15 U.S.C. § 6804 — Rulemaking

Page 2292 TITLE 15—COMMERCE AND TRADE § 6804 (A) a certified public accountant; (B) certified or licensed for such purpose by a State; and (C) subject to any provision of law, rule, or regulation issued by a legislative or regu- latory body of the State, including rules of professional conduct or ethics, that pro- hibits disclosure of nonpublic personal infor- mation without the knowing and expressed consent of the consumer. (2) Limitation Nothing in this subsection shall be con- strued to exempt or otherwise exclude any fi- nancial institution that is affiliated or be- comes affiliated with a certified public ac- countant described in paragraph (1) from any provision of this section. (3) Definitions For purposes of this subsection, the term ‘‘State’’ means any State or territory of the United States, the District of Columbia, Puer- to Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Is- lands, or the Northern Mariana Islands. (e) Model forms (1) In general The agencies referred to in section 6804(a)(1) of this title shall jointly develop a model form which may be used, at the option of the finan- cial institution, for the provision of disclo- sures under this section. (2) Format A model form developed under paragraph (1) shall— (A) be comprehensible to consumers, with a clear format and design; (B) provide for clear and conspicuous dis- closures; (C) enable consumers easily to identify the sharing practices of a financial institution and to compare privacy practices among fi- nancial institutions; and (D) be succinct, and use an easily readable type font. (3) Timing A model form required to be developed by this subsection shall be issued in proposed form for public comment not later than 180 days after October 13, 2006. (4) Safe harbor Any financial institution that elects to pro- vide the model form developed by the agencies under this subsection shall be deemed to be in compliance with the disclosures required under this section. (f) Exception to annual notice requirement A financial institution that— (1) provides nonpublic personal information only in accordance with the provisions of sub- section (b)(2) or (e) of section 6802 of this title or regulations prescribed under section 6804(b) of this title, and (2) has not changed its policies and practices with regard to disclosing nonpublic personal information from the policies and practices that were disclosed in the most recent disclo- sure sent to consumers in accordance with this section, shall not be required to provide an annual dis- closure under this section until such time as the financial institution fails to comply with any criteria described in paragraph (1) or (2). (Pub. L. 106–102, title V, § 503, Nov. 12, 1999, 113 Stat. 1439; Pub. L. 109–351, title VI, § 609, title VII, § 728, Oct. 13, 2006, 120 Stat. 1983, 2003; Pub. L. 114–94, div. G, title LXXV, § 75001, Dec. 4, 2015, 129 Stat. 1787.) Editorial Notes AMENDMENTS 2015—Subsec. (f). Pub. L. 114–94 added subsec. (f). 2006—Pub. L. 109–351 designated concluding provisions of subsec. (a) as (b), inserted heading, substituted ‘‘Dis- closures required by subsection (a)’’ for ‘‘Such disclo- sures’’, redesignated former subsec. (b) as (c), and added subsecs. (d) and (e). Executive Documents TERMINATION OF TRUST TERRITORY OF THE PACIFIC ISLANDS For termination of Trust Territory of the Pacific Is- lands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions. § 6804. Rulemaking (a) Regulatory authority (1) Rulemaking (A) In general Except as provided in subparagraph (C), the Bureau of Consumer Financial Protec- tion and the Securities and Exchange Com- mission 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 ju- risdiction under section 6805 of this title (and notwithstanding subtitle B of the Con- sumer Financial Protection Act of 2010 [12 U.S.C. 5511 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. (B) CFTC The Commodity Futures Trading Commis- sion 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. (C) Federal Trade Commission authority Notwithstanding the authority of the Bu- reau of Consumer Financial Protection under subparagraph (A), the Federal Trade Commission shall have authority to pre- scribe 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)]. 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