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15 U.S.C. § 6804 — Rulemaking
Federal law — U.S. Code and appendices · legal_authorities
**(a) Regulatory authority**
(1) **Rulemaking**
(A) *In general* — Except as provided in subparagraph (C), the Bureau of Consumer Financial Protection and the Securities and Exchange Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to financial institutions and other persons subject to their respective jurisdiction under [section 6805 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6805&num=0&edition=prelim) (and notwithstanding subtitle B of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5511](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5511&num=0&edition=prelim) et seq.]), except that the Bureau of Consumer Financial Protection shall not have authority to prescribe regulations with respect to the standards under [section 6801 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6801&num=0&edition=prelim).
(B) *CFTC* — The Commodity Futures Trading Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to financial institutions and other persons subject to the jurisdiction of the Commodity Futures Trading Commission under [section 7b–2 of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7b–2&num=0&edition=prelim).
(C) *Federal Trade Commission authority* — Notwithstanding the authority of the Bureau of Consumer Financial Protection under subparagraph (A), the Federal Trade Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to any financial ins
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Source location: Title 15, Chapter 94, § 6804; chapter-094-privacy.md
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**(a) Regulatory authority**
(1) **Rulemaking**
(A) *In general* — Except as provided in subparagraph (C), the Bureau of Consumer Financial Protection and the Securities and Exchange Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to financial institutions and other persons subject to their respective jurisdiction under [section 6805 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6805&num=0&edition=prelim) (and notwithstanding subtitle B of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5511](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5511&num=0&edition=prelim) et seq.]), except that the Bureau of Consumer Financial Protection shall not have authority to prescribe regulations with respect to the standards under [section 6801 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6801&num=0&edition=prelim).
(B) *CFTC* — The Commodity Futures Trading Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to financial institutions and other persons subject to the jurisdiction of the Commodity Futures Trading Commission under [section 7b–2 of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7b–2&num=0&edition=prelim).
(C) *Federal Trade Commission authority* — Notwithstanding the authority of the Bureau of Consumer Financial Protection under subparagraph (A), the Federal Trade Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to any financial institution that is a person described in section 1029(a) of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5519(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5519/a&num=0&edition=prelim)].
(D) *Rule of construction* — Nothing in this paragraph shall be construed to alter, affect, or otherwise limit the authority of a State insurance authority to adopt regulations to carry out this subchapter.
(2) **Coordination, consistency, and comparability** — Each of the agencies authorized under paragraph (1) to prescribe regulations shall consult and coordinate with the other such agencies and, as appropriate, and with 11 So in original. Probably should be “and, as appropriate, with”. representatives of State insurance authorities designated by the National Association of Insurance Commissioners, for the purpose of assuring, to the extent possible, that the regulations prescribed by each such agency are consistent and comparable with the regulations prescribed by the other such agencies.
(3) **Procedures and deadline** — Such regulations shall be prescribed in accordance with applicable requirements of title 5.
**(b) Authority to grant exceptions** The regulations prescribed under subsection (a) may include such additional exceptions to subsections (a) through (d) of [section 6802 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6802&num=0&edition=prelim) as are deemed consistent with the purposes of this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Treatment as financial institutions** Notwithstanding section 509(3)(B) of the Gramm-Leach-Bliley Act [[15 U.S.C. 6809(3)(B)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6809/3/B&num=0&edition=prelim)], any futures commission merchant, commodity trading advisor, commodity pool operator, or introducing broker that is subject to the jurisdiction of the Commission under this chapter with respect to any financial activity shall be treated as a financial institution for purposes of title V of such Act [[15 U.S.C. 6801](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6801&num=0&edition=prelim) et seq.] with respect to such financial activity.
**(b) Treatment of CFTC as Federal functional regulator** For purposes of title V of such Act [[15 U.S.C. 6801](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6801&num=0&edition=prelim) et seq.], the Commission shall be treated as a Federal functional regulator within the meaning of section 509(2) of such Act [[15 U.S.C. 6809(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6809/2&num=0&edition=prelim)] and shall prescribe regulations under such title within 6 months after December 21, 2000.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 7b–2
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Subject to subtitle B of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5511](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5511&num=0&edition=prelim) et seq.], this subchapter and the regulations prescribed thereunder shall be enforced by the Bureau of Consumer Financial Protection, the Federal functional regulators, the State insurance authorities, and the Federal Trade Commission with respect to financial institutions and other persons subject to their jurisdiction under applicable law, as follows:
(1) Under [section 1818 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim), by the appropriate Federal banking agency, as defined in [section 1813(q) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim), in the case of—
(A) national banks, Federal branches and Federal agencies of foreign banks, and any subsidiaries of such entities (except brokers, dealers, persons providing insurance, investment companies, and investment advisers);
(B) member banks of the Federal Reserve System (other than national banks), branches and agencies of foreign banks (other than Federal branches, Federal agencies, and insured State branches of foreign banks), commercial lending companies owned or controlled by foreign banks, organizations operating under section 25 or 25A of the Federal Reserve Act [[12 U.S.C. 601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim) et seq., 611 et seq.], and bank holding companies and their nonbank subsidiaries or affiliates (except brokers, dealers, persons providing insurance, investment companies, and investment ad
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 6805
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Study** Not later than the end of the 180-day period beginning on the date of the enactment of this Act, and annually thereafter, the Comptroller General of the United States shall conduct a study of financial services regulations, including activities of the Bureau. Such study shall include an analysis of—
(1) the impact of regulation on the financial marketplace, including the effects on the safety and soundness of regulated entities, cost and availability of credit, savings realized by consumers, reductions in consumer paperwork burden, changes in personal and small business bankruptcy filings, and costs of compliance with rules, including whether relevant Federal agencies are applying sound cost-benefit analysis in promulgating rules;
(2) efforts to avoid duplicative or conflicting rulemakings, including an evaluation of the consultative process under subparagraphs (B) and (C) of [section 5512(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5512/b/2&num=0&edition=prelim), information requests, and examinations; and
(3) other matters related to the operations of financial services regulations deemed by the Comptroller General to be appropriate.
**(b) Report** Not later than the end of the 30-day period following the completion of a study conducted pursuant to subsection (a), the Comptroller General shall issue a report to the Congress containing a detailed description of all findings and conclusions made by the Comptroller General in carrying out such study, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** For purposes of this section—
(1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title;
(2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence;
(3) the term “maintain” includes maintain, collect, use, or disseminate;
(4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph;
(5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual;
(6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim);
(7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected;
(8) the term “matching program”—
(A) means any computerized comparison of—
(i) two or more automated systems of records or a system of records with non-Federal records for the purpose
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Notice requirements** Except as otherwise provided in this subchapter, a financial institution may not, directly or through any affiliate, disclose to a nonaffiliated third party any nonpublic personal information, unless such financial institution provides or has provided to the consumer a notice that complies with [section 6803 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6803&num=0&edition=prelim).
**(b) Opt out**
(1) **In general** — A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless—
(A) such financial institution clearly and conspicuously discloses to the consumer, in writing or in electronic form or other form permitted by the regulations prescribed under [section 6804 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6804&num=0&edition=prelim), that such information may be disclosed to such third party;
(B) the consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party; and
(C) the consumer is given an explanation of how the consumer can exercise that nondisclosure option.
(2) **Exception** — This subsection shall not prevent a financial institution from providing nonpublic personal information to a nonaffiliated third party to perform services for or functions on behalf of the financial institution, including marketing of the financial institution’s own products or services, or financial products or services offered pursuant to joint agreements between two or more financial institutions that comply with the requirements imposed by the regulations prescribed under [section 6804 of this title](htt
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 6802
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Privacy obligation policy** It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers’ nonpublic personal information.
**(b) Financial institutions safeguards** In furtherance of the policy in subsection (a), each agency or authority described in [section 6805(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6805/a&num=0&edition=prelim), other than the Bureau of Consumer Financial Protection, shall establish appropriate standards for the financial institutions subject to their jurisdiction relating to administrative, technical, and physical safeguards—
(1) to insure the security and confidentiality of customer records and information;
(2) to protect against any anticipated threats or hazards to the security or integrity of such records; and
(3) to protect against unauthorized access to or use of such records or information which could result in substantial harm or inconvenience to any customer.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 6801
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Disclosure required** At the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship, a financial institution shall provide a clear and conspicuous disclosure to such consumer, in writing or in electronic form or other form permitted by the regulations prescribed under [section 6804 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6804&num=0&edition=prelim), of such financial institution’s policies and practices with respect to—
(1) disclosing nonpublic personal information to affiliates and nonaffiliated third parties, consistent with [section 6802 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6802&num=0&edition=prelim), including the categories of information that may be disclosed;
(2) disclosing nonpublic personal information of persons who have ceased to be customers of the financial institution; and
(3) protecting the nonpublic personal information of consumers.
**(b) Regulations** Disclosures required by subsection (a) shall be made in accordance with the regulations prescribed under [section 6804 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6804&num=0&edition=prelim).
**(c) Information to be included** The disclosure required by subsection (a) shall include—
(1) the policies and practices of the institution with respect to disclosing nonpublic personal information to nonaffiliated third parties, other than agents of the institution, consistent with [section 6802 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6802&num=0&edition=prelim), and including—
(A) the categories of persons to whom the informa
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 6803
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Federal law — U.S. Code and appendices · legal_authorities
As used in this subchapter:
(1) **Federal banking agency** — The term “Federal banking agency” has the same meaning as given in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim).
(2) **Federal functional regulator** — The term “Federal functional regulator” means—
(A) the Board of Governors of the Federal Reserve System;
(B) the Office of the Comptroller of the Currency;
(C) the Board of Directors of the Federal Deposit Insurance Corporation;
(D) the Director of the Office of Thrift Supervision;
(E) the National Credit Union Administration Board; and
(F) the Securities and Exchange Commission.
(3) **Financial institution**
(A) *In general* — The term “financial institution” means any institution the business of which is engaging in financial activities as described in [section 1843(k) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/k&num=0&edition=prelim).
(B) *Persons subject to CFTC regulation* — Notwithstanding subparagraph (A), the term “financial institution” does not include any person or entity with respect to any financial activity that is subject to the jurisdiction of the Commodity Futures Trading Commission under the Commodity Exchange Act [[7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.].
(C) *Farm credit institutions* — Notwithstanding subparagraph (A), the term “financial institution” does not include the Federal Agricultural Mortgage Corporation or any entity chartered and operating under the Farm Credit Act of 1971 [[12 U.S.C. 2001](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2001&num=0&edition=prel
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 6809
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Federal law — U.S. Code and appendices · legal_authorities
Page 1955
TITLE 12—BANKS AND BANKING
§ 5512
tion], or the amendments made by this subtitle, shall
be construed to require the Bureau of Consumer Finan-
cial Protection to collect or make publicly available
additional information under the Consumer Financial
Protection Act of 2010 (12 U.S.C. 5481 et seq.), beyond in-
formation that was collected or made publicly avail-
able under that Act, as of the day before the date of en-
actment of this Act [Dec. 23, 2022].’’
§ 5499. Open data publication
All public data assets published by the Bureau
shall be—
(1) made available as an open Government
data asset (as defined in section 3502 of title
44);
(2) freely available for download;
(3) rendered in a human-readable format;
and
(4) accessible via application programming
interface where appropriate.
(Pub. L. 111–203, title X, § 1019, as added Pub. L.
117–263, div. E, title LVIII, § 5851(a)(2), Dec. 23,
2022, 136 Stat. 3433.)
Statutory Notes and Related Subsidiaries
RULE OF CONSTRUCTION REGARDING NO NEW
DISCLOSURE REQUIREMENTS
Enactment of section not to be construed to require
certain additional information to be collected or dis-
closed, see section 5853 of Pub. L. 117–263, set out as a
note under section 5498 of this title.
PART B—GENERAL POWERS OF THE BUREAU
§ 5511. Purpose, objectives, and functions
(a) Purpose
The Bureau shall seek to implement and,
where applicable, enforce Federal consumer fi-
nancial law consistently for the purpose of en-
suring that all consumers have access to mar-
kets for consumer financial products and serv-
ices and that markets for consumer financial
products and services are fair, transparent, and
competitive.
(b) Objectives
The Bureau is authorized to exercise its au-
thorities under Federal consumer financial law
fo
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5511
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Scope of coverage** This section shall apply to any covered person that is—
(1) an insured depository institution with total assets of more than $10,000,000,000 and any affiliate thereof; or
(2) an insured credit union with total assets of more than $10,000,000,000 and any affiliate thereof.
**(b) Supervision**
(1) **In general** — The Bureau shall have exclusive authority to require reports and conduct examinations on a periodic basis of persons described in subsection (a) for purposes of—
(A) assessing compliance with the requirements of Federal consumer financial laws;
(B) obtaining information about the activities subject to such laws and the associated compliance systems or procedures of such persons; and
(C) detecting and assessing associated risks to consumers and to markets for consumer financial products and services.
(2) **Coordination** — To minimize regulatory burden, the Bureau shall coordinate its supervisory activities with the supervisory activities conducted by prudential regulators and the State bank regulatory authorities, including consultation regarding their respective schedules for examining such persons described in subsection (a) and requirements regarding reports to be submitted by such persons.
(3) **Use of existing reports** — The Bureau shall, to the fullest extent possible, use—
(A) reports pertaining to a person described in subsection (a) that have been provided or required to have been provided to a Federal or State agency; and
(B) information that has been reported publicly.
(4) **Preservation of authority** — Nothing in this title 11 See References in Text note below. may be construed as limiting the authority of the Director to require reports from a person described in subsection (a), as permitted under pa
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5519
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