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The following opinion is presented on-line for informational use only and does not replace the official version. (Mich Dept of Attorney General Web Site - www.ag.state.mi.us) STATE OF MICHIGAN FRANK J. KELLEY, ATTORNEY GENERAL Opinion No. 5725 June 23, 1980 FINANCIAL INSTITUTIONS BUREAU: Confidentiality of information furnished FREEDOM OF INFORMATION ACT: Disclosure of facts and information obtained by employees of the Financial Institutions Bureau The confidentiality mandated by the Banking Code of 1969 is not limited to facts and information furnished by state chartered banks, but applies to all facts and information received by the Financial Institutions Bureau. Such facts and information are not subject to disclosure pursuant to the Freedom of Information Act. William F. McLaughlin Director Department of Commerce Law Building Lansing, Michigan You have requested an opinion regarding the interpretation of the Banking Code of 1969, 1969 PA 319, Sec. 29; MCLA 487.329; MSA 23.710(29), which states: 'The commissioner and all deputies, agents and employees of the bureau shall be bound by oath to keep secret all facts and information obtained in the course of their duties, except insofar as such person is required, pursuant to law, to report upon or take official action or testify in any proceedings regarding the affairs of any institution. Notwithstanding the foregoing with respect to matters as to which official action is required, the commissioner may make such disclosure and to such persons and at such times as is in the public interest within the purposes of this act. The provisions of this section shall not be applicable to or prohibit the furnishing of information or documents to the federal bank regulatory agencies, nor to disclosures, made to interested parties by the commissioner, at his discretion, with respect to applications for the chartering of new banks, applications for new branch offices or applications for the moving of banking offices.' (Emphasis added.) Your question is whether the confidentiality required by 1969 PA 319, Sec. 29, supra, is limited to information involving the examination of state chartered banks. By its plain terms, 1969 PA 319, Sec. 29, supra, regulates the conduct of Bureau employees, requiring that, unless otherwise permitted by the commissioner, 'all facts and information obtained in the course of their duties' be maintained in confidence. Fundamental rules of statutory construction mandate that statutes be literally construed unless such an interpretation would lead to an absurd result, and be clearly inconsistent with the purposes of the statute. Salas v Clements, 399 Mich 103; 247 NW2d 889 (1976). It is noted that the Financial Institutions Bureau, created pursuant to 1969 PA 319, Sec. 11; MCLA 487.311; MSA 23.710(11), is charged with enforcing numerous statutes and with regulating the activities of not only banks, but also credit unions, 1925 PA 285; MCLA 490.1 et seq; MSA 23.481 et seq; savings and loan associations, 1964 PA 156; MCLA 489.501 et seq; MSA 23.540(101) et seq; finance companies, 1950 PA 27; MCLA 492.101 et seq; MSA 23.628(1) et seq; small loan companies, 1939 PA 21; MCLA 493.1 et seq; MSA 23.667(1) et seq; and sellers of checks and money orders, 1969 PA 136; 487.901 et seq; MSA 23.1201 et seq. Moreover, 1969 PA 319, Sec. 29, supra, is found in the Banking Code of 1969, 1969 PA 319, ch 2, MCLA 487.311-487.346; MSA 23.710(11)-23.710(46), which contains provisions applying to all activities of the Financial Institutions Bureau. 1969 PA 319, Sec. 11, supra, creates the Financial Institutions Bureau and the office of the commissioner. 1969 PA 319, Sec. 13; MCLA 487.313; MSA 23.710(13), provides for the appointment of deputy commissioners, setting forth their powers and duties. 1969 PA 319, Sec. 16; MCLA 487.316; MSA 23.710(16), provides immunity from liability for the commissioner and any Bureau employee with respect to 'any act done or omitted in good faith in performing the functions of his office.' 1969 PA 319, Sec. 17; MCLA 487.317; MSA 23.710(17), requires that certain Bureau employees maintain bonds securing their actions while in the employment of the Bureau. 1969 PA 319, Sec. 18; MCLA 487.318; MSA 23.710(18), requires the creation of a Bureau seal, and 1969 PA 319, Sec. 20; MCLA 487.320; MSA 23.710(20), requires the commissioner to annually report on all operations of the Bureau. An analysis of the provisions of 1969 PA 319, ch 2, supra, discloses that the Legislature established the organization of the Financial Institutions Bureau and set the general powers and duties of the commissioner of the Bureau in the banking code. There is no other statute which describes the general powers or duties of the commissioner's office or the Bureau. It should also be noted that OAG, 1979-1980, No. 5500, p ___, (July 23, 1979), concluded that 1969 PA 319, Sec. 29, supra, provides an exemption under the Freedom of Information Act, 1976 PA 442, Sec. 13(1)(d); MCLA 15.243(1)(d); MSA 4.1801(13)(1)(d). Thus, the commissioner may refuse to release information obtained pursuant to 1969 PA 319, Sec. 29, supra, unless he determines that disclosure would be in the public interest. Thus, in interpreting 1969 PA 319, Sec. 29, supra, in the context of related provisions of 1969 PA 319, supra, it is my opinion that the section was not intended to be limited to the examination of state chartered banks, but, rather, it applies with respect to all data gathered by personnel of the Financial Institutions Bureau in the course of carrying out all the functions of the Financial Institutions Bureau. Therefore, it is my opinion that, unless otherwise permitted by the commissioner, all personnel of the Financial Institutions Bureau are required to treat as confidential all information and material received in the course of their duties. Frank J. Kelley Attorney General
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