§ 155. Information sharing. In order to promote more effective regulation and reduce regulatory burden through
supervisory information sharing:
(1) Except as otherwise provided in any federal law or State law regarding the privacy
or confidentiality of any information or material provided to the Nationwide Mortgage
Licensing System and Registry, any privilege arising under federal or State law, including
the rules of any federal or State court, with respect to such information or material
shall continue to apply to information or material after the information or material
has been disclosed to the Nationwide Mortgage Licensing System and Registry. The information and material may be shared with all State and federal regulatory
officials with relevant oversight authority without the loss of privilege or the loss
of confidentiality protections provided by federal law or State law.
(2) The Secretary is authorized to enter into agreements or sharing arrangements with
other governmental agencies, the Conference of State Bank Supervisors, or other associations
representing governmental agencies as established by rule or order of the Department. The sharing of confidential supervisory information or any information or material
described in paragraph (1) pursuant to an agreement or sharing arrangement shall not
result in the loss of privilege or the loss of confidentiality protections provided
by federal law or State law.
(3) Information or material that is subject to a privilege or confidentiality under
paragraph (1) shall not be subject to the following:
(A) disclosure under any State law governing the disclosure to the public of information
held by an officer or an agency of the State; or
(B) subpoena, discovery, or admission into evidence in any private civil action or
administrative process, unless with respect to any privilege held by the Nationwide
Mortgage Licensing System and Registry with respect to the information or material,
the person to whom such information or material pertains waives, in whole or in part,
in the discretion of that person, that privilege.
(4) Any other law relating to the disclosure of confidential supervisory information
or any information or material described in paragraph (1) that is inconsistent with
paragraph (1) shall be superseded by the requirements of this Section to the extent
the other law provides less confidentiality or a weaker privilege.
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