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15 U.S.C. § 6802 — Obligations with respect to disclosures of personal information

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

15 U.S.C. § 6802 — Obligations with respect to disclosures of personal information

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Source location: Title 15, Chapter 94, § 6802; chapter-094-privacy.md

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**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section6804&num=0&edition=prelim), if the financial institution fully discloses the providing of such information and enters into a contractual agreement with the third party that requires the third party to maintain the confidentiality of such information. **(c) Limits on reuse of information** Except as otherwise provided in this subchapter, a nonaffiliated third party that receives from a financial institution nonpublic personal information under this section shall not, directly or through an affiliate of such receiving third party, disclose such information to any other person that is a nonaffiliated third party of both the financial institution and such receiving third party, unless such disclosure would be lawful if made directly to such other person by the financial institution. **(d) Limitations on the sharing of account number information for marketing purposes** A financial institution shall not disclose, other than to a consumer reporting agency, an account number or similar form of access number or access code for a credit card account, deposit account, or transaction account of a consumer to any nonaffiliated third party for use in telemarketing, direct mail marketing, or other marketing through electronic mail to the consumer. **(e) General exceptions** Subsections (a) and (b) shall not prohibit the disclosure of nonpublic personal information— (1) as necessary to effect, administer, or enforce a transaction requested or authorized by the consumer, or in connection with— (A) servicing or processing a financial product or service requested or authorized by the consumer; (B) maintaining or servicing the consumer’s account with the financial institution, or with another entity as part of a private label credit card program or other extension of credit on behalf of such entity; or (C) a proposed or actual securitization, secondary market sale (including sales of servicing rights), or similar transaction related to a transaction of the consumer; (2) with the consent or at the direction of the consumer; (3) (A) to protect the confidentiality or security of the financial institution’s records pertaining to the consumer, the service or product, or the transaction therein; (B) to protect against or prevent actual or potential fraud, unauthorized transactions, claims, or other liability; (C) for required institutional risk control, or for resolving customer disputes or inquiries; (D) to persons holding a legal or beneficial interest relating to the consumer; or (E) to persons acting in a fiduciary or representative capacity on behalf of the consumer; (4) to provide information to insurance rate advisory organizations, guaranty funds or agencies, applicable rating agencies of the financial institution, persons assessing the institution’s compliance with industry standards, and the institution’s attorneys, accountants, and auditors; (5) to the extent specifically permitted or required under other provisions of law and in accordance with the Right to Financial Privacy Act of 1978 [[12 U.S.C. 3401](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3401&num=0&edition=prelim) et seq.], to law enforcement agencies (including the Bureau of Consumer Financial Protection 11 So in original. Probably should be followed by a comma. a Federal functional regulator, the Secretary of the Treasury with respect to subchapter II of chapter 53 of title 31, and chapter 2 of title I of Public Law 91–508 ([12 U.S.C. 1951–195](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1951–195&num=0&edition=prelim)9), a State insurance authority, or the Federal Trade Commission), self-regulatory organizations, or for an investigation on a matter related to public safety; (6) (A) to a consumer reporting agency in accordance with the Fair Credit Reporting Act [[15 U.S.C. 1681](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681&num=0&edition=prelim) et seq.], or (B) from a consumer report reported by a consumer reporting agency; (7) in connection with a proposed or actual sale, merger, transfer, or exchange of all or a portion of a business or operating unit if the disclosure of nonpublic personal information concerns solely consumers of such business or unit; or (8) to comply with Federal, State, or local laws, rules, and other applicable legal requirements; to comply with a properly authorized civil, criminal, or regulatory investigation or subpoena or summons by Federal, State, or local authorities; or to respond to judicial process or government regulatory authorities having jurisdiction over the financial institution for examination, compliance, or other purposes as authorized by law.

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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

15 U.S.C. § 6803 — Disclosure of institution privacy policy

**(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

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

15 U.S.C. § 6804 — Rulemaking

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

15 U.S.C. § 1601 — Congressional findings and declaration of purpose

**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices. **(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.

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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. § 3401 — Definitions

For the purpose of this chapter, the term— (1) “financial institution”, except as provided in [section 3414 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3414&num=0&edition=prelim), means any office of a bank, savings bank, card issuer as defined in section 1602(n) 11 See References in Text note below. of title 15, industrial loan company, trust company, savings association, building and loan, or homestead association (including cooperative banks), credit union, or consumer finance institution, located in any State or territory of the United States, the District of Columbia, Puerto Rico, Guam, American Samoa, or the Virgin Islands; (2) “financial record” means an original of, a copy of, or information known to have been derived from, any record held by a financial institution pertaining to a customer’s relationship with the financial institution; (3) “Government authority” means any agency or department of the United States, or any officer, employee, or agent thereof; (4) “person” means an individual or a partnership of five or fewer individuals; (5) “customer” means any person or authorized representative of that person who utilized or is utilizing any service of a financial institution, or for whom a financial institution is acting or has acted as a fiduciary, in relation to an account maintained in the person’s name; (6) “holding company” means— (A) any bank holding company (as defined in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim)); and (B) any company described in [section 1843(f)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/f/1&num=0&edition=prelim); (7) “supervisory

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

12 U.S.C. § 248 — Enumerated powers

The Board of Governors of the Federal Reserve System shall be authorized and empowered: **(a) Examination of accounts and affairs of banks; publication of weekly statements; reports of liabilities and assets of depository institutions; covered institutions** (1) To examine at its discretion the accounts, books, and affairs of each Federal reserve bank and of each member bank and to require such statements and reports as it may deem necessary. The said board shall publish once each week a statement showing the condition of each Federal reserve bank and a consolidated statement for all Federal reserve banks. Such statements shall show in detail the assets and liabilities of the Federal reserve banks, single and combined, and shall furnish full information regarding the character of the money held as reserve and the amount, nature, and maturities of the paper and other investments owned or held by Federal reserve banks. (2) To require any depository institution specified in this paragraph to make, at such intervals as the Board may prescribe, such reports of its liabilities and assets as the Board may determine to be necessary or desirable to enable the Board to discharge its responsibility to monitor and control monetary and credit aggregates. Such reports shall be made (A) directly to the Board in the case of member banks and in the case of other depository institutions whose reserve requirements under sections 461, 463, 464, 465, and 466 of this title exceed zero, and (B) for all other reports to the Board through the (i) Federal Deposit Insurance Corporation in the case of insured State savings associations that are insured depository institutions (as defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section

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12 U.S.C. § 1951 — Congressional findings and declaration of purpose

**(a)** The Congress finds that certain records maintained by businesses engaged in the functions described in [section 1953(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1953/b&num=0&edition=prelim) have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings. The Congress further finds that the power to require reports of changes in the ownership, control, and managements of types of financial institutions referred to in [section 1952 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1952&num=0&edition=prelim) may be necessary for the same purpose. **(b)** It is the purpose of this chapter to require the maintenance of appropriate types of records and the making of appropriate reports by such businesses in the United States where such records or reports have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.

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

12 U.S.C. § 1951 — Congressional findings and declaration of

Page 1273 TITLE 12—BANKS AND BANKING § 1953 Sec. 1952. Reports on ownership and control. 1953. Recordkeeping and procedures. 1954. Injunctions. 1955. Civil penalties. 1956. Criminal penalty. 1957. Additional criminal penalty in certain cases. 1958. Compliance. 1959. Administrative procedure. 1960. Safe harbor with respect to keep open direc- tives. § 1951. Congressional findings and declaration of purpose (a) The Congress finds that certain records maintained by businesses engaged in the func- tions described in section 1953(b) of this title have a high degree of usefulness in criminal, tax, and regulatory investigations and pro- ceedings. The Congress further finds that the power to require reports of changes in the own- ership, control, and managements of types of fi- nancial institutions referred to in section 1952 of this title may be necessary for the same pur- pose. (b) It is the purpose of this chapter to require the maintenance of appropriate types of records and the making of appropriate reports by such businesses in the United States where such records or reports have a high degree of useful- ness in criminal, tax, or regulatory investiga- tions or proceedings. (Pub. L. 91–508, title I, § 121, Oct. 26, 1970, 84 Stat. 1116.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 91–508, title IV, § 401(a), (b), Oct. 26, 1970, 84 Stat. 1125, provided that: ‘‘(a) Except as otherwise provided in this section, ti- tles I, II, and III of this Act and the amendments made thereby [enacting this chapter and sections 1730d and 1829b of this title and section 1051 et seq. of former Title 31, Money and Finance, amending section 78g of Title 15, Commerce and Trade, and enacting provisions set out as notes under section 78g

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

12 U.S.C. § 3401 — Definitions

Page 1534 TITLE 12—BANKS AND BANKING § 3401 1 See References in Text note below. section 1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations; (2) not later than 3 days after the date on which the Closing Disclosure Form, made in accordance with the final rule of the Bureau of Consumer Financial Protection entitled ‘‘Inte- grated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)’’ (78 Fed. Reg. 79730 (December 31, 2013)), re- lating to the federally related transaction is given to the consumer, the mortgage origi- nator or its agent, directly or indirectly— (A) has contacted not fewer than 3 State certified appraisers or State licensed ap- praisers, as applicable, on the mortgage originator’s approved appraiser list in the market area in accordance with part 226 of title 12, Code of Federal Regulations; and (B) has documented that no State certified appraiser or State licensed appraiser, as ap- plicable, was available within 5 business days beyond customary and reasonable fee and timeliness standards for comparable ap- praisal assignments, as documented by the mortgage originator or its agent; (3) the transaction value is less than $400,000; and (4) the mortgage originator is subject to oversight by a Federal financial institutions regulatory agency. (c) Sale, assignment, or transfer A mortgage originator that makes a loan without an appraisal under the terms of sub- section (b) shall not sell, assign, or otherwise transfer legal title to the loan unless— (1) the loan is sold, assigned, or otherwise transferred to another person by reason of the bankruptcy or failure of the mortgage origi- nator; (2) the loan is sold, assigned, or otherwise transferred t

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