15 U.S.C. § 6805 — Enforcement

Page 2293 TITLE 15—COMMERCE AND TRADE § 6805 1 So in original. Probably should be ‘‘and, as appropriate, with’’. (D) Rule of construction Nothing in this paragraph shall be con- strued to alter, affect, or otherwise limit the authority of a State insurance authority to adopt regulations to carry out this sub- chapter. (2) Coordination, consistency, and com- parability Each of the agencies authorized under para- graph (1) to prescribe regulations shall consult and coordinate with the other such agencies and, as appropriate, and with 1 representatives of State insurance authorities designated by the National Association of Insurance Com- missioners, for the purpose of assuring, to the extent possible, that the regulations pre- scribed 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 ac- cordance 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 as are deemed consistent with the purposes of this subchapter. (Pub. L. 106–102, title V, § 504, Nov. 12, 1999, 113 Stat. 1439; Pub. L. 111–203, title X, § 1093(3), July 21, 2010, 124 Stat. 2095.) Editorial Notes REFERENCES IN TEXT This subchapter, referred to in subsecs. (a)(1) and (b), was in the original ‘‘this subtitle’’, meaning subtitle A (§§ 501–510) of title V of Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1436, which is classified principally to this sub- chapter. For complete classification of subtitle A to the Code, see Tables. The Consumer Financial Protection Act of 2010, re- ferred to in subsec. (a)(1)(A), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955. Subtitle B (§§ 1021–1029A) of the Act is classified generally to part B (§ 5511 et seq.) of subchapter V of chapter 53 of Title 12, Banks and Banking. For complete classification of subtitle B to the Code, see Tables. AMENDMENTS 2010—Subsec. (a)(1), (2). Pub. L. 111–203, § 1093(3)(A), added pars. (1) and (2) and struck out former pars. (1) and (2) which related, respectively, to rulemaking by the Federal banking agencies, the National Credit Union Administration, the Secretary of the Treasury, the Securities and Exchange Commission, and the Fed- eral Trade Commission, and consultation and coordina- tion among these agencies and authorities to assure consistency and comparability of regulations. Subsec. (a)(3). Pub. L. 111–203, § 1093(3)(B), struck out ‘‘and shall be issued in final form not later than 6 months after November 12, 1999’’ after ‘‘title 5’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. § 6805. Enforcement (a) In general Subject to subtitle B of the Consumer Finan- cial Protection Act of 2010 [12 U.S.C. 5511 et seq.], this subchapter and the regulations pre- scribed thereunder shall be enforced by the Bu- reau of Consumer Financial Protection, the Fed- eral functional regulators, the State insurance authorities, and the Federal Trade Commission with respect to financial institutions and other persons subject to their jurisdiction under appli- cable law, as follows: (1) Under section 1818 of title 12, by the ap- propriate Federal banking agency, as defined in section 1813(q) of title 12, 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, invest- ment 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 agen- cies, and insured State branches of foreign banks), commercial lending companies owned or controlled by foreign banks, orga- nizations operating under section 25 or 25A of the Federal Reserve Act [12 U.S.C. 601 et seq., 611 et seq.], and bank holding compa- nies and their nonbank subsidiaries or affili- ates (except brokers, dealers, persons pro- viding insurance, investment companies, and investment advisers); (C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), insured State branches of foreign banks, and any subsidiaries of such entities (except brokers, dealers, persons providing insurance, invest- ment companies, and investment advisers); and (D) savings associations the deposits of which are insured by the Federal Deposit In- surance Corporation, and any subsidiaries of such savings associations (except brokers, dealers, persons providing insurance, invest- ment companies, and investment advisers). (2) Under the Federal Credit Union Act [12 U.S.C. 1751 et seq.], by the Board of the Na- tional Credit Union Administration with re- spect to any federally insured credit union, and any subsidiaries of such an entity. (3) Under the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], by the Securities and Exchange Commission with respect to any broker or dealer. (4) Under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.], by the Securities and Exchange Commission with respect to in- vestment companies. (5) Under the Investment Advisers Act of 1940 [15 U.S.C. 80b–1 et seq.], by the Securities and Exchange Commission with respect to in- vestment advisers registered with the Com- mission under such Act. (6) Under State insurance law, in the case of any person engaged in providing insurance, by Page 2294 TITLE 15—COMMERCE AND TRADE § 6805 the applicable State insurance authority of the State in which the person is domiciled, subject to section 6701 of this title. (7) Under the Federal Trade Commission Act [15 U.S.C. 41 et seq.], by the Federal Trade Commission for any other financial institu- tion or other person that is not subject to the jurisdiction of any agency or authority under paragraphs (1) through (6) of this subsection. (8) Under subtitle E of the Consumer Finan- cial Protection Act of 2010 [12 U.S.C. 5561 et seq.], by the Bureau of Consumer Financial Protection, in the case of any financial insti- tution and other covered person or service pro- vider that is subject to the jurisdiction of the Bureau and any person subject to this sub- chapter, but not with respect to the standards under section 6801 of this title. (b) Enforcement of section 6801 (1) In general Except as provided in paragraph (2), the agencies and authorities described in sub- section (a), other than the Bureau of Con- sumer Financial Protection, shall implement the standards prescribed under section 6801(b) of this title in the same manner, to the extent practicable, as standards prescribed pursuant to section 1831p–1(a) of title 12 are imple- mented pursuant to such section. (2) Exception The agencies and authorities described in paragraphs (3), (4), (5), (6), and (7) of subsection (a) shall implement the standards prescribed under section 6801(b) of this title by rule with respect to the financial institutions and other persons subject to their respective jurisdic- tions under subsection (a). (c) Absence of State action If a State insurance authority fails to adopt regulations to carry out this subchapter, such State shall not be eligible to override, pursuant to section 1831x(g)(2)(B)(iii) of title 12, the insur- ance customer protection regulations prescribed by a Federal banking agency under section 1831x(a) of title 12. (d) Definitions The terms used in subsection (a)(1) that are not defined in this subchapter or otherwise de- fined in section 1813(s) of title 12 shall have the same meaning as given in section 3101 of title 12. (Pub. L. 106–102, title V, § 505, Nov. 12, 1999, 113 Stat. 1440; Pub. L. 111–203, title X, § 1093(4), (5), July 21, 2010, 124 Stat. 2096, 2097.) Editorial Notes REFERENCES IN TEXT The Consumer Financial Protection Act of 2010, re- ferred to in subsec. (a), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955. Subtitles B (§§ 1021–1029A) and E (§§ 1051–1058) of the Act are classified generally to parts B (§ 5511 et seq.) and E (§ 5561 et seq.), respectively, of subchapter V of chapter 53 of Title 12, Banks and Bank- ing. For complete classification of subtitles B and E to the Code, see Tables. This subchapter, referred to in subsecs. (a), (c), and (d), was in the original ‘‘this subtitle’’, meaning sub- title A (§§ 501–510) of title V of Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1436, which is classified principally to this subchapter. For complete classification of subtitle A to the Code, see Tables. Section 25 of the Federal Reserve Act, referred to in subsec. (a)(1)(B), is classified to subchapter I (§ 601 et seq.) of chapter 6 of Title 12, Banks and Banking. Sec- tion 25A of the Federal Reserve Act is classified to sub- chapter II (§ 611 et seq.) of chapter 6 of Title 12. The Federal Credit Union Act, referred to in subsec. (a)(2), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified generally to chapter 14 (§ 1751 et seq.) of Title 12, Banks and Banking. For complete classifica- tion of this Act to the Code, see section 1751 of Title 12 and Tables. The Securities Exchange Act of 1934, referred to in subsec. (a)(3), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of this title. For complete classification of this Act to the Code, see section 78a of this title and Tables. The Investment Company Act of 1940, referred to in subsec. (a)(4), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of this title. For complete classification of this Act to the Code, see section 80a–51 of this title and Tables. The Investment Advisers Act of 1940, referred to in subsec. (a)(5), is title II of act Aug. 22, 1940, ch. 686, 54 Stat. 847, which is classified generally to subchapter II (§ 80b–1 et seq.) of chapter 2D of this title. For complete classification of this Act to the Code, see section 80b–20 of this title and Tables. The Federal Trade Commission Act, referred to in subsec. (a)(7), is act Sept. 26, 1914, ch. 311, 38 Stat. 717, which is classified generally to subchapter I (§ 41 et seq.) of chapter 2 of this title. For complete classifica- tion of this Act to the Code, see section 58 of this title and Tables. AMENDMENTS 2010—Subsec. (a). Pub. L. 111–203, § 1093(4)(A), sub- stituted ‘‘Subject to subtitle B of the Consumer Finan- cial Protection Act of 2010, this subchapter and the reg- ulations 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 fi- nancial institutions and other persons subject to their jurisdiction under applicable law, as follows:’’ for ‘‘This subchapter and the regulations prescribed thereunder shall be enforced by 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 appli- cable law, as follows:’’. Subsec. (a)(1). Pub. L. 111–203, § 1093(4)(B)(i), inserted ‘‘by the appropriate Federal banking agency, as defined in section 1813(q) of title 12,’’ before ‘‘in the case of—’’. Subsec. (a)(1)(A). Pub. L. 111–203, § 1093(4)(B)(ii), struck out ‘‘, by the Office of the Comptroller of the Currency’’ before semicolon at end. Subsec. (a)(1)(B). Pub. L. 111–203, § 1093(4)(B)(iii), struck out ‘‘, by the Board of Governors of the Federal Reserve System’’ before semicolon at end. Subsec. (a)(1)(C). Pub. L. 111–203, § 1093(4)(B)(iv), struck out ‘‘, by the Board of Directors of the Federal Deposit Insurance Corporation’’ before ‘‘; and’’. Subsec. (a)(1)(D). Pub. L. 111–203, § 1093(4)(B)(v), struck out ‘‘, by the Director of the Office of Thrift Su- pervision’’ before period at end. Subsec. (a)(8). Pub. L. 111–203, § 1093(4)(C), added par. (8). Subsec. (b)(1). Pub. L. 111–203, § 1093(5), inserted ‘‘, other than the Bureau of Consumer Financial Pro- tection,’’ before ‘‘shall implement the standards’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. Page 2295 TITLE 15—COMMERCE AND TRADE § 6808 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. § 6806. Relation to other provisions Except for the amendments made by sub- sections (a) and (b), nothing in this chapter shall be construed to modify, limit, or supersede the operation of the Fair Credit Reporting Act [15 U.S.C. 1681 et seq.], and no inference shall be drawn on the basis of the provisions of this chapter regarding whether information is trans- action or experience information under section 603 of such Act [15 U.S.C. 1681a]. (Pub. L. 106–102, title V, § 506(c), Nov. 12, 1999, 113 Stat. 1442.) Editorial Notes REFERENCES IN TEXT Amendments made by subsections (a) and (b), re- ferred to in text, means amendments made by section 506(a) and (b) of Pub. L. 106–102, which amended section 1681s of this title. This chapter, referred to in text, was in the original ‘‘this title’’, meaning title V of Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1436, which enacted this chapter and amended section 1681s of this title. For complete classi- fication of title V to the Code, see Tables. The Fair Credit Reporting Act, referred to in text, is title VI of Pub. L. 90–321, as added by Pub. L. 91–508, title VI, § 601, Oct. 26, 1970, 84 Stat. 1127, which is classi- fied generally to subchapter III (§ 1681 et seq.) of chap- ter 41 of this title. For complete classification of this Act to the Code, see Short Title note set out under sec- tion 1601 of this title and Tables. § 6807. Relation to State laws (a) In general This subchapter and the amendments made by this subchapter shall not be construed as super- seding, altering, or affecting any statute, regu- lation, order, or interpretation in effect in any State, except to the extent that such statute, regulation, order, or interpretation is incon- sistent with the provisions of this subchapter, and then only to the extent of the inconsistency. (b) Greater protection under State law For purposes of this section, a State statute, regulation, order, or interpretation is not incon- sistent with the provisions of this subchapter if the protection such statute, regulation, order, or interpretation affords any person is greater than the protection provided under this sub- chapter and the amendments made by this sub- chapter, as determined by the Bureau of Con- sumer Financial Protection, after consultation with the agency or authority with jurisdiction under section 6805(a) of this title of either the person that initiated the complaint or that is the subject of the complaint, on its own motion or upon the petition of any interested party. (Pub. L. 106–102, title V, § 507, Nov. 12, 1999, 113 Stat. 1442; Pub. L. 111–203, title X, § 1093(6), July 21, 2010, 124 Stat. 2097.) Editorial Notes REFERENCES IN TEXT This subchapter, referred to in text, was in the origi- nal ‘‘this subtitle’’, meaning subtitle A (§§ 501–510) of title V of Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1436, which is classified principally to this subchapter. For complete classification of subtitle A to the Code, see Tables. AMENDMENTS 2010—Subsec. (b). Pub. L. 111–203 substituted ‘‘Bureau of Consumer Financial Protection’’ for ‘‘Federal Trade Commission’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. § 6808. Study of information sharing among fi- nancial affiliates (a) In general The Secretary of the Treasury, in conjunction with the Federal functional regulators and the Federal Trade Commission, shall conduct a study of information sharing practices among fi- nancial institutions and their affiliates. Such study shall include— (1) the purposes for the sharing of confiden- tial customer information with affiliates or with nonaffiliated third parties; (2) the extent and adequacy of security pro- tections for such information; (3) the potential risks for customer privacy of such sharing of information; (4) the potential benefits for financial insti- tutions and affiliates of such sharing of infor- mation; (5) the potential benefits for customers of such sharing of information; (6) the adequacy of existing laws to protect customer privacy; (7) the adequacy of financial institution pri- vacy policy and privacy rights disclosure under existing law; (8) the feasibility of different approaches, in- cluding opt-out and opt-in, to permit cus- tomers to direct that confidential information not be shared with affiliates and nonaffiliated third parties; and (9) the feasibility of restricting sharing of information for specific uses or of permitting customers to direct the uses for which infor- mation may be shared. (b) Consultation The Secretary shall consult with representa- tives of State insurance authorities designated by the National Association of Insurance Com- missioners, and also with financial services in- dustry, consumer organizations and privacy groups, and other representatives of the general public, in formulating and conducting the study required by subsection (a). (c) Report On or before January 1, 2002, the Secretary shall submit a report to the Congress containing the findings and conclusions of the study re- quired under subsection (a), together with such recommendations for legislative or administra- tive action as may be appropriate. (Pub. L. 106–102, title V, § 508, Nov. 12, 1999, 113 Stat. 1442.)