SF 4376

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/29/2024 04:42pm

A bill for an act
relating to financial institutions; establishing a nonbank data security law; proposing
coding for new law as Minnesota Statutes, chapter 46A.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

[46A.01] DEFINITIONS.

Subdivision 1.

Terms.

For the purposes of this chapter, the terms defined in this section
have the meanings given them.

Subd. 2.

Authorized user.

"Authorized user" means any employee, contractor, agent,
or other person who: (1) participates in a financial institution's business operations; and (2)
is authorized to access and use any of the financial institution's information systems and
data.

Subd. 3.

Commissioner.

"Commissioner" means the commissioner of commerce.

Subd. 4.

Consumer.

(a) "Consumer" means an individual who obtains or has obtained
from a financial institution a financial product or service that is used primarily for personal,
family, or household purposes, or is used by the individual's legal representative. Consumer
includes but is not limited to an individual who:

(1) applies to a financial institution for credit for personal, family, or household purposes,
regardless of whether the credit is extended;

(2) provides nonpublic personal information to a financial institution in order to obtain
a determination whether the individual qualifies for a loan used primarily for personal,
family, or household purposes, regardless of whether the loan is extended;

(3) provides nonpublic personal information to a financial institution in connection with
obtaining or seeking to obtain financial, investment, or economic advisory services, regardless
of whether the financial institution establishes a continuing advisory relationship with the
individual; or

(4) has a loan for personal, family, or household purposes in which the financial institution
has ownership or servicing rights, even if the financial institution or one or more other
institutions that hold ownership or servicing rights in conjunction with the financial institution
hires an agent to collect on the loan.

(b) Consumer does not include an individual who:

(1) is a consumer of another financial institution that uses a different financial institution
to act solely as an agent for, or provide processing or other services to, the consumer's
financial institution;

(2) designates a financial institution solely for the purposes to act as a trustee for a trust;

(3) is the beneficiary of a trust for which the financial institution serves as trustee; or

(4) is a participant or a beneficiary of an employee benefit plan that the financial
institution sponsors or for which the financial institution acts as a trustee or fiduciary.

Subd. 5.

Continuing relationship.

(a) "Continuing relationship" means a consumer:

(1) has a credit or investment account with a financial institution;

(2) obtains a loan from a financial institution;

(3) purchases an insurance product from a financial institution;

(4) holds an investment product through a financial institution, including but not limited
to when the financial institution acts as a custodian for securities or for assets in an individual
retirement arrangement;

(5) enters into an agreement or understanding with a financial institution whereby the
financial institution undertakes to arrange or broker a home mortgage loan, or credit to
purchase a vehicle, for the consumer;

(6) enters into a lease of personal property on a nonoperating basis with a financial
institution;

(7) obtains financial, investment, or economic advisory services from a financial
institution for a fee;

(8) becomes a financial institution's client to obtain tax preparation or credit counseling
services from the financial institution;

(9) obtains career counseling while: (i) seeking employment with a financial institution
or the finance, accounting, or audit department of any company; or (ii) employed by a
financial institution or department of any company;

(10) is obligated on an account that a financial institution purchases from another financial
institution, regardless of whether the account is in default when purchased, unless the
financial institution does not locate the consumer or attempt to collect any amount from the
consumer on the account;

(11) obtains real estate settlement services from a financial institution; or

(12) has a loan for which a financial institution owns the servicing rights.

(b) Continuing relationship does not include situations where:

(1) the consumer obtains a financial product or service from a financial institution only
in isolated transactions, including but not limited to: (i) using a financial institution's
automated teller machine to withdraw cash from an account at another financial institution;
(ii) purchasing a money order from a financial institution; (iii) cashing a check with a
financial institution; or (iv) making a wire transfer through a financial institution;

(2) a financial institution sells the consumer's loan and does not retain the rights to service
the loan;

(3) a financial institution sells the consumer airline tickets, travel insurance, or traveler's
checks in isolated transactions;

(4) the consumer obtains onetime personal or real property appraisal services from a
financial institution; or

(5) the consumer purchases checks for a personal checking account from a financial
institution.

Subd. 6.

Customer.

"Customer" means a consumer who has a customer relationship
with a financial institution.

Subd. 7.

Customer information.

"Customer information" means any record containing
nonpublic personal information about a financial institution's customer, whether the record
is in paper, electronic, or another form, that is handled or maintained by or on behalf of the
financial institution or the financial institution's affiliates.

Subd. 8.

Customer relationship.

"Customer relationship" means a continuing relationship
between a consumer and a financial institution under which the financial institution provides
to the consumer one or more financial products or services that are used primarily for
personal, family, or household purposes.

Subd. 9.

Encryption.

"Encryption" means the transformation of data into a format that
results in a low probability of assigning meaning without the use of a protective process or
key, consistent with current cryptographic standards and accompanied by appropriate
safeguards for cryptographic key material.

Subd. 10.

Financial product or service.

"Financial product or service" means any
product or service that a financial holding company could offer by engaging in a financial
activity under section 4(k) of the Bank Holding Company Act of 1956, United States Code,
title 12, section 1843(k). Financial product or service includes a financial institution's
evaluation or brokerage of information that the financial institution collects in connection
with a request or an application from a consumer for a financial product or service.

Subd. 11.

Financial institution.

"Financial institution" has the meaning given in or as
used by: (1) chapters 48A, 53, 53A, 53B, 53C, 56, 58, 58B, 332A, or 332B; or (2) sections
47.60, 47.62, or 332.54.

Subd. 12.

Information security program.

"Information security program" means the
administrative, technical, or physical safeguards a financial institution uses to access, collect,
distribute, process, protect, store, use, transmit, dispose of, or otherwise handle customer
information.

Subd. 13.

Information system.

"Information system" means a discrete set of electronic
information resources organized to collect, process, maintain, use, share, disseminate, or
dispose of electronic information, as well as any specialized system, including but not
limited to industrial process controls systems, telephone switching and private branch
exchange systems, and environmental controls systems, that contains customer information
or that is connected to a system that contains customer information.

Subd. 14.

Multifactor authentication.

"Multifactor authentication" means authentication
through verification of at least two of the following factors:

(1) knowledge factors, including but not limited to a password;

(2) possession factors, including but not limited to a token; or

(3) inherence factors, including but not limited to biometric characteristics.

Subd. 15.

Nonpublic personal information.

(a) "Nonpublic personal information"
means:

(1) personally identifiable financial information; or

(2) any list, description, or other grouping of consumers, including publicly available
information pertaining to the list, description, or other grouping of consumers, that is derived
using personally identifiable financial information that is not publicly available.

(b) Nonpublic personal information includes but is not limited to any list of individuals'
names and street addresses that is derived in whole or in part using personally identifiable
financial information that is not publicly available, including account numbers.

(c) Nonpublic personal information does not include:

(1) publicly available information, except as included on a list described in paragraph
(a), clause (2);

(2) any list, description, or other grouping of consumers, including publicly available
information pertaining to the list, description, or other grouping of consumers, that is derived
without using any personally identifiable financial information that is not publicly available;
or

(3) any list of individuals' names and addresses that contains only publicly available
information, is not derived in whole or in part using personally identifiable financial
information that is not publicly available, and is not disclosed in a manner that indicates
that any individual on the list is the financial institution's consumer.

Subd. 16.

Notification event.

"Notification event" means the acquisition of unencrypted
customer information without the authorization of the individual to which the information
pertains. Customer information is considered unencrypted for this purpose if the encryption
key was accessed by an unauthorized person. Unauthorized acquisition is presumed to
include unauthorized access to unencrypted customer information unless the financial
institution has reliable evidence showing that there has not been, or could not reasonably
have been, unauthorized acquisition of customer information.

Subd. 17.

Penetration testing.

"Penetration testing" means a test methodology in which
assessors attempt to circumvent or defeat the security features of an information system by
attempting to penetrate databases or controls from outside or inside a financial institution's
information systems.

Subd. 18.

Personally identifiable financial information.

(a) "Personally identifiable
financial information" means any information:

(1) a consumer provides to a financial institution to obtain a financial product or service;

(2) about a consumer resulting from any transaction involving a financial product or
service between a financial institution and a consumer; or

(3) a financial institution otherwise obtains about a consumer in connection with providing
a financial product or service to the customer.

(b) Personally identifiable financial information includes:

(1) information a consumer provides to a financial institution on an application to obtain
a loan, credit card, or other financial product or service;

(2) account balance information, payment history, overdraft history, and credit or debit
card purchase information;

(3) the fact that an individual is or has been a financial institution's customer or has
obtained a financial product or service from the financial institution;

(4) any information about a financial institution's consumer, if the information is disclosed
in a manner that indicates that the individual is or has been the financial institution's
consumer;

(5) any information that a consumer provides to a financial institution or that a financial
institution or a financial institution's agent otherwise obtains in connection with collecting
on or servicing a credit account;

(6) any information a financial institution collects through an Internet information
collecting device from a web server; and

(7) information from a consumer report.

(c) Personally identifiable financial information does not include:

(1) a list of customer names and addresses for an entity that is not a financial institution;
and

(2) information that does not identify a consumer, including but not limited to aggregate
information or blind data that does not contain personal identifiers, including account
numbers, names, or addresses.

Subd. 19.

Publicly available information.

(a) "Publicly available information" means
any information that a financial institution has a reasonable basis to believe is lawfully made
available to the general public from:

(1) federal, state, or local government records;

(2) widely distributed media; or

(3) disclosures to the general public that are required under federal, state, or local law.

(b) Publicly available information includes but is not limited to:

(1) with respect to government records, information in government real estate records
and security interest filings; and

(2) with respect to widely distributed media, information from a telephone book, a
television or radio program, a newspaper, or a website that is available to the general public
on an unrestricted basis. A website is not restricted merely because an Internet service
provider or a site operator requires a fee or a password, provided that access is available to
the general public.

(c) For purposes of this subdivision, a financial institution has a reasonable basis to
believe that information is lawfully made available to the general public if the financial
institution has taken steps to determine: (1) that the information is of the type that is available
to the general public; and (2) whether an individual can direct that the information not be
made available to the general public and, if so, that the financial institution's consumer has
not directed that the information not be made available to the general public. A financial
institution has a reasonable basis to believe that mortgage information is lawfully made
available to the general public if the financial institution determines the information is of
the type included on the public record in the jurisdiction where the mortgage would be
recorded. A financial institution has a reasonable basis to believe that an individual's
telephone number is lawfully made available to the general public if the financial institution
has located the telephone number in the telephone book or the consumer has informed the
financial institution that the telephone number is not unlisted.

Subd. 20.

Qualified individual.

"Qualified individual" means the individual designated
by a financial institution to oversee, implement, and enforce the financial institution's
information security program.

Subd. 21.

Security event.

"Security event" means an event resulting in unauthorized
access to, or disruption or misuse of: (1) an information system or information stored on an
information system; or (2) customer information held in physical form.

Subd. 22.

Service provider.

"Service provider" means any person or entity that receives,
maintains, processes, or otherwise is permitted access to customer information through the
service provider's provision of services directly to a financial institution that is subject to
this chapter.

Sec. 2.

[46A.02] SAFEGUARDING CUSTOMER INFORMATION; STANDARDS.

Subdivision 1.

Information security program.

(a) A financial institution must develop,
implement, and maintain a comprehensive information security program.

(b) The information security program must: (1) be written in one or more readily
accessible parts; and (2) contain administrative, technical, and physical safeguards that are
appropriate to the financial institution's size and complexity, the nature and scope of the
financial institution's activities, and the sensitivity of any customer information at issue.

(c) The information security program must include the elements set forth in section
46A.03 and must be reasonably designed to achieve the objectives of this chapter, as
established under subdivision 2.

Subd. 2.

Objectives.

The objectives of this chapter are to:

(1) ensure the security and confidentiality of customer information;

(2) protect against any anticipated threats or hazards to the security or integrity of
customer information; and

(3) protect against unauthorized access to or use of customer information that might
result in substantial harm or inconvenience to a customer.

Sec. 3.

[46A.03] ELEMENTS.

Subdivision 1.

Generally.

In order to develop, implement, and maintain an information
security program, a financial institution must comply with this section.

Subd. 2.

Qualified individual.

(a) A financial institution must designate a qualified
individual responsible for overseeing, implementing, and enforcing the financial institution's
information security program. The qualified individual may be employed by the financial
institution, an affiliate, or a service provider.

(b) If a financial institution designates an individual employed by an affiliate or service
provider as the financial institution's qualified individual, the financial institution must:

(1) retain responsibility for complying with this chapter;

(2) designate a senior member of the financial institution's personnel to be responsible
for directing and overseeing the qualified individual's activities; and

(3) require the service provider or affiliate to maintain an information security program
that protects the financial institution in a manner that complies with the requirements of
this chapter.

Subd. 3.

Security risk assessment.

(a) A financial institution must base the financial
institution's information security program on a risk assessment that:

(1) identifies reasonably foreseeable internal and external risks to the security,
confidentiality, and integrity of customer information that might result in the unauthorized
disclosure, misuse, alteration, destruction, or other compromise of customer information;
and

(2) assesses the sufficiency of any safeguards in place to control the risks identified
under clause (1).

(b) The risk assessment must be made in writing and must include:

(1) criteria to evaluate and categorize identified security risks or threats the financial
institution faces;

(2) criteria to assess the confidentiality, integrity, and availability of the financial
institution's information systems and customer information, including the adequacy of
existing controls in the context of the identified risks or threats the financial institution
faces; and

(3) requirements describing how:

(i) identified risks are mitigated or accepted based on the risk assessment; and

(ii) the information security program addresses the risks.

(c) A financial institution must periodically perform additional risk assessments that:

(1) reexamine the reasonably foreseeable internal and external risks to the security,
confidentiality, and integrity of customer information that might result in the unauthorized
disclosure, misuse, alteration, destruction, or other compromise of customer information;
and

(2) reassess the sufficiency of any safeguards in place to control the risks identified
under clause (1).

Subd. 4.

Risk control.

A financial institution must design and implement safeguards to
control the risks the financial institution identifies through the risk assessment under
subdivision 3, including by:

(1) implementing and periodically reviewing access controls, including technical and,
as appropriate, physical controls to:

(i) authenticate and permit access only to authorized users to protect against the
unauthorized acquisition of customer information; and

(ii) limit an authorized user's access to only customer information that the authorized
user needs to perform the authorized user's duties and functions or, in the case of a customer,
to limit access to the customer's own information;

(2) identifying and managing the data, personnel, devices, systems, and facilities that
enable the financial institution to achieve business purposes in accordance with the business
purpose's relative importance to business objectives and the financial institution's risk
strategy;

(3) protecting by encryption all customer information held or transmitted by the financial
institution both in transit over external networks and at rest. To the extent a financial
institution determines that encryption of customer information either in transit over external
networks or at rest is infeasible, the financial institution may secure the customer information
using effective alternative compensating controls that have been reviewed and approved by
the financial institution's qualified individual;

(4) adopting: (i) secure development practices for in-house developed applications
utilized by the financial institution to transmit, access, or store customer information; and
(ii) procedures to evaluate, assess, or test the security of externally developed applications
the financial institution uses to transmit, access, or store customer information;

(5) implementing multifactor authentication for any individual that accesses any
information system, unless the financial institution's qualified individual has approved in
writing the use of a reasonably equivalent or more secure access control;

(6) developing, implementing, and maintaining procedures to securely dispose of
customer information in any format no later than two years after the last date the information
is used in connection with providing a product or service to the customer which relates,
unless the information is necessary for business operations or for other legitimate business
purposes, is otherwise required to be retained by law or regulation, or if targeted disposal
is not reasonably feasible due to the manner in which the information is maintained;

(7) periodically reviewing the financial institution's data retention policy to minimize
the unnecessary retention of data;

(8) adopting procedures for change management; and

(9) implementing policies, procedures, and controls designed to: (i) monitor and log the
activity of authorized users; and (ii) detect unauthorized access to, use of, or tampering with
customer information by authorized users.

Subd. 5.

Testing and monitoring.

(a) A financial institution must regularly test or
otherwise monitor the effectiveness of the safeguards' key controls, systems, and procedures,
including the controls, systems, and procedures that detect actual and attempted attacks on,
or intrusions into, information systems.

(b) For information systems, monitoring and testing must include continuous monitoring
or periodic penetration testing and vulnerability assessments. Absent effective continuous
monitoring or other systems to detect on an ongoing basis any changes in information
systems that may create vulnerabilities, a financial institution must conduct:

(1) annual penetration testing of the financial institution's information systems, based
on relevant identified risks in accordance with the risk assessment; and

(2) vulnerability assessments, including systemic scans or information systems reviews
that are reasonably designed to identify publicly known security vulnerabilities in the
financial institution's information systems based on the risk assessment, at least every six
months, whenever a material change to the financial institution's operations or business
arrangements occurs, and whenever the financial institution knows or has reason to know
circumstances exist that may have a material impact on the financial institution's information
security program.

Subd. 6.

Internal policies and procedures.

A financial institution must implement
policies and procedures to ensure that the financial institution's personnel are able to enact
the financial institution's information security program by:

(1) providing the financial institution's personnel with security awareness training that
is updated as necessary to reflect risks identified by the risk assessment;

(2) utilizing qualified information security personnel employed by the financial institution,
an affiliate, or a service provider sufficient to manage the financial institution's information
security risks and to perform or oversee the information security program;

(3) providing information security personnel with security updates and training sufficient
to address relevant security risks; and

(4) verifying that key information security personnel take steps to maintain current
knowledge of changing information security threats and countermeasures.

Subd. 7.

Provider oversight.

A financial institution must oversee service providers by:

(1) taking reasonable steps to select and retain service providers that are capable of
maintaining appropriate safeguards for the customer information at issue;

(2) requiring by contract the financial institution's service providers to implement and
maintain appropriate safeguards; and

(3) periodically assessing the financial institution's service providers based on the risk
the service providers present and the continued adequacy of the service providers' safeguards.

Subd. 8.

Information security program; evaluation; adjustment.

A financial institution
must evaluate and adjust the financial institution's information security program to reflect:
(1) the results of the testing and monitoring required under subdivision 5; (2) any material
changes to the financial institution's operations or business arrangements; (3) the results of
risk assessments performed under subdivision 3, paragraph (c); or (4) any other circumstances
that the financial institution knows or has reason to know may have a material impact on
the financial institution's information security program.

Subd. 9.

Incident response plan.

A financial institution must establish a written incident
response plan designed to promptly respond to and recover from any security event materially
affecting the confidentiality, integrity, or availability of customer information the financial
institution controls. An incident response plan must address:

(1) the goals of the incident response plan;

(2) the internal processes to respond to a security event;

(3) clear roles, responsibilities, and levels of decision making authority;

(4) external and internal communications and information sharing;

(5) requirements to remediate any identified weaknesses in information systems and
associated controls;

(6) documentation and reporting regarding security events and related incident response
activities; and

(7) evaluation and revision of the incident response plan as necessary after a security
event.

Subd. 10.

Annual report.

(a) A financial institution must require the financial institution's
qualified individual to report at least annually in writing to the financial institution's board
of directors or equivalent governing body. If a board of directors or equivalent governing
body does not exist, the report under this subdivision must be timely presented to a senior
officer responsible for the financial institution's information security program.

(b) The report made under this subdivision must include the following information:

(1) the overall status of the financial institution's information security program, including
compliance with this chapter and associated administrative rules; and

(2) material matters related to the financial institution's information security program,
including but not limited to addressing issues pertaining to: (i) the risk assessment; (ii) risk
management and control decisions; (iii) service provider arrangements; (iv) testing results;
(v) security events or violations and management's responses to the security event or
violation; and (vi) recommendations for changes in the information security program.

Subd. 11.

Business continuity; disaster recovery.

A financial institution must establish
a written plan addressing business continuity and disaster recovery.

Sec. 4.

[46A.04] EXCEPTIONS.

Section 46A.03, subdivisions 3; 5, paragraph (b); 9; and 10, do not apply to financial
institutions that maintain customer information concerning fewer than five thousand
consumers.

Sec. 5.

[46A.05] ALTERATION OF FEDERAL REGULATION.

(a) If an amendment to Code of Federal Regulations, title 16, part 314, results in a
complete lack of federal regulations in the area, the version of the state requirements in
effect at the time of the amendment remain in effect for two years from the date the
amendment becomes effective.

(b) During the time period under paragraph (a), the department must adopt replacement
administrative rules as necessary and appropriate.

Sec. 6.

[46A.06] NOTIFICATION EVENT.

Subdivision 1.

Notification requirement.

(a) Upon discovering a notification event as
described in subdivision 2, if the notification event involves the information of at least 500
consumers, a financial institution must notify the commissioner as soon as possible, but no
later than 30 days after the date the event is discovered. The notice must be made (1) in a
format specified by the commissioner, and (2) electronically on a form located on the
department's website.

(b) The notice must include:

(1) the name and contact information of the reporting financial institution;

(2) a description of the types of information involved in the notification event;

(3) if possible to determine, the date or date range of the notification event;

(4) the number of consumers affected or potentially affected by the notification event;

(5) a general description of the notification event; and

(6) a statement (i) disclosing whether a law enforcement official has provided the financial
institution with a written determination indicating that providing notice to the public regarding
the breach would impede a criminal investigation or cause damage to national security, and
(ii) if a written determination described under item (i) was provided to the financial
institution, providing contact information that enables the commissioner to contact the law
enforcement official. A law enforcement official may request an initial delay of up to 30
days following the date that notice was provided to the commissioner. The delay may be
extended for an additional period of up to 60 days if the law enforcement official seeks an
extension in writing. An additional delay may be permitted only if the commissioner
determines that public disclosure of a security event continues to impede a criminal
investigation or cause damage to national security.

Subd. 2.

Notification event treated as discovered.

A notification event must be treated
as discovered on the first day when the event is known to a financial institution. A financial
institution is deemed to have knowledge of a notification event if the event is known to any
person, other than the person committing the breach, who is the financial institution's
employee, officer, or other agent.

Sec. 7.

[46A.07] COMMISSIONER'S POWERS.

(a) The commissioner has the power to examine and investigate the affairs of any covered
financial institution to determine whether the financial institution has been or is engaged in
any conduct that violates this chapter. This power is in addition to the powers granted to
the commissioner under section 46.01.

(b) If the commissioner has reason to believe that a financial institution has been or is
engaged in conduct in Minnesota that violates this chapter, the commissioner may take
action necessary or appropriate to enforce this chapter.

Sec. 8.

[46A.08] CONFIDENTIALITY.

Subdivision 1.

Financial institution information.

(a) Any documents, materials, or
other information in the control or possession of the department that are furnished by a
licensee or a licensee's employee or agent acting on behalf of a financial institution pursuant
to section 46A.06 or that are obtained by the commissioner in an investigation or examination
pursuant to section 46A.07: (1) are classified as confidential, protected nonpublic, or both;
(2) are not subject to subpoena; and (3) are not subject to discovery or admissible in evidence
in any private civil action.

(b) Notwithstanding paragraph (a), clauses (1) to (3), the commissioner is authorized to
use the documents, materials, or other information in the furtherance of any regulatory or
legal action brought as a part of the commissioner's duties.

Subd. 2.

Certain testimony prohibited.

Neither the commissioner nor any person who
received documents, materials, or other information while acting under the authority of the
commissioner is permitted or required to testify in a private civil action concerning
confidential documents, materials, or information subject to subdivision 1.

Subd. 3.

Information sharing.

In order to assist in the performance of the commissioner's
duties under sections 46A.01 to 46A.08, the commissioner may:

(1) share documents, materials, or other information, including the confidential and
privileged documents, materials, or information subject to subdivision 1, with other state,
federal, and international regulatory agencies, with the Conference of State Bank Supervisors,
the Conference of State Bank Supervisors' affiliates or subsidiaries, and with state, federal,
and international law enforcement authorities, provided that the recipient agrees in writing
to maintain the confidentiality and privileged status of the document, material, or other
information;

(2) receive documents, materials, or information, including otherwise confidential and
privileged documents, materials, or information, from the Conference of State Bank
Supervisors, the Conference of State Bank Supervisors' affiliates or subsidiaries, and from
regulatory and law enforcement officials of other foreign or domestic jurisdictions, and
must maintain as confidential or privileged any document, material, or information received
with notice or the understanding that the document, material, or information is confidential
or privileged under the laws of the jurisdiction that is the source of the document, material,
or information;

(3) share documents, materials, or other information subject to subdivision 1 with a
third-party consultant or vendor, provided the consultant agrees in writing to maintain the
confidentiality and privileged status of the document, material, or other information; and

(4) enter into agreements governing the sharing and use of information that are consistent
with this subdivision.

Subd. 4.

No waiver of privilege or confidentiality; information retention.

(a) The
disclosure of documents, materials, or information to the commissioner under this section
or as a result of sharing as authorized in subdivision 3 does not result in a waiver of any
applicable privilege or claim of confidentiality in the documents, materials, or information.

(b) A document, material, or information disclosed to the commissioner under this section
about a cybersecurity event must be retained and preserved by the financial institution for
five years.

Subd. 5.

Certain actions public.

Nothing in sections 46A.01 to 46A.08 prohibits the
commissioner from releasing final, adjudicated actions that are open to public inspection
pursuant to chapter 13 to a database or other clearinghouse service maintained by the
Conference of State Bank Supervisors, the Conference of State Bank Supervisors' affiliates,
or the Conference of State Bank Supervisors' subsidiaries.

Subd. 6.

Classification, protection, and use of information by others.

Documents,
materials, or other information in the possession or control of the Conference of State Bank
Supervisors or a third-party consultant pursuant to sections 46A.01 to 46A.08: (1) are
classified as confidential, protected nonpublic, and privileged; (2) are not subject to subpoena;
and (3) are not subject to discovery or admissible in evidence in a private civil action.