federal Reserve Act (other than clause (vii)); (B) a branch or agency as defined in section 1(b) of the International Banking Act of 1978; (C) a corporation chartered under section 25(a) of the Federal Reserve Act; or (D) a corporation having an agreement or undertaking with the Board of Governors of the Federal Reserve System under section 25 of the Federal Reserve Act. (7) FAILED FINANCIAL INSTITUTION.-The term "failed financial institution" means a financial institution that (A) fails to satisfy a covered contractual payment obligation when due; (B) has commenced or had commenced against it insolvency, liquidation, reorganization, receivership (including the appointment of a receiver), conservatorship, or similar proceedings; or (C) has generally ceased to meet its obligations when due. (8) FAILED MEMBER.-The term "failed member" means any member that— (A) fails to satisfy a covered clearing obligation when due, (B) has commenced or had commenced against it insolvency, liquidation, reorganization, receivership (including |