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,
by the Administrator of the National
Credit Union Administration with re-
spect to any Federal credit union.
‘‘(2) VIOLATIONS OF THIS TITLE TREATED
AS
VIOLATIONS
OF
OTHER
LAWS.—For the
purpose of the exercise by any agency re-
ferred to in paragraph (1) of its powers
under any Act referred to in that para-
graph, a violation of this title shall be
deemed to be a violation of a requirement
imposed under that Act. In addition to its
powers under any provision of law spe-
cifically referred to in paragraph (1),
each of the agencies referred to in that
paragraph may exercise, for the purpose
of enforcing compliance with this title,
any other authority conferred on such
agency by law.
‘‘(3) RESTITUTION.—In the case of any
failure by an entity referred to in para-
graph (1) to comply with the require-
ments of this title, an agency referred to
in such paragraph may require such en-
tity to make restitution to any person
harmed by such failure in the manner
provided under section 8(b)(6)(A) of the
Federal Deposit Insurance Act or section
206(e)(3)(A) of the Federal Credit Union
Act, as the case may be, without regard
to clauses (i) and (ii) of such sections, and
in an amount equal to the sum of the
amounts determined under each of the
following subparagraphs:
‘‘(A) ACTUAL DAMAGES.—The great-
er of—
‘‘(i) the amount of any actual
damage sustained by the person
as a result of such failure; or
‘‘(ii) any amount received by
the entity which failed to comply
with 
this 
title, 
including 
an
amount equal to the value of any
nonmonetary consideration, as a
result of the action which con-
stitutes such failure.
‘‘(B) ADDITIONAL
DAMAGES.—Such
additional amount as the agency may
determine to be appropriate under
the circumstances.
‘‘(c) STATE ACTION FOR VIOLATIONS.—
‘‘(1) AUTHORITY
OF
STATES.—In addi-
tion to such other remedies as are pro-
vided under State law, if the chief law en-
forcement officer of a State, or an official
or agency designated by a State, has rea-
son to believe that any person has vio-
lated or is violating this title, the State—
‘‘(A) may bring an action to enjoin
such violation in any appropriate
United States district court or in any
other court of competent jurisdiction;
‘‘(B) may bring an action on be-
half of the residents of the State to
recover damages of not more than
$1,000 for each violation; and
‘‘(C) in the case of any successful
action under subparagraph (A) or (B),
shall be awarded the costs of the ac-
tion and reasonable attorney fees as
determined by the court.
‘‘(2) RIGHTS OF FEDERAL REGULATORS.—
‘‘(A) 
PRIOR
NOTICE.—The 
State
shall serve prior written notice of any
action under paragraph (1) upon the
Federal Trade Commission and—
‘‘(i) in the case of an action
which involves a financial institu-
tion 
described 
in 
section
1004(b)(1), the agency referred to
in such section with respect to
such institution; or
‘‘(ii) in the case of an action
which involves a financial institu-
tion subject to regulation by the
Securities and Exchange Commis-
sion, such Commission.
The State shall provide the Federal
Trade Commission and any such
agency with a copy of its complaint,
except in any case in which such
prior notice is not feasible, in which
case the State shall serve such notice
immediately upon instituting such ac-
tion.
‘‘(B) RIGHT
TO
INTERVENE.—The
Federal Trade Commission or an
agency described in subsection (b)
shall have the right—
‘‘(i) to intervene in an action
under paragraph (1);
‘‘(ii) upon so intervening, to
be heard on all matters arising
therein;
‘‘(iii) to remove the action to
the appropriate United States dis-
trict court; and
‘‘(iv) to file petitions for ap-
peal.
‘‘(3) INVESTIGATORY POWERS.—For pur-
poses of bringing any action under this
subsection, no provision of this sub-
section shall be construed as preventing
the chief law enforcement officer, or an
official or agency designated by a State,
from exercising the powers conferred on
the chief law enforcement officer or such
official by the laws of such State to con-
duct 
investigations 
or 
to 
administer
oaths or affirmations or to compel the at-
tendance of witnesses or the production
of documentary and other evidence.
‘‘(4) LIMITATION ON STATE ACTION WHILE
FEDERAL ACTION PENDING.—If the Federal
Trade Commission or any agency de-
scribed in subsection (b) has instituted a
civil action for a violation of this title, no
State may, during the pendency of such
action, bring an action under this section
against any defendant named in the com-
plaint of the Federal Trade Commission
or such agency for any violation of this
title that is alleged in that complaint.
‘‘(d) NOTICE TO SEC OF ACTIONS.—The Fed-
eral Trade Commission shall notify the Secu-
rities and Exchange Commission whenever
the Federal Trade Commission initiates an in-
vestigation with respect to a financial institu-
tion subject to regulation by the Securities
and Exchange Commission.
‘‘§ 1005. Civil liability
‘‘Any person, other than a financial insti-
tution, who fails to comply with any provision
of this title with respect to any financial insti-
tution or any customer information of a finan-
cial institution shall be liable to such finan-
cial institution or the customer to whom such
information relates in an amount equal to the
sum of the amounts determined under each of
the following paragraphs:
‘‘(1) ACTUAL
DAMAGES.—The greater
of—
‘‘(A) the amount of any actual
damage sustained by the financial in-
stitution or customer as a result of
such failure; or
‘‘(B) any amount received by the
person who failed to comply with this
title, including an amount equal to
the value of any nonmonetary consid-
eration, as a result of the action
which constitutes such failure.
‘‘(2) ADDITIONAL DAMAGES.—Such addi-
tional amount as the court may allow.
‘‘(3) ATTORNEYS’ FEES.—In the case of
any successful action to enforce any li-
ability under paragraph (1) or (2), the
costs of the action, together with reason-
able attorneys’ fees.
‘‘§ 1006. Criminal penalty
‘‘(a) IN GENERAL.—Whoever knowingly and
intentionally violates, or knowingly and in-
tentionally attempts to violate, section 1003
shall be fined in accordance with title 18,
United States Code, or imprisoned for not
more than 5 years, or both.
‘‘(b) ENHANCED PENALTY FOR AGGRAVATED
CASES.—Whoever violates, or attempts to vio-
late, section 1003 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, United States Code, impris-
oned for not more than 10 years, or both.
‘‘§ 1007. Relation to State laws
‘‘(a) IN GENERAL.—This title shall not be
construed as superseding, altering, or affect-
ing the statutes, regulations, orders, or inter-
pretations in effect in any State, except to the
extent that such statutes, regulations, orders,
or interpretations are inconsistent with the
provisions of this title, 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
title if the protection such statute, regulation,
order, or interpretation affords any person is
greater than the protection provided under
this title.
‘‘§ 1008. Agency guidance
‘‘In furtherance of the objectives of this
title, each Federal banking agency (as defined
in section 3(z) of the Federal Deposit Insur-
ance Act) 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 fi-
nancial information and to deter and detect
activities proscribed under section 1003.’’.
(b) REPORT TO THE CONGRESS.—Before the
end of the 18-month period beginning on the
date of the enactment of this Act, the Comp-
troller General, in consultation with the Fed-
eral Trade Commission, Federal banking
agencies, the Securities and Exchange Com-
mission, and appropriate Federal law enforce-
ment agencies, shall submit to the Congress a
report on the following:
(1) The efficacy and adequacy of the
remedies provided in the amendments
made by subsection (a) in addressing at-
tempts to obtain financial information by
fraudulent means or by false pretenses.
(2) Any recommendations for addi-
tional legislative or regulatory action to
address threats to the privacy of finan-
cial information created by attempts to
obtain information by fraudulent means
or false pretenses.
(c) ANNUAL
REPORT
BY
ADMINISTERING
AGENCIES.—The Federal Trade Commission,
the Attorney General, and each of the agen-
cies referred to in section 1004(b)(1) of Finan-
cial Information Privacy Act (as added by this
Act) shall submit to Congress an annual re-
port on number and disposition of all enforce-
ment actions taken pursuant to such Act.