12 U.S.C. § 5533 — Consumer rights to access information

Page 1973 TITLE 12—BANKS AND BANKING § 5534 which public disclosure may be limited, to the extent necessary to encourage covered persons to conduct effective trials. (f) Combined mortgage loan disclosure Not later than 1 year after the designated transfer date, the Bureau shall propose for pub- lic comment rules and model disclosures that combine the disclosures required under the Truth in Lending Act [15 U.S.C. 1601 et seq.] and sections 2603 and 2604 of this title, into a single, integrated disclosure for mortgage loan trans- actions covered by those laws, unless the Bureau determines that any proposal issued by the Board of Governors and the Secretary of Hous- ing and Urban Development carries out the same purpose. (Pub. L. 111–203, title X, § 1032, July 21, 2010, 124 Stat. 2006.) Editorial Notes REFERENCES IN TEXT The Truth in Lending Act, referred to in subsec. (f), is title I of Pub. L. 90–321, May 29, 1968, 82 Stat. 146, which is classified generally to subchapter I (§ 1601 et seq.) of chapter 41 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 15 and Tables. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on the designated transfer date, see section 1037 of Pub. L. 111–203, set out as a note under section 5531 of this title. § 5533. Consumer rights to access information (a) In general Subject to rules prescribed by the Bureau, a covered person shall make available to a con- sumer, upon request, information in the control or possession of the covered person concerning the consumer financial product or service that the consumer obtained from such covered per- son, including information relating to any transaction, series of transactions, or to the ac- count including costs, charges and usage data. The information shall be made available in an electronic form usable by consumers. (b) Exceptions A covered person may not be required by this section to make available to the consumer— (1) any confidential commercial informa- tion, including an algorithm used to derive credit scores or other risk scores or predictors; (2) any information collected by the covered person for the purpose of preventing fraud or money laundering, or detecting, or making any report regarding other unlawful or poten- tially unlawful conduct; (3) any information required to be kept con- fidential by any other provision of law; or (4) any information that the covered person cannot retrieve in the ordinary course of its business with respect to that information. (c) No duty to maintain records Nothing in this section shall be construed to impose any duty on a covered person to main- tain or keep any information about a consumer. (d) Standardized formats for data The Bureau, by rule, shall prescribe standards applicable to covered persons to promote the de- velopment and use of standardized formats for information, including through the use of ma- chine readable files, to be made available to con- sumers under this section. (e) Consultation The Bureau shall, when prescribing any rule under this section, consult with the Federal banking agencies and the Federal Trade Com- mission to ensure, to the extent appropriate, that the rules— (1) impose substantively similar require- ments on covered persons; (2) take into account conditions under which covered persons do business both in the United States and in other countries; and (3) do not require or promote the use of any particular technology in order to develop sys- tems for compliance. (Pub. L. 111–203, title X, § 1033, July 21, 2010, 124 Stat. 2008.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on the designated transfer date, see section 1037 of Pub. L. 111–203, set out as a note under section 5531 of this title. § 5534. Response to consumer complaints and in- quiries (a) Timely regulator response to consumers The Bureau shall establish, in consultation with the appropriate Federal regulatory agen- cies, reasonable procedures to provide a timely response to consumers, in writing where appro- priate, to complaints against, or inquiries con- cerning, a covered person, including— (1) steps that have been taken by the regu- lator in response to the complaint or inquiry of the consumer; (2) any responses received by the regulator from the covered person; and (3) any follow-up actions or planned follow- up actions by the regulator in response to the complaint or inquiry of the consumer. (b) Timely response to regulator by covered per- son A covered person subject to supervision and primary enforcement by the Bureau pursuant to section 5515 of this title shall provide a timely response, in writing where appropriate, to the Bureau, the prudential regulators, and any other agency having jurisdiction over such covered person concerning a consumer complaint or in- quiry, including— (1) steps that have been taken by the covered person to respond to the complaint or inquiry of the consumer; (2) responses received by the covered person from the consumer; and (3) follow-up actions or planned follow-up ac- tions by the covered person to respond to the complaint or inquiry of the consumer. (c) Provision of information to consumers (1) In general A covered person subject to supervision and primary enforcement by the Bureau pursuant