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15 U.S.C. § 1681w — Disposal of records

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1681w — Disposal of records

**(a) Regulations** (1) **In general** — The Federal Trade Commission, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal banking agencies, and the National Credit Union Administration, with respect to the entities that are subject to their respective enforcement authority under [section 1681s of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s&num=0&edition=prelim), and in coordination as described in paragraph (2), shall issue final regulations requiring any person that maintains or otherwise possesses consumer information, or any compilation of consumer information, derived from consumer reports for a business purpose to properly dispose of any such information or compilation. (2) **Coordination** — Each agency required to prescribe regulations under paragraph (1) shall— (A) consult and coordinate with each other such agency so that, to the extent possible, the regulations prescribed by each such agency are consistent and comparable with the regulations by each such other agency; and (B) ensure that such regulations are consistent with the requirements and regulations issued pursuant to Public Law 106–102 and other provisions of Federal law. (3) **Exemption authority** — In issuing regulations under this section, the agencies identified in paragraph (1) may exempt any person or class of persons from application of those regulations, as such agency deems appropriate to carry out the purpose of this section. **(b) Rule of construction** Nothing in this section shall be construed— (1) to require a person to maintain or destroy any record pertaining to a consumer that is not imposed under other law; or (2) to alter or affect any requirement imposed under any other provisio

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Stable record: federal_law:legal_authorities:record_usc_5adad5f24b4adfd109e61edb
Source file: Laws/federal/codes/united-states-code/title-15/section-1681w-disposal-of-records--a08b764623.md
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Source location: Title 15, Chapter 41, § 1681w; chapter-041-consumer-credit-protection.md

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1681s — Administrative enforcement

**(a) Enforcement by Federal Trade Commission** (1) **In general** — The Federal Trade Commission shall be authorized to enforce compliance with the requirements imposed by this subchapter under the Federal Trade Commission Act ([15 U.S.C. 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section41&num=0&edition=prelim) et seq.), with respect to consumer reporting agencies and all other persons subject thereto, except to the extent that enforcement of the requirements imposed under this subchapter is specifically committed to some other Government agency under any of subparagraphs (A) through (G) of subsection (b)(1), and 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.], subsection (b).11 So in original. For the purpose of the exercise by the Federal Trade Commission of its functions and powers under the Federal Trade Commission Act, a violation of any requirement or prohibition imposed under this subchapter shall constitute an unfair or deceptive act or practice in commerce, in violation of section 5(a) of the Federal Trade Commission Act ([15 U.S.C. 45(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45/a&num=0&edition=prelim)), and shall be subject to enforcement by the Federal Trade Commission under section 5(b) of that Act [[15 U.S.C. 45(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45/b&num=0&edition=prelim)] with respect to any consumer reporting agency or person that is subject to enforcement by the Federal Trade Commission pursuant to this subsection, irrespective of whether that person is engaged in commerce or meets any ot

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1681 — Congressional findings and statement of purpose

**(a) Accuracy and fairness of credit reporting** The Congress makes the following findings: (1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system. (2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers. (3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers. (4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy. **(b) Reasonable procedures** It is the purpose of this subchapter to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this subchapter.

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 552a — Records maintained on individuals

**(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

12 U.S.C. § 1811 — Federal Deposit Insurance Corporation

**(a) Establishment of Corporation** There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the “Corporation”) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted. **(b) Asset disposition division** (1) **Establishment** — The Corporation shall have a separate division of asset disposition. (2) **Management** — The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors. (3) **Responsibilities of division** — The division of asset disposition shall carry out all of the responsibilities of the Corporation under this chapter relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1681t — Relation to State laws

**(a) In general** Except as provided in subsections (b) and (c), this subchapter does not annul, alter, affect, or exempt any person subject to the provisions of this subchapter from complying with the laws of any State with respect to the collection, distribution, or use of any information on consumers, or for the prevention or mitigation of identity theft, except to the extent that those laws are inconsistent with any provision of this subchapter, and then only to the extent of the inconsistency. **(b) General exceptions** No requirement or prohibition may be imposed under the laws of any State— (1) with respect to any subject matter regulated under— (A) subsection (c) or (e) of [section 1681b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681b&num=0&edition=prelim), relating to the prescreening of consumer reports; (B) [section 1681i of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681i&num=0&edition=prelim), relating to the time by which a consumer reporting agency must take any action, including the provision of notification to a consumer or other person, in any procedure related to the disputed accuracy of information in a consumer’s file, except that this subparagraph shall not apply to any State law in effect on September 30, 1996; (C) subsections (a) and (b) of [section 1681m of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681m&num=0&edition=prelim), relating to the duties of a person who takes any adverse action with respect to a consumer; (D) [section 1681m(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681m/d&num=0&edition=prelim), relating to the duties of persons w

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1681w — Disposal of records

Page 1622 TITLE 15—COMMERCE AND TRADE § 1681w 2004—Subsec. (e). Pub. L. 108–458 substituted ‘‘govern- ment agency’’ for ‘‘governmental agency’’. 2003—Subsec. (d). Pub. L. 108–159, § 214(c)(3), made technical amendment to reference in original act which appears in text as reference to section 1681u of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2004 AMENDMENT Amendment by Pub. L. 108–458 effective as if included in Pub. L. 107–56, as of the date of enactment of such Act, see section 6205 of Pub. L. 108–458, set out as a note under section 1828 of Title 12, Banks and Banking. EFFECTIVE DATE OF 2003 AMENDMENT Amendment by Pub. L. 108–159 subject to joint regu- lations establishing effective dates as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Pub. L. 108–159, set out as a note under section 1681 of this title. EFFECTIVE DATE Section applicable with respect to reports filed or records maintained on, before, or after Oct. 26, 2001, see section 358(h) of Pub. L. 107–56, set out as an Effective Date of 2001 Amendment note under section 1829b of this Title 12, Banks and Banking. § 1681w. Disposal of records (a) Regulations (1) In general The Federal Trade Commission, the Securi- ties and Exchange Commission, the Com- modity Futures Trading Commission, the Fed- eral banking agencies, and the National Credit Union Administration, with respect to the en- tities that are subject to their respective en- forcement authority under section 1681s of this title, and in coordination as described in para- graph (2), shall issue final regulations requir- ing any person that maintains or otherwise possesses consumer information, or any com- pilation of consumer informat

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