15 U.S.C. § 6825 — Agency guidance

Page 2299 TITLE 15—COMMERCE AND TRADE § 6827 § 6824. Relation to State laws (a) In general This subchapter shall not be construed as su- perseding, altering, or affecting the statutes, regulations, orders, or interpretations in effect in any State, except to the extent that such statutes, regulations, orders, or interpretations are inconsistent with the provisions of this sub- chapter, and then only to the extent of the in- consistency. (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 as determined by the Federal Trade Commission, after consultation with the agency or authority with jurisdiction under section 6822 of this title of either the person that initiated the complaint or that is the subject of the com- plaint, on its own motion or upon the petition of any interested party. (Pub. L. 106–102, title V, § 524, Nov. 12, 1999, 113 Stat. 1448.) § 6825. Agency guidance In furtherance of the objectives of this sub- chapter, each Federal banking agency (as de- fined in section 1813(z) of title 12), the National Credit Union Administration, and the Securities and Exchange Commission or self-regulatory or- ganizations, as appropriate, shall review regula- tions and guidelines applicable to financial in- stitutions under their respective jurisdictions and shall prescribe such revisions to such regu- lations and guidelines as may be necessary to ensure that such financial institutions have policies, procedures, and controls in place to prevent the unauthorized disclosure of customer financial information and to deter and detect activities proscribed under section 6821 of this title. (Pub. L. 106–102, title V, § 525, Nov. 12, 1999, 113 Stat. 1448.) § 6826. Reports (a) Report to the Congress Before the end of the 18-month period begin- ning on November 12, 1999, the Comptroller Gen- eral, in consultation with the Federal Trade Commission, Federal banking agencies, the Na- tional Credit Union Administration, the Securi- ties and Exchange Commission, appropriate Fed- eral law enforcement agencies, and appropriate State insurance regulators, shall submit to the Congress a report on the following: (1) The efficacy and adequacy of the rem- edies provided in this subchapter in addressing attempts to obtain financial information by fraudulent means or by false pretenses. (2) Any recommendations for additional leg- islative or regulatory action to address threats to the privacy of financial information created by attempts to obtain information by fraudulent means or false pretenses. (b) Annual report by administering agencies The Federal Trade Commission and the Attor- ney General shall submit to Congress an annual report on number and disposition of all enforce- ment actions taken pursuant to this subchapter. (Pub. L. 106–102, title V, § 526, Nov. 12, 1999, 113 Stat. 1448.) § 6827. Definitions For purposes of this subchapter, the following definitions shall apply: (1) Customer The term ‘‘customer’’ means, with respect to a financial institution, any person (or author- ized representative of a person) to whom the financial institution provides a product or service, including that of acting as a fiduciary. (2) Customer information of a financial institu- tion The term ‘‘customer information of a finan- cial institution’’ means any information main- tained by or for a financial institution which is derived from the relationship between the financial institution and a customer of the fi- nancial institution and is identified with the customer. (3) Document The term ‘‘document’’ means any informa- tion in any form. (4) Financial institution (A) In general The term ‘‘financial institution’’ means any institution engaged in the business of providing financial services to customers who maintain a credit, deposit, trust, or other financial account or relationship with the institution. (B) Certain financial institutions specifically included The term ‘‘financial institution’’ includes any depository institution (as defined in sec- tion 461(b)(1)(A) of title 12), any broker or dealer, any investment adviser or invest- ment company, any insurance company, any loan or finance company, any credit card issuer or operator of a credit card system, and any consumer reporting agency that compiles and maintains files on consumers on a nationwide basis (as defined in section 1681a(p) of this title). (C) Securities institutions For purposes of subparagraph (B)— (i) the terms ‘‘broker’’ and ‘‘dealer’’ have the same meanings as given in section 78c of this title; (ii) the term ‘‘investment adviser’’ has the same meaning as given in section 80b–2(a)(11) of this title; and (iii) the term ‘‘investment company’’ has the same meaning as given in section 80a–3 of this title. (D) Certain persons and entities specifically excluded The term ‘‘financial institution’’ does not include any person or entity with respect to