EXHIBIT A

Case 1:23-cv-06009 Document 3-1 Filed 07/13/23 Page 1 of 32
UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

FEDERAL TRADE COMMISSION, 

 Plaintiff,

 v. 

CELSIUS NETWORK INC., a corporation,

CELSIUS NETWORK LLC, a limited liability 

company, CELSIUS NETWORKS LENDING LLC, 

a limited liability company, CELSIUS LENDING 

LLC, a limited liability company, CELSIUS KEYFI 

LLC, a limited liability company, CELSIUS 

MINING LLC, a limited liability company, 

CELSIUS US HOLDING LLC, a limited liability 

company; CELSIUS US LLC, a limited liability 

company; CELSIUS MANAGEMENT CORP., a 

corporation; 

ALEXANDER MASHINSKY, individually and as 

an officer of Celsius Network Inc., Celsius Network 

LLC, Celsius Networks Lending LLC, Celsius 

Lending LLC, Celsius KeyFi LLC, Celsius Mining 

LLC, and Celsius US Holding LLC; 

SHLOMI DANIEL LEON, individually and as an 

officer of Celsius Network Inc., Celsius Network 

LLC, Celsius Networks Lending LLC, Celsius 

Lending LLC, Celsius KeyFi LLC, Celsius Mining 

LLC, Celsius US Holding LLC; and 

HANOCH “NUKE” GOLDSTEIN, individually and 

as an officer of Celsius Network LLC and Celsius 

Lending LLC, 

Defendants. 

Case No. 1:23-cv-6009

STIPULATED ORDER FOR 

PERMANENT INJUNCTION, 

MONETARY JUDGMENT AND

OTHER RELIEF AGAINST CELSIUS

NETWORK INC., CELSIUS

NETWORK LLC, CELSIUS

NETWORKS LENDING LLC,

CELSIUS LENDING LLC, CELSIUS

KEYFI LLC, CELSIUS MINING LLC,

CELSIUS US HOLDING LLC,

CELSIUS US LLC, and CELSIUS

MANAGEMENT CORP.

Plaintiff, the Federal Trade Commission (“Commission” or “FTC”), filed its Complaint 

for Permanent Injunction, Monetary Relief, and Other Relief (“Complaint”), for a permanent 

injunction, monetary relief, and other relief in this matter, pursuant to Sections 13(b), 19, and 

Case 1:23-cv-06009 Document 3-1 Filed 07/13/23 Page 2 of 32
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16(a)(1) of the Federal Trade Commission Act (“FTC Act”), 15 U.S.C. §§ 53(b), and 57b, and 

the Gramm-Leach-Bliley Act (“GLB Act”), 15 U.S.C. §§ 6821 et seq. Corporate Defendants 

have waived service of the summons and the Complaint. 

Defendants Celsius Network Inc., Celsius Network LLC, Celsius Networks Lending 

LLC, Celsius Lending LLC, Celsius KeyFi LLC, Celsius Mining LLC, and Celsius US LLC 

(collectively, “Debtor Defendants”) have filed petitions for relief under Chapter 11 of the 

Bankruptcy Code. See In re Celsius Network LLC et al., No. 22-10964(MG) (Bankr. S.D.N.Y.) 

(“Bankruptcy Case”).0F

1

 

The Commission and Corporate Defendants stipulate to the entry of this Stipulated Order 

for Permanent Injunction, Monetary Judgment, and Other Relief (“Order”) to resolve all matters

in dispute in this action between them. 

THEREFORE, IT IS ORDERED as follows:

FINDINGS

1. This Court has jurisdiction over this matter.

2. The Complaint charges that Defendants participated in deceptive and unfair acts 

or practices in violation of Section 5 of the FTC Act, 15 U.S.C. § 45, in the marketing and sale of 

cryptocurrency lending and custody services. The Complaint further charges that Defendants 

obtained customer information of a financial institution relating to another person by making 

1

 On July 13, 2022, the Debtor Defendants each filed a Chapter 11 voluntary petition. See In re 

Celsius KeyFi LLC, Case No. 22-10967; In re Celsius Lending LLC, Case No. 22-10970; In re 

Celsius Mining LLC, Case No. 22-10968; In re Celsius Network Inc., Case No. 22-10965; In re 

Celsius Networks Lending LLC, Case No. 10969; and In re Celsius US Holding LLC, Case No. 

22-10971. The Bankruptcy Court entered an order on July 19, 2022, jointly administering these 

cases under the main case for Celsius Network, LLC, Case No. 22-10964. Dkt. 53. Accordingly, 

“Bankruptcy Case” refers to the jointly administered cases for all Debtor Defendants, as well as 

each case for each Debtor Defendant. 

Case 1:23-cv-06009 Document 3-1 Filed 07/13/23 Page 3 of 32
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false, fictitious, or fraudulent statements, in violation of Section 521 of the GLB Act, 15 U.S.C. § 

6821. 

3. Only for purposes of this action, Corporate Defendants admit the facts necessary 

to establish jurisdiction and as otherwise specifically stated in this Order. Corporate Defendants 

further admit the facts set forth on pages 107-109 of the Debtors’ Disclosure Statement filed on 

June 27, 2023 in the Bankruptcy Case, Dkt. 2902. 

4. Corporate Defendants waive any claim that they may have under the Equal 

Access to Justice Act, 28 U.S.C. § 2412, concerning the prosecution of this action through the 

date of this Order, and agree to bear their own costs and attorney fees.

5. Corporate Defendants and the Commission waive all rights to appeal or otherwise 

challenge or contest the validity of this Order. 

6. Entry of this Order is in the public interest.

7. The Commission’s prosecution of this action, including entry of a money 

judgment and the enforcement of a judgment (other than a money judgment) obtained in this 

action are actions to enforce the Commission’s police or regulatory powers. As a result, if the 

Debtor Defendants’ bankruptcies are pending as of the date of entry of this Order, these actions 

are excepted from the automatic stay pursuant to 11 U.S.C. § 362(b)(4). 

DEFINITIONS

For the purpose of this Order, the following definitions apply:

A. “Clear(ly) and conspicuous(ly)” means that a required disclosure is difficult to miss 

(i.e., easily noticeable) and easily understandable by ordinary consumers, including in all of the 

following ways: 

1. In any communication that is solely visual or solely audible, the disclosure 

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must be made through the same means through which the communication is presented. 

In any communication made through both visual and audible means, such as a television 

advertisement, the disclosure must be presented simultaneously in both the visual and 

audible portions of the communication even if the representation requiring the disclosure 

is made in only one means. 

2. A visual disclosure, by its size, contrast, location, the length of time it 

appears, and other characteristics, must stand out from any accompanying text or other 

visual elements so that it is easily noticed, read, and understood. 

3. An audible disclosure, including by telephone or streaming video, must be 

delivered in a volume, speed, and cadence sufficient for ordinary consumers to easily 

hear and understand it.

4. In any communication using an interactive electronic medium, such as the 

Internet or software, the disclosure must be unavoidable.

5. The disclosure must use diction and syntax understandable to ordinary 

consumers and must appear in each language in which the representation that requires the 

disclosure appears.

6. The disclosure must comply with these requirements in each medium 

through which it is received, including all electronic devices and face-to-face 

communications. 

7. The disclosure must not be contradicted or mitigated by, or inconsistent 

with, anything else in the communication. 

8. When the representation or sales practice targets a specific audience, such 

as children, the elderly, or the terminally ill, “ordinary consumers” includes reasonable 

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members of that group.

B. “Defendants” means all of the Individual Defendants and the Corporate Defendants, 

individually, collectively, or in any combination. 

1. “Corporate Defendants” means Celsius Network Inc., Celsius Network 

LLC, Celsius Networks Lending LLC, Celsius Lending LLC, Celsius Keyfi LLC, and 

Celsius Mining LLC, Celsius US Holding LLC, Celsius US LLC, Celsius Management 

Corp., and their successors and assigns.

2. “Debtor Defendants” means Celsius Network Inc., Celsius Network 

LLC, Celsius Networks Lending LLC, Celsius Lending LLC, Celsius KeyFi LLC, 

Celsius Mining LLC, and Celsius US Holding LLC.

3. “Non-Debtor Defendants” means Celsius US LLC and Celsius 

Management Corp.

4. “Individual Defendants” means Alexander Mashinsky, Shlomi Daniel 

Leon, and Hanoch “Nuke” Goldstein. 

C. “Express Informed Consent” means an affirmative act communicating unambiguous 

assent made after receiving and in close proximity to a Clear and Conspicuous disclosure of all 

information material to the provision of consent. Assent obtained through any practice or user 

interface that has the effect of subverting or impairing consumer autonomy, decision-making, or 

choice, including using text that is not easily legible or disclosing material terms behind a 

hyperlink, dropdown icon, tooltip, or other similar interface, does not constitute Express 

Informed Consent. Acceptance of a general or broad terms of use or similar document that 

contains descriptions of agreement by the individual along with other, unrelated information, 

does not constitute Express Informed Consent. 

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D. “Nonpublic Personal Information” means: 

1. Any information that Defendants obtain about a consumer in connection 

with providing a product or service to that consumer; or 

2. Any list, description, or other grouping of consumers (and publicly 

available information pertaining to them) that is derived using any Nonpublic Personal 

Information that is not publicly available. 

ORDER

I. BAN 

IT IS ORDERED that Corporate Defendants are permanently restrained and enjoined 

from advertising, marketing, promoting, offering, or distributing, or assisting in the advertising, 

marketing, promoting, offering, or distributing of any product or service that can be used to 

deposit, exchange, invest, or withdraw assets, whether directly or through an intermediary.

II. PROHIBITION AGAINST MISREPRESENTATIONS

IT IS FURTHER ORDERED that Corporate Defendants, Corporate Defendants’ officers, 

agents, employees, and attorneys, and all other persons in active concert or participation with any 

of them, who receive actual notice of this Order, whether acting directly or indirectly, in 

connection with promoting or offering for sale any product or service are permanently restrained 

and enjoined from misrepresenting or assisting others in misrepresenting, expressly or by 

implication: 

the benefits of Defendants’ products or services, including the existence or 

amount of any rewards that consumers can expect to earn; or 

any other material fact about Defendants’ products or services, such as the total 

costs; any material restrictions, limitations, or conditions; or any material aspect of its 

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performance, efficacy, nature, or central characteristics. 

III. INJUNCTION RELATING TO OBTAINING 

CUSTOMER FINANCIAL INFORMATION

IT IS FURTHER ORDERED that Corporate Defendants and Corporate Defendants’ 

officers, agents, employees, and attorneys, and all other persons in active concert or participation 

with any of them, who receive actual notice of this Order, whether acting directly or indirectly

are hereby permanently restrained and enjoined from: 

Obtaining or attempting to obtain customer information of a financial institution 

(including bank account routing number, account number, log-in credentials, private keys, or 

other cryptocurrency wallet information) from a consumer by making false, fictitious, or 

fraudulent representations to any consumer or financial institution; or

Violating the Gramm-Leach-Bliley Act, 15 U.S.C. §§ 6801-6809, §§ 6821-6827, 

a copy of which is attached as ATTACHMENT A.

IV. PROHIBITION AGAINST IMPROPER DISCLOSURE OF NONPUBLIC 

PERSONAL INFORMATION

IT IS FURTHER ORDERED that Corporate Defendants, Corporate Defendants’ officers, 

agents, employees, and attorneys, and all other persons in active concert or participation with any 

of them, who receive actual notice of this Order, whether acting directly or indirectly, are 

permanently restrained and enjoined from disclosing to any other person any Nonpublic Personal 

Information about a consumer unless Corporate Defendants have obtained the consumer’s 

Express Informed Consent to disclose that Nonpublic Personal Information to that person. 

V. ORDERS OF BANKRUPTCY COURT 

IT IS FURTHER ORDERED that this Order does not restrain or enjoin the deposit, 

exchange, distribution, investment, or withdrawal of assets owned or held by the Debtor 

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Defendants and being administered in accordance with the United States Bankruptcy Code and 

orders of the court in the Bankruptcy Case. For the avoidance of doubt, Part VI.C-D, below, does 

not create a contingent liability against the Debtor Defendants and does not preclude the full 

distribution of assets held by the Debtor Defendants in the Bankruptcy Case. 

VI. JUDGMENT FOR MONETARY RELIEF AND ITS 

SUSPENSION

IT IS FURTHER ORDERED that: 

Judgment in the amount of $4,720,000,000 is entered in favor of the Commission

against Corporate Defendants, jointly and severally, as monetary relief. The liability of 

Corporate Defendants shall be joint and several with any other Defendants to the extent 

subsequently ordered. 

The judgment is suspended as to Corporate Defendants subject to the subsections 

below. 

The suspension of the judgment as to the Non-Debtor Defendants is expressly 

premised upon the truthfulness, accuracy, and completeness of: 

1. The Financial Statement of Corporate Defendant Celsius Management 

Corp. signed on July 7, 2023, including attachments; 

2. The Financial Statement of Corporate Defendant Celsius US LLC signed 

on July 7, 2023, including attachments; and 

3. The Declaration of Christopher Ferraro signed on July 6, 2023, and sent 

by email from Corporate Debtors’ counsel, Rich Cunningham, to Commission 

counsel Katherine Aizpuru on July 6, 2023. 

The suspension will be lifted as to Non-Debtor Defendants if, upon motion by the 

Commission or the Commission, the Court finds that a Non-Debtor Defendant failed to disclose 

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any material asset, materially misstated the value of any asset, or made any other material 

misstatement or omission in the financial representations identified above. The suspension will 

be lifted as to Corporate Defendants if the Bankruptcy Case is closed, dismissed, or otherwise 

concluded, in each case, without the estate(s) being fully administered, including any 

distributions to creditors, in accordance with the Bankruptcy Code. 

If the suspension of the judgment is lifted, the judgment becomes immediately 

due as to Corporate Defendants in the amount specified in Subsection A above (which the parties 

stipulate only for purposes of this Section represents the consumer injury), less any payment 

previously made pursuant to this Section, plus interest computed from the date of entry of this 

Order. 

VII. ADDITIONAL MONETARY PROVISIONS

IT IS FURTHER ORDERED that:

Corporate Defendants relinquish dominion and all legal and equitable right, title, 

and interest in all assets transferred pursuant to this Order and may not seek the return of any 

assets.

The facts alleged in the Complaint will be taken as true, without further proof, in 

any subsequent civil litigation by or on behalf of the Commission, including in a proceeding to 

enforce its rights to any payment or monetary judgment pursuant to this Order, such as a 

nondischargeability complaint in any bankruptcy case. 

The facts alleged in the Complaint establish all elements necessary to sustain an 

action by the Commission pursuant to Section 523(a)(2)(A) of the Bankruptcy Code, 11 U.S.C. 

§ 523(a)(2)(A), and this Order will have collateral estoppel effect for such purposes.

Corporate Defendants acknowledge that their Taxpayer Identification Numbers 

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(Social Security Numbers or Employer Identification Numbers), which Corporate Defendants 

must submit to the Commission, may be used for collecting and reporting on any delinquent 

amount arising out of this Order, in accordance with 31 U.S.C. §7701. 

Payment must be made by electronic fund transfer in accordance with instructions 

provided by a representative of the Commission. 

All money received by the Commission pursuant to this Order may be deposited 

into a fund administered by the Commission or its designee to be used for consumer relief, such 

as redress and any attendant expenses for the administration of any redress fund. If a 

representative of the Commission decides that direct redress to consumers is wholly or partially 

impracticable or money remains after such redress is completed, the Commission may apply any 

remaining money for such related relief (including consumer information remedies) as it 

determines to be reasonably related to Corporate Defendants’ practices alleged in the Complaint. 

Any money not used for relief is to be deposited to the U.S. Treasury. Corporate Defendants 

have no right to challenge any actions the Commission or its representatives may take pursuant 

to this Subsection. 

The Debtor Defendants agree that the monetary judgment ordered by Section 

VI.A is not dischargeable in the Bankruptcy Case. 

The Debtor Defendants will not object to allowance of the FTC claim in the 

Bankruptcy Case as a general unsecured claim in the amount of $4,720,000,000. 

VIII. CUSTOMER INFORMATION

IT IS FURTHER ORDERED that Corporate Defendants, Corporate Defendants’ officers, 

agents, employees, and attorneys, and all other persons in active concert or participation with any 

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of them, who receive actual notice of this Order are permanently restrained and enjoined from 

directly or indirectly: 

A. failing to provide sufficient customer information to enable the Commission to 

efficiently administer consumer redress. If a representative of the Commission requests in 

writing any information related to redress, Corporate Defendants must provide it, in the form 

prescribed by the Commission, within 14 days; 

B. disclosing, using, or benefitting from customer information, including the name, 

address, telephone number, email address, social security number, other identifying information, 

or any data that enables access to a customer’s account (including a credit card, bank account, or 

other financial account), that any Defendant obtained prior to entry of this Order in connection 

with the marketing and sale of cryptocurrency services; and 

C. failing to destroy such customer information in all forms in their possession, 

custody, or control within 30 days after receipt of written direction to do so from a representative 

of the Commission. 

Provided, however, that customer information need not be disposed of, and may be 

disclosed, to the extent requested by a government agency or required by law, regulation, or 

court order. 

IX. COOPERATION

IT IS FURTHER ORDERED that Corporate Defendants must fully cooperate with 

representatives of the Commission in this case and in any investigation related to or associated 

with the transactions or occurrences that are the subject of the Complaint. Corporate Defendants 

must provide truthful and complete information, evidence, and testimony. Corporate Defendants 

must cause Corporate Defendants’ officers, employees, representatives, or agents to appear for 

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interviews, discovery, hearings, trials, and any other proceedings that a Commission 

representative may reasonably request upon 5 days’ written notice, or other reasonable notice, at 

such places and times as a Commission representative may designate, without the service of a 

subpoena. 

X. ORDER ACKNOWLEDGMENTS

IT IS FURTHER ORDERED that Corporate Defendants obtain acknowledgments of 

receipt of this Order:

Each Defendant, within 7 days of entry of this Order, must submit to the 

Commission an acknowledgment of receipt of this Order sworn under penalty of perjury.

For 20 years after entry of this Order, each Corporate Defendant must deliver a 

copy of this Order to: (1) all principals, officers, directors, and LLC managers and members; (2) 

all employees having managerial responsibilities for conduct related to the subject matter of the 

Order and all agents and representatives who participate in conduct related to the subject matter 

of the Order; and (3) any business entity resulting from any change in structure as set forth in the 

Section titled Compliance Reporting. Delivery must occur within 7 days of entry of this Order 

for current personnel. For all others, delivery must occur before they assume their 

responsibilities.

From each individual or entity to which a Corporate Defendant delivered a copy 

of this Order, that Corporate Defendant must obtain, within 30 days, a signed and dated 

acknowledgment of receipt of this Order.

XI. COMPLIANCE REPORTING

IT IS FURTHER ORDERED that Corporate Defendants make timely submissions to the 

Commission:

One year after entry of this Order, each Corporate Defendant must submit a 

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compliance report, sworn under penalty of perjury, that: (1) identifies the primary physical, 

postal, and email address and telephone number, as designated points of contact, which 

representatives of the Commission may use to communicate with Corporate Defendant; (2) 

identifies all of that Corporate Defendant’s businesses by all of their names, telephone numbers, 

and physical, postal, email, and Internet addresses; (3) describes the activities of each business, 

including the goods and services offered, the means of advertising, marketing, and sales, and the 

involvement of any other Defendant; (4) describes in detail whether and how that Corporate 

Defendant is in compliance with each Section of this Order; and (5) provides a copy of each 

Order Acknowledgment obtained pursuant to this Order, unless previously submitted to the 

Commission. 

For 20 years after entry of this Order, each Corporate Defendant must submit a 

compliance notice, sworn under penalty of perjury, within 14 days of any change in the 

following: (1) any designated point of contact; or (2) the structure of any Corporate Defendant or 

any entity that Corporate Defendant has any ownership interest in or controls directly or 

indirectly that may affect compliance obligations arising under this Order, including: creation, 

merger, sale, or dissolution of the entity or any subsidiary, parent, or affiliate that engages in any 

acts or practices subject to this Order; provided, however, that Corporate Defendants need not 

submit a compliance notice associated with the administration of the Debtor Defendants’ 

bankruptcy estates in the Bankruptcy Case. 

Each Corporate Defendant must submit to the Commission notice of the filing of 

any bankruptcy petition, insolvency proceeding, or similar proceeding by or against such 

Corporate Defendant within 14 days of its filing. 

Any submission to the Commission required by this Order to be sworn under 

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penalty of perjury must be true and accurate and comply with 28 U.S.C. § 1746, such as by 

concluding: “I declare under penalty of perjury under the laws of the United States of America 

that the foregoing is true and correct. Executed on: _____” and supplying the date, signatory’s 

full name, title (if applicable), and signature.

Unless otherwise directed by a Commission representative in writing, all 

submissions to the Commission pursuant to this Order must be emailed to DEbrief@ftc.gov or 

sent by overnight courier (not the U.S. Postal Service) to: Associate Director for Enforcement, 

Bureau of Consumer Protection, Federal Trade Commission, 600 Pennsylvania Avenue NW, 

Washington, DC 20580. The subject line must begin: FTC v. Celsius Network Inc., et al., No. 

2223137. 

XII. RECORDKEEPING

IT IS FURTHER ORDERED that Corporate Defendants must create certain records for 

20 years after entry of the Order, and retain each such record for 5 years. Specifically, Corporate 

Defendants must create and retain the following records:

accounting records showing the revenues from all goods or services sold; 

personnel records showing, for each person providing services, whether as an 

employee or otherwise, that person’s: name; addresses; telephone numbers; job title or position; 

dates of service; and (if applicable) the reason for termination;

records of all consumer complaints and refund requests, whether received directly 

or indirectly, such as through a third party, and any response; 

all records necessary to demonstrate full compliance with each provision of this 

Order, including all submissions to the Commission; and 

a copy of each unique advertisement or other marketing material. 

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XIII. COMPLIANCE MONITORING

IT IS FURTHER ORDERED that, for the purpose of monitoring Corporate Defendants’ 

compliance with this Order:

A. Within 14 days of receipt of a written request from a representative of the 

Commission, each Corporate Defendant must: submit additional compliance reports or other 

requested information, which must be sworn under penalty of perjury; appear for depositions; 

and produce documents for inspection and copying. The Commission is also authorized to 

obtain discovery, without further leave of court, using any of the procedures prescribed by 

Federal Rules of Civil Procedure 29, 30 (including telephonic depositions), 31, 33, 34, 36, 45, 

and 69. 

B. For matters concerning this Order, the Commission is authorized to communicate 

directly with each Corporate Defendant. Each Corporate Defendant must permit representatives 

of the Commission to interview any employee or other person affiliated with any Corporate 

Defendant who has agreed to such an interview. The person interviewed may have counsel 

present.

C. The Commission may use all other lawful means, including posing, through its 

representatives as consumers, suppliers, or other individuals or entities, to Corporate Defendants 

or any individual or entity affiliated with Corporate Defendants, without the necessity of 

identification or prior notice. Nothing in this Order limits the Commission’s lawful use of 

compulsory process, pursuant to Sections 9 and 20 of the FTC Act, 15 U.S.C. §§ 49, 57b-1. 

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XIV. RETENTION OF JURISDICTION

IT IS FURTHER ORDERED that this Court retains jurisdiction of this matter for 

purposes of construction, modification, and enforcement of this Order. 

SO ORDERED this day of , 2023. 

_______________________________ 

UNITED STATES DISTRICT JUDGE

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SO STIPULATED AND AGREED:

FOR PLAINTIFF: FEDERAL TRADE COMMISSION

Date:

Katherine M. Aizpuru

Stephanie E. Liebner 

Katherine Worthman

Attorneys 

Federal Trade Commission

600 Pennsylvania Avenue NW 

Mail Stop: CC 6316 

Washington, D.C. 20580 

202-876-5673

kaizpuru@ftc.gov;

sliebner@ftc.gov;

kworthman@ftc.gov

July 12, 2023

Case 1:23-cv-06009 Document 3-1 Filed 07/13/23 Page 18 of 32
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FOR CORPORATE DEFENDANTS: CELSIUS NETWORK INC.; CELSIUS NETWORK 

LLC; CELSIUS NETWORKS LENDING LLC; CELSIUS LENDING LLC; CELSIUS KEYFI 

LLC; CELSIUS MINING LLC; CELSIUS US HOLDING LLC; CELSIUS US LLC; and 

CELSIUS MANAGEMENT CORP.

Date: 

Richard H. Cunningham 

Robert W. Allen

Hanaa Kaloti

Kirkland & Ellis LLP

1301 Pennsylvania Avenue NW 

Washington, D.C. 20004 

202-389-5000

rich.cunningham@kirkland.com;

bob.allen@kirkland.com;

hanna.kaloti@kirkland.com

COUNSEL

Date: 

Christopher Ferraro, as an officer of Celsius 

Network LLC, on behalf of Celsius Network 

LLC and the other Corporate Defendants 

Case 1:23-cv-06009 Document 3-1 Filed 07/13/23 Page 19 of 32
Attachment A

Case 1:23-cv-06009 Document 3-1 Filed 07/13/23 Page 20 of 32
§ 6781 TITLE 15—COMMERCE AND TRADE Page 2228

lines broker or agent, insurance consultant, 

limited insurance representative, and any 

other individual or entity that sells, solicits, 

or negotiates policies of insurance or offers advice, counsel, opinions or services related to 

insurance. 

(6) Insurer 

The term ‘‘insurer’’ has the meaning as in 

section 313(e)(2)(B) of title 31. 

(7) Principal place of business 

The term ‘‘principal place of business’’ 

means the State in which an insurance producer maintains the headquarters of the insurance producer and, in the case of a business 

entity, where high-level officers of the entity 

direct, control, and coordinate the business 

activities of the business entity. 

(8) Principal place of residence 

The term ‘‘principal place of residence’’ 

means the State in which an insurance producer resides for the greatest number of days 

during a calendar year. 

(9) State 

The term ‘‘State’’ includes any State, the 

District of Columbia, any territory of the 

United States, and Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific 

Islands, the Virgin Islands, and the Northern 

Mariana Islands. 

(10) State law 

(A) In general 

The term ‘‘State law’’ includes all laws, 

decisions, rules, regulations, or other State 

action having the effect of law, of any State. 

(B) Laws applicable in the District of Columbia 

A law of the United States applicable only 

to or within the District of Columbia shall 

be treated as a State law rather than a law 

of the United States. 

(Pub. L. 106–102, title III, §334, as added Pub. L. 

114–1, title II, §202(a), Jan. 12, 2015, 129 Stat. 27.)

Editorial Notes 

PRIOR PROVISIONS

Provisions similar to this section were contained in 

section 6766 of this title, prior to the general amendment of this subchapter by Pub. L. 114–1. 

A prior section 6764, Pub. L. 106–102, title III, §334, 

Nov. 12, 1999, 113 Stat. 1433, related to coordination with 

other regulators, prior to the general amendment of 

this subchapter by Pub. L. 114–1. See section 6761 of this 

title. 

A prior section 6765, Pub. L. 106–102, title III, §335, 

Nov. 12, 1999, 113 Stat. 1433, which related to judicial review, was omitted in the general amendment of this 

subchapter by Pub. L. 114–1. See section 6762 of this 

title. 

A prior section 6766, Pub. L. 106–102, title III, §336, 

Nov. 12, 1999, 113 Stat. 1433, which related to definitions, 

was omitted in the general amendment of this subchapter by Pub. L. 114–1.

SUBCHAPTER IV—RENTAL CAR AGENCY 

INSURANCE ACTIVITIES 

§ 6781. Standard of regulation for motor vehicle 

rentals 

(a) Protection against retroactive application of 

regulatory and legal action 

Except as provided in subsection (b), during 

the 3-year period beginning on November 12, 

1999, it shall be a presumption that no State law 

imposes any licensing, appointment, or education requirements on any person who solicits 

the purchase of or sells insurance connected 

with, and incidental to, the lease or rental of a 

motor vehicle. 

(b) Preeminence of State insurance law 

No provision of this section shall be construed 

as altering the validity, interpretation, construction, or effect of—

(1) any State statute; 

(2) the prospective application of any court 

judgment interpreting or applying any State 

statute; or 

(3) the prospective application of any final 

State regulation, order, bulletin, or other 

statutorily authorized interpretation or action,

which, by its specific terms, expressly regulates 

or exempts from regulation any person who solicits the purchase of or sells insurance connected with, and incidental to, the short-term 

lease or rental of a motor vehicle. 

(c) Scope of application 

This section shall apply with respect to—

(1) the lease or rental of a motor vehicle for 

a total period of 90 consecutive days or less; 

and 

(2) insurance which is provided in connection 

with, and incidentally to, such lease or rental 

for a period of consecutive days not exceeding 

the lease or rental period. 

(d) Motor vehicle defined 

For purposes of this section, the term ‘‘motor 

vehicle’’ has the same meaning as in section 

13102 of title 49. 

(Pub. L. 106–102, title III, §341, Nov. 12, 1999, 113 

Stat. 1434.)

CHAPTER 94—PRIVACY 

SUBCHAPTER I—DISCLOSURE OF NONPUBLIC 

PERSONAL INFORMATION 

Sec. 

6801. Protection of nonpublic personal information. 

6802. Obligations with respect to disclosures of personal information. 

6803. Disclosure of institution privacy policy. 

6804. Rulemaking. 

6805. Enforcement. 

6806. Relation to other provisions. 

6807. Relation to State laws. 

6808. Study of information sharing among financial 

affiliates. 

6809. Definitions. 

SUBCHAPTER II—FRAUDULENT ACCESS TO 

FINANCIAL INFORMATION 

6821. Privacy protection for customer information 

of financial institutions. 

6822. Administrative enforcement. 

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Page 2229 TITLE 15—COMMERCE AND TRADE § 6802

Sec. 

6823. Criminal penalty. 

6824. Relation to State laws. 

6825. Agency guidance. 

6826. Reports. 

6827. Definitions.

SUBCHAPTER I—DISCLOSURE OF 

NONPUBLIC PERSONAL INFORMATION 

§ 6801. Protection of nonpublic personal information 

(a) Privacy obligation policy 

It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its 

customers and to protect the security and confidentiality of those customers’ nonpublic personal information. 

(b) Financial institutions safeguards 

In furtherance of the policy in subsection (a), 

each agency or authority described in section 

6805(a) of this title, other than the Bureau of 

Consumer Financial Protection, shall establish 

appropriate standards for the financial institutions subject to their jurisdiction relating to administrative, technical, and physical safeguards—

(1) to insure the security and confidentiality 

of customer records and information; 

(2) to protect against any anticipated 

threats or hazards to the security or integrity 

of such records; and 

(3) to protect against unauthorized access to 

or use of such records or information which 

could result in substantial harm or inconvenience to any customer. 

(Pub. L. 106–102, title V, §501, Nov. 12, 1999, 113 

Stat. 1436; Pub. L. 111–203, title X, §1093(1), July 

21, 2010, 124 Stat. 2095.)

Editorial Notes 

AMENDMENTS

2010—Subsec. (b). Pub. L. 111–203 inserted ‘‘, other 

than the Bureau of Consumer Financial Protection,’’ 

after ‘‘section 6805(a) of this title’’ in introductory provisions.

Statutory Notes and Related Subsidiaries 

EFFECTIVE DATE OF 2010 AMENDMENT

Amendment by Pub. L. 111–203 effective on the designated 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. 

EFFECTIVE DATE

Pub. L. 106–102, title V, §510, Nov. 12, 1999, 113 Stat. 

1445, provided that: ‘‘This subtitle [subtitle A 

(§§501–510) of title V of Pub. L. 106–102, enacting this 

subchapter and amending section 1681s of this title] 

shall take effect 6 months after the date on which rules 

are required to be prescribed under section 504(a)(3) [15 

U.S.C. 6804(a)(3)], except—

‘‘(1) to the extent that a later date is specified in 

the rules prescribed under section 504; and 

‘‘(2) that sections 504 [15 U.S.C. 6804] and 506 [enacting section 6806 of this title and amending section 

1681s of this title] shall be effective upon enactment 

[Nov. 12, 1999].’’

§ 6802. Obligations with respect to disclosures of 

personal information 

(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. 

(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, 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, 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 

Case 1:23-cv-06009 Document 3-1 Filed 07/13/23 Page 22 of 32
§ 6803 TITLE 15—COMMERCE AND TRADE Page 2230

1So in original. Probably should be followed by a comma. 

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 et seq.], to law enforcement agencies (including the Bureau of 

Consumer Financial Protection1 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. 1951–1959), 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 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. 

(Pub. L. 106–102, title V, §502, Nov. 12, 1999, 113 

Stat. 1437; Pub. L. 111–203, title X, §1093(2), July 

21, 2010, 124 Stat. 2095.)

Editorial Notes 

REFERENCES IN TEXT

This subchapter, referred to in subsecs. (a) and (c), 

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 subchapter. For complete classification of subtitle A to 

the Code, see Tables. 

The Right to Financial Privacy Act of 1978, referred 

to in subsec. (e)(5), is title XI of Pub. L. 95–630, Nov. 10, 

1978, 92 Stat. 3697, which is classified generally to chapter 35 (§3401 et seq.) of Title 12, Banks and Banking. For 

complete classification of this Act to the Code, see 

Short Title note set out under section 3401 of Title 12 

and Tables. 

Chapter 2 of title I of Public Law 91–508, referred to 

in subsec. (e)(5), is chapter 2 (§§121–129) of title I of Pub. 

L. 91–508, Oct. 26, 1970, 84 Stat. 1116, which is classified 

generally to chapter 21 (§1951 et seq.) of Title 12, Banks 

and Banking. For complete classification of chapter 2 

to the Code, see Tables. 

The Fair Credit Reporting Act, referred to in subsec. 

(e)(6)(A), 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 classified generally to subchapter III (§1681 et seq.) of 

chapter 41 of this title. For complete classification of 

this Act to the Code, see Short Title note set out under 

section 1601 of this title and Tables. 

AMENDMENTS

2010—Subsec. (e)(5). Pub. L. 111–203 inserted ‘‘the Bureau of Consumer Financial Protection’’ after ‘‘(including’’.

Statutory Notes and Related Subsidiaries 

EFFECTIVE DATE OF 2010 AMENDMENT

Amendment by Pub. L. 111–203 effective on the designated 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. 

§ 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, 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, 

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 

Case 1:23-cv-06009 Document 3-1 Filed 07/13/23 Page 23 of 32
Page 2231 TITLE 15—COMMERCE AND TRADE § 6803

(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. 

(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, and including—

(A) the categories of persons to whom the 

information is or may be disclosed, other 

than the persons to whom the information 

may be provided pursuant to section 6802(e) 

of this title; and 

(B) the policies and practices of the institution with respect to disclosing of nonpublic personal information of persons who 

have ceased to be customers of the financial 

institution;

(2) the categories of nonpublic personal information that are collected by the financial 

institution; 

(3) the policies that the institution maintains to protect the confidentiality and security of nonpublic personal information in accordance with section 6801 of this title; and 

(4) the disclosures required, if any, under 

section 1681a(d)(2)(A)(iii) of this title. 

(d) Exemption for certified public accountants 

(1) In general 

The disclosure requirements of subsection 

(a) do not apply to any person, to the extent 

that the person is—

(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 regulatory body of the State, including rules of 

professional conduct or ethics, that prohibits disclosure of nonpublic personal information without the knowing and expressed 

consent of the consumer. 

(2) Limitation 

Nothing in this subsection shall be construed to exempt or otherwise exclude any financial institution that is affiliated or becomes affiliated with a certified public accountant 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, Puerto Rico, Guam, American Samoa, the Trust 

Territory of the Pacific Islands, the Virgin Islands, 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 financial institution, for the provision of disclosures 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 disclosures; 

(C) enable consumers easily to identify the 

sharing practices of a financial institution 

and to compare privacy practices among financial 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 provide 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 subsection (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 disclosure sent to consumers in accordance with this 

section,

shall not be required to provide an annual disclosure 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 ‘‘Disclosures required by subsection (a)’’ for ‘‘Such disclosures’’, 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 Islands, see note set out preceding section 1681 of Title 

48, Territories and Insular Possessions. 

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§ 6804 TITLE 15—COMMERCE AND TRADE Page 2232

1So in original. Probably should be ‘‘and, as appropriate, 

with’’. 

§ 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 

(and notwithstanding subtitle B of the Consumer 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 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. 

(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 institution 

that is a person described in section 1029(a) 

of the Consumer Financial Protection Act of 

2010 [12 U.S.C. 5519(a)]. 

(D) Rule of construction 

Nothing in this paragraph shall be construed to alter, affect, or otherwise limit the 

authority of a State insurance authority to 

adopt regulations to carry out this subchapter. 

(2) Coordination, consistency, and comparability 

Each of the agencies authorized under paragraph (1) to prescribe regulations shall consult 

and coordinate with the other such agencies 

and, as appropriate, and with1 representatives 

of State insurance authorities designated by 

the National Association of Insurance Commissioners, for the purpose of assuring, to the 

extent possible, that the regulations prescribed 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 accordance 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 subchapter. For complete classification of subtitle A to 

the Code, see Tables. 

The Consumer Financial Protection Act of 2010, referred 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 Federal Trade Commission, and consultation and coordination 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 designated 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 Financial Protection Act of 2010 [12 U.S.C. 5511 et 

seq.], this subchapter and the regulations 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 financial institutions and other 

persons subject to their jurisdiction under applicable law, as follows: 

(1) Under section 1818 of title 12, by the appropriate 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, investment 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 agenCase 1:23-cv-06009 Document 3-1 Filed 07/13/23 Page 25 of 32
Page 2233 TITLE 15—COMMERCE AND TRADE § 6805

cies, and insured State branches of foreign 

banks), commercial lending companies 

owned or controlled by foreign banks, organizations operating under section 25 or 25A 

of the Federal Reserve Act [12 U.S.C. 601 et 

seq., 611 et seq.], and bank holding companies and their nonbank subsidiaries or affiliates (except brokers, dealers, persons providing 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, investment companies, and investment advisers); 

and 

(D) savings associations the deposits of 

which are insured by the Federal Deposit Insurance Corporation, and any subsidiaries of 

such savings associations (except brokers, 

dealers, persons providing insurance, investment companies, and investment advisers).

(2) Under the Federal Credit Union Act [12 

U.S.C. 1751 et seq.], by the Board of the National Credit Union Administration with respect 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 investment 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 investment advisers registered with the Commission under such Act. 

(6) Under State insurance law, in the case of 

any person engaged in providing insurance, by 

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 institution 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 Financial Protection Act of 2010 [12 U.S.C. 5561 et 

seq.], by the Bureau of Consumer Financial 

Protection, in the case of any financial institution and other covered person or service provider that is subject to the jurisdiction of the 

Bureau and any person subject to this subchapter, 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 subsection (a), other than the Bureau of Consumer 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 implemented 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 jurisdictions 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 insurance 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 defined 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, referred 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 Banking. 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 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. 

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. Section 25A of the Federal Reserve Act is classified to subchapter 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 classification 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. 

Case 1:23-cv-06009 Document 3-1 Filed 07/13/23 Page 26 of 32
§ 6806 TITLE 15—COMMERCE AND TRADE Page 2234

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 classification 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), substituted ‘‘Subject to subtitle B of the Consumer Financial Protection Act of 2010, this subchapter and the regulations 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 financial 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 applicable 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 Supervision’’ 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 Protection,’’ before ‘‘shall implement the standards’’.

Statutory Notes and Related Subsidiaries 

EFFECTIVE DATE OF 2010 AMENDMENT

Amendment by Pub. L. 111–203 effective on the designated 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. 

§ 6806. Relation to other provisions 

Except for the amendments made by subsections (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 transaction 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), referred 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, as amended, which enacted this 

chapter and amended section 1681s of this title. For 

complete classification 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, as amended, 

which is classified generally to subchapter III (§1681 et 

seq.) of chapter 41 of this title. For complete classification of this Act to the Code, see Short Title note set 

out under section 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 superseding, altering, or affecting any statute, regulation, order, or interpretation in effect in any 

State, except to the extent that such statute, 

regulation, order, or interpretation is inconsistent 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 inconsistent 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 subchapter and the amendments made by this subchapter, as determined by the Bureau of Consumer 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 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 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 designated 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 financial 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 financial institutions and their affiliates. Such 

study shall include—

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Page 2235 TITLE 15—COMMERCE AND TRADE § 6809

(1) the purposes for the sharing of confidential customer information with affiliates or 

with nonaffiliated third parties; 

(2) the extent and adequacy of security protections for such information; 

(3) the potential risks for customer privacy 

of such sharing of information; 

(4) the potential benefits for financial institutions and affiliates of such sharing of information; 

(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 privacy policy and privacy rights disclosure 

under existing law; 

(8) the feasibility of different approaches, including opt-out and opt-in, to permit customers 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 information may be shared. 

(b) Consultation 

The Secretary shall consult with representatives of State insurance authorities designated 

by the National Association of Insurance Commissioners, and also with financial services industry, 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 required under subsection (a), together with such 

recommendations for legislative or administrative action as may be appropriate. 

(Pub. L. 106–102, title V, §508, Nov. 12, 1999, 113 

Stat. 1442.) 

§ 6809. Definitions 

As used in this subchapter: 

(1) Federal banking agency 

The term ‘‘Federal banking agency’’ has the 

same meaning as given in section 1813 of title 

12. 

(2) Federal functional regulator 

The term ‘‘Federal functional regulator’’ 

means—

(A) the Board of Governors of the Federal 

Reserve System; 

(B) the Office of the Comptroller of the 

Currency; 

(C) the Board of Directors of the Federal 

Deposit Insurance Corporation; 

(D) the Director of the Office of Thrift Supervision; 

(E) the National Credit Union Administration Board; and 

(F) the Securities and Exchange Commission. 

(3) Financial institution 

(A) In general 

The term ‘‘financial institution’’ means 

any institution the business of which is engaging in financial activities as described in 

section 1843(k) of title 12. 

(B) Persons subject to CFTC regulation 

Notwithstanding subparagraph (A), the 

term ‘‘financial institution’’ does not include any person or entity with respect to 

any financial activity that is subject to the 

jurisdiction of the Commodity Futures Trading Commission under the Commodity Exchange Act [7 U.S.C. 1 et seq.]. 

(C) Farm credit institutions 

Notwithstanding subparagraph (A), the 

term ‘‘financial institution’’ does not include the Federal Agricultural Mortgage 

Corporation or any entity chartered and operating under the Farm Credit Act of 1971 [12 

U.S.C. 2001 et seq.]. 

(D) Other secondary market institutions 

Notwithstanding subparagraph (A), the 

term ‘‘financial institution’’ does not include institutions chartered by Congress 

specifically to engage in transactions described in section 6802(e)(1)(C) of this title, 

as long as such institutions do not sell or 

transfer nonpublic personal information to a 

nonaffiliated third party. 

(4) Nonpublic personal information 

(A) The term ‘‘nonpublic personal information’’ means personally identifiable financial 

information—

(i) provided by a consumer to a financial 

institution; 

(ii) resulting from any transaction with 

the consumer or any service performed for 

the consumer; or 

(iii) otherwise obtained by the financial institution.

(B) Such term does not include publicly 

available information, as such term is defined 

by the regulations prescribed under section 

6804 of this title. 

(C) Notwithstanding subparagraph (B), such 

term—

(i) shall include any list, description, or 

other grouping of consumers (and publicly 

available information pertaining to them) 

that is derived using any nonpublic personal 

information other than publicly available 

information; but 

(ii) shall not include any list, description, 

or other grouping of consumers (and publicly 

available information pertaining to them) 

that is derived without using any nonpublic 

personal information. 

(5) Nonaffiliated third party 

The term ‘‘nonaffiliated third party’’ means 

any entity that is not an affiliate of, or related by common ownership or affiliated by 

corporate control with, the financial institution, but does not include a joint employee of 

such institution. 

(6) Affiliate 

The term ‘‘affiliate’’ means any company 

that controls, is controlled by, or is under 

common control with another company. 

(7) Necessary to effect, administer, or enforce 

The term ‘‘as necessary to effect, administer, or enforce the transaction’’ means—

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§ 6821 TITLE 15—COMMERCE AND TRADE Page 2236

(A) the disclosure is required, or is a usual, 

appropriate, or acceptable method, to carry 

out the transaction or the product or service 

business of which the transaction is a part, 

and record or service or maintain the consumer’s account in the ordinary course of 

providing the financial service or financial 

product, or to administer or service benefits 

or claims relating to the transaction or the 

product or service business of which it is a 

part, and includes—

(i) providing the consumer or the consumer’s agent or broker with a confirmation, statement, or other record of the 

transaction, or information on the status 

or value of the financial service or financial product; and 

(ii) the accrual or recognition of incentives or bonuses associated with the transaction that are provided by the financial 

institution or any other party;

(B) the disclosure is required, or is one of 

the lawful or appropriate methods, to enforce the rights of the financial institution 

or of other persons engaged in carrying out 

the financial transaction, or providing the 

product or service; 

(C) the disclosure is required, or is a usual, 

appropriate, or acceptable method, for insurance underwriting at the consumer’s request 

or for reinsurance purposes, or for any of the 

following purposes as they relate to a consumer’s insurance: Account administration, 

reporting, investigating, or preventing fraud 

or material misrepresentation, processing 

premium payments, processing insurance 

claims, administering insurance benefits (including utilization review activities), participating in research projects, or as otherwise required or specifically permitted by 

Federal or State law; or 

(D) the disclosure is required, or is a usual, 

appropriate or acceptable method, in connection with—

(i) the authorization, settlement, billing, 

processing, clearing, transferring, reconciling, or collection of amounts charged, 

debited, or otherwise paid using a debit, 

credit or other payment card, check, or account number, or by other payment 

means; 

(ii) the transfer of receivables, accounts 

or interests therein; or 

(iii) the audit of debit, credit or other 

payment information. 

(8) State insurance authority 

The term ‘‘State insurance authority’’ 

means, in the case of any person engaged in 

providing insurance, the State insurance authority of the State in which the person is 

domiciled. 

(9) Consumer 

The term ‘‘consumer’’ means an individual 

who obtains, from a financial institution, financial products or services which are to be 

used primarily for personal, family, or household purposes, and also means the legal representative of such an individual. 

(10) Joint agreement 

The term ‘‘joint agreement’’ means a formal 

written contract pursuant to which two or 

more financial institutions jointly offer, endorse, or sponsor a financial product or service, and as may be further defined in the regulations prescribed under section 6804 of this 

title. 

(11) Customer relationship 

The term ‘‘time of establishing a customer 

relationship’’ shall be defined by the regulations prescribed under section 6804 of this 

title, and shall, in the case of a financial institution engaged in extending credit directly to 

consumers to finance purchases of goods or 

services, mean the time of establishing the 

credit relationship with the consumer. 

(Pub. L. 106–102, title V, §509, Nov. 12, 1999, 113 

Stat. 1443.)

Editorial Notes 

REFERENCES IN TEXT

This subchapter, referred to in text, 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 subchapter. For 

complete classification of subtitle A to the Code, see 

Tables. 

The Commodity Exchange Act, referred to in par. 

(3)(B), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, as 

amended, which is classified generally to chapter 1 (§1 

et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and 

Tables. 

The Farm Credit Act of 1971, referred to in par. (3)(C), 

is Pub. L. 92–181, Dec. 10, 1971, 85 Stat. 583, as amended, 

which is classified generally to chapter 23 (§2001 et seq.) 

of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note 

set out under section 2001 of Title 12 and Tables.

SUBCHAPTER II—FRAUDULENT ACCESS TO 

FINANCIAL INFORMATION 

§ 6821. Privacy protection for customer information of financial institutions 

(a) Prohibition on obtaining customer information by false pretenses 

It shall be a violation of this subchapter for 

any person to obtain or attempt to obtain, or 

cause to be disclosed or attempt to cause to be 

disclosed to any person, customer information 

of a financial institution relating to another 

person—

(1) by making a false, fictitious, or fraudulent statement or representation to an officer, 

employee, or agent of a financial institution; 

(2) by making a false, fictitious, or fraudulent statement or representation to a customer of a financial institution; or 

(3) by providing any document to an officer, 

employee, or agent of a financial institution, 

knowing that the document is forged, counterfeit, lost, or stolen, was fraudulently obtained, 

or contains a false, fictitious, or fraudulent 

statement or representation. 

(b) Prohibition on solicitation of a person to obtain customer information from financial institution under false pretenses 

It shall be a violation of this subchapter to request a person to obtain customer information 

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Page 2237 TITLE 15—COMMERCE AND TRADE § 6822

of a financial institution, knowing that the person will obtain, or attempt to obtain, the information from the institution in any manner described in subsection (a). 

(c) Nonapplicability to law enforcement agencies 

No provision of this section shall be construed 

so as to prevent any action by a law enforcement agency, or any officer, employee, or agent 

of such agency, to obtain customer information 

of a financial institution in connection with the 

performance of the official duties of the agency. 

(d) Nonapplicability to financial institutions in 

certain cases 

No provision of this section shall be construed 

so as to prevent any financial institution, or any 

officer, employee, or agent of a financial institution, from obtaining customer information of 

such financial institution in the course of—

(1) testing the security procedures or systems of such institution for maintaining the 

confidentiality of customer information; 

(2) investigating allegations of misconduct 

or negligence on the part of any officer, employee, or agent of the financial institution; or 

(3) recovering customer information of the 

financial institution which was obtained or received by another person in any manner described in subsection (a) or (b). 

(e) Nonapplicability to insurance institutions for 

investigation of insurance fraud 

No provision of this section shall be construed 

so as to prevent any insurance institution, or 

any officer, employee, or agency of an insurance 

institution, from obtaining information as part 

of an insurance investigation into criminal activity, fraud, material misrepresentation, or 

material nondisclosure that is authorized for 

such institution under State law, regulation, interpretation, or order. 

(f) Nonapplicability to certain types of customer 

information of financial institutions 

No provision of this section shall be construed 

so as to prevent any person from obtaining customer information of a financial institution 

that otherwise is available as a public record 

filed pursuant to the securities laws (as defined 

in section 78c(a)(47) of this title). 

(g) Nonapplicability to collection of child support judgments 

No provision of this section shall be construed 

to prevent any State-licensed private investigator, or any officer, employee, or agent of such 

private investigator, from obtaining customer 

information of a financial institution, to the extent reasonably necessary to collect child support from a person adjudged to have been delinquent in his or her obligations by a Federal or 

State court, and to the extent that such action 

by a State-licensed private investigator is not 

unlawful under any other Federal or State law 

or regulation, and has been authorized by an 

order or judgment of a court of competent jurisdiction. 

(Pub. L. 106–102, title V, §521, Nov. 12, 1999, 113 

Stat. 1446.) 

§ 6822. Administrative enforcement 

(a) Enforcement by Federal Trade Commission 

Except as provided in subsection (b), compliance with this subchapter shall be enforced by 

the Federal Trade Commission in the same manner and with the same power and authority as 

the Commission has under the Fair Debt Collection Practices Act [15 U.S.C. 1692 et seq.] to enforce compliance with such Act. 

(b) Enforcement by other agencies in certain 

cases 

(1) In general 

Compliance with this subchapter shall be enforced under—

(A) section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818], in the case of—

(i) national banks, and Federal branches 

and Federal agencies of foreign banks, by 

the Office of the Comptroller of the Currency; 

(ii) member banks of the Federal Reserve 

System (other than national banks), 

branches and agencies of foreign banks 

(other than Federal branches, Federal 

agencies, and insured State branches of 

foreign banks), commercial lending companies owned or controlled by foreign 

banks, and organizations operating under 

section 25 or 25A of the Federal Reserve 

Act [12 U.S.C. 601 et seq., 611 et seq.], by 

the Board; 

(iii) banks insured by the Federal Deposit Insurance Corporation (other than 

members of the Federal Reserve System 

and national nonmember banks) and insured State branches of foreign banks, by 

the Board of Directors of the Federal Deposit Insurance Corporation; and 

(iv) savings associations the deposits of 

which are insured by the Federal Deposit 

Insurance Corporation, by the Director of 

the Office of Thrift Supervision; and

(B) the Federal Credit Union Act [12 U.S.C. 

1751 et seq.], by the Administrator of the National Credit Union Administration with respect to any Federal credit union. 

(2) Violations of this subchapter treated as violations of other laws 

For the purpose of the exercise by any agency referred to in paragraph (1) of its powers 

under any Act referred to in that paragraph, a 

violation of this subchapter shall be deemed to 

be a violation of a requirement imposed under 

that Act. In addition to its powers under any 

provision of law specifically referred to in 

paragraph (1), each of the agencies referred to 

in that paragraph may exercise, for the purpose of enforcing compliance with this subchapter, any other authority conferred on 

such agency by law. 

(Pub. L. 106–102, title V, §522, Nov. 12, 1999, 113 

Stat. 1447.)

Editorial Notes 

REFERENCES IN TEXT

The Fair Debt Collection Practices Act, referred to in 

subsec. (a), is title VIII of Pub. L. 90–321, as added by 

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§ 6823 TITLE 15—COMMERCE AND TRADE Page 2238

Pub. L. 95–109, Sept. 20, 1977, 91 Stat. 874, as amended, 

which is classified generally to subchapter V (§1692 et 

seq.) of chapter 41 of this title. For complete classification of this Act to the Code, see Short Title note set 

out under section 1601 of this title and Tables. 

Section 25 of the Federal Reserve Act, referred to in 

subsec. (b)(1)(A)(ii), is classified to subchapter I (§601 et 

seq.) of chapter 6 of Title 12, Banks and Banking. Section 25A of the Federal Reserve Act is classified to subchapter II (§611 et seq.) of chapter 6 of Title 12. 

The Federal Credit Union Act, referred to in subsec. 

(b)(1)(B), is act June 26, 1934, ch. 750, 48 Stat. 1216, as 

amended, which is classified generally to chapter 14 

(§1751 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see section 

1751 of Title 12 and Tables.

Statutory Notes and Related Subsidiaries 

TRANSFER OF FUNCTIONS

Functions vested in Administrator of National Credit 

Union Administration transferred and vested in National Credit Union Administration Board pursuant to 

section 1752a of Title 12, Banks and Banking. 

§ 6823. Criminal penalty 

(a) In general 

Whoever knowingly and intentionally violates, or knowingly and intentionally attempts 

to violate, section 6821 of this title shall be fined 

in accordance with title 18 or imprisoned for not 

more than 5 years, or both. 

(b) Enhanced penalty for aggravated cases 

Whoever violates, or attempts to violate, section 6821 of this title while violating another 

law of the United States or as part of a pattern 

of any illegal activity involving more than 

$100,000 in a 12-month period shall be fined twice 

the amount provided in subsection (b)(3) or (c)(3) 

(as the case may be) of section 3571 of title 18, 

imprisoned for not more than 10 years, or both. 

(Pub. L. 106–102, title V, §523, Nov. 12, 1999, 113 

Stat. 1448.) 

§ 6824. Relation to State laws 

(a) In general 

This subchapter shall not be construed as superseding, 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 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 inconsistent 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 subchapter 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 complaint, 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 subchapter, each Federal banking agency (as defined in section 1813(z) of title 12), the National 

Credit Union Administration, and the Securities 

and Exchange Commission or self-regulatory organizations, as appropriate, shall review regulations and guidelines applicable to financial institutions under their respective jurisdictions 

and shall prescribe such revisions to such regulations 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 beginning on November 12, 1999, the Comptroller General, in consultation with the Federal Trade 

Commission, Federal banking agencies, the National Credit Union Administration, the Securities and Exchange Commission, appropriate Federal 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 remedies provided in this subchapter in addressing 

attempts to obtain financial information by 

fraudulent means or by false pretenses. 

(2) Any recommendations for additional legislative 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 Attorney General shall submit to Congress an annual 

report on number and disposition of all enforcement 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 authorized 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 institution 

The term ‘‘customer information of a financial institution’’ means any information maintained by or for a financial institution which 

is derived from the relationship between the 

financial institution and a customer of the financial institution and is identified with the 

customer. 

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Page 2239 TITLE 15—COMMERCE AND TRADE § 6901

(3) Document 

The term ‘‘document’’ means any information 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 section 461(b)(1)(A) of title 12), any broker or 

dealer, any investment adviser or investment 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 

any financial activity that is subject to the 

jurisdiction of the Commodity Futures Trading Commission under the Commodity Exchange Act [7 U.S.C. 1 et seq.] and does not 

include the Federal Agricultural Mortgage 

Corporation or any entity chartered and operating under the Farm Credit Act of 1971 [12 

U.S.C. 2001 et seq.]. 

(E) Further definition by regulation 

The Federal Trade Commission, after consultation with Federal banking agencies and 

the Securities and Exchange Commission, 

may prescribe regulations clarifying or describing the types of institutions which shall 

be treated as financial institutions for purposes of this subchapter. 

(Pub. L. 106–102, title V, §527, Nov. 12, 1999, 113 

Stat. 1449.)

Editorial Notes 

REFERENCES IN TEXT

The Commodity Exchange Act, referred to in par. 

(4)(D), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, as 

amended, which is classified generally to chapter 1 (§1 

et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and 

Tables. 

The Farm Credit Act of 1971, referred to in par. (4)(D), 

is Pub. L. 92–181, Dec. 10, 1971, 85 Stat. 583, as amended, 

which is classified generally to chapter 23 (§2001 et seq.) 

of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note 

set out under section 2001 of Title 12 and Tables.

CHAPTER 95—MICROENTERPRISE TECHNICAL ASSISTANCE AND CAPACITY BUILDING PROGRAM 

Sec. 

6901. Definitions. 

6902. Establishment of program. 

6903. Uses of assistance. 

6904. Qualified organizations. 

6905. Allocation of assistance; subgrants. 

6906. Matching requirements. 

6907. Applications for assistance. 

6908. Recordkeeping. 

6909. Authorization. 

6910. Implementation. 

§ 6901. Definitions 

For purposes of this chapter, the following 

definitions shall apply: 

(1) Administration 

The term ‘‘Administration’’ means the 

Small Business Administration. 

(2) Administrator 

The term ‘‘Administrator’’ means the Administrator of the Small Business Administration. 

(3) Capacity building services 

The term ‘‘capacity building services’’ 

means services provided to an organization 

that is, or that is in the process of becoming, 

a microenterprise development organization 

or program, for the purpose of enhancing its 

ability to provide training and services to disadvantaged entrepreneurs. 

(4) Collaborative 

The term ‘‘collaborative’’ means 2 or more 

nonprofit entities that agree to act jointly as 

a qualified organization under this chapter. 

(5) Disadvantaged entrepreneur 

The term ‘‘disadvantaged entrepreneur’’ 

means a microentrepreneur that is—

(A) a low-income person; 

(B) a very low-income person; or 

(C) an entrepreneur that lacks adequate 

access to capital or other resources essential 

for business success, or is economically disadvantaged, as determined by the Administrator. 

(6) Indian tribe 

The term ‘‘Indian tribe’’ has the meaning 

given the term in section 4702 of title 12. 

(7) Intermediary 

The term ‘‘intermediary’’ means a private, 

nonprofit entity that seeks to serve microenterprise development organizations and programs as authorized under section 6904 of this 

title. 

(8) Low-income person 

The term ‘‘low-income person’’ has the 

meaning given the term in section 4702 of title 

12. 

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