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creditor or another reliable source and re-
ports that date as the date of delinquency;
or
‘‘(iii) the creditor did not previously
report the date of delinquency to a con-
sumer reporting agency and the date of de-
linquency cannot be reasonably obtained as
provided in clause (ii), the person estab-
lishes and follows reasonable procedures to
ensure the date reported as the date of de-
linquency precedes the date on which the
account is placed for collection, charged to
profit or loss, or subjected to any similar
action, and reports such date to the credit
reporting agency.’’.
(c) LIABILITY AND ENFORCEMENT.—
(1) CIVIL LIABILITY.—Section 623 of the Fair
Credit Reporting Act (15 U.S.C. 1681s–2) is
amended by striking subsections (c) and (d) and in-
serting the following:
‘‘(c) LIMITATION ON LIABILITY.—Except as provided
in section 621(c)(1)(B), sections 616 and 617 do not apply
to any violation of—
‘‘(1) subsection (a) of this section;
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‘‘(2) subsection (e) of this section, except that
nothing in this paragraph shall limit, expand, or oth-
erwise affect liability under section 616 or 617, as
applicable, for violations of subsection (b) of this
section;
‘‘(3) subsection (e) or (f) of section 615; or
‘‘(4) subparagraph (A) of subsection (b)(2) of
this section that is based on the development of pro-
cedures required by that subparagraph, except that
refurnishing information otherwise in violation of
subsection (b) shall be subject to liability under sec-
tions 616 and 617, as applicable, to the same extent
as such a refurnishing violation was subject to such
liability on the day before the date of enactment of
the National Consumer Credit Reporting System
Improvement Act of 2003.
‘‘(d) LIMITATION
ON ENFORCEMENT.—The provi-
sions of law described in paragraphs (1) through (4) of
subsection (c) (other than with respect to the exceptions
described in paragraphs (2) and (4) of subsection (c))
shall be enforced exclusively as provided under section 621
by the Federal agencies and officials and the State offi-
cials identified in section 621.’’.
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(2) STATE
ACTIONS.—Section 621(c) of the
Fair Credit Reporting Act (15 U.S.C. 1681s(c)) is
amended—
(A) in paragraph (1)(B)(ii), by striking ‘‘of
section 623(a)’’ and inserting ‘‘described in any
of paragraphs (1) through (4) of section 623(c)
(other than with respect to the exception de-
scribed in paragraph (4) of section 623(c))’’;
and
(B) in paragraph (5)—
(i) in each of subparagraphs (A) and
(B), by inserting after ‘‘section 623(a)(1)’’
each place that term appears the following:
‘‘or a violation described in any of para-
graphs (2) through (4) of section 623(c)
(other than with respect to the exception
described in paragraph (4) of section
623(c))’’; and
(ii) by amending the paragraph head-
ing to read as follows:
‘‘(5) LIMITATIONS
ON
STATE
ACTIONS
FOR
CERTAIN VIOLATIONS.—’’.
(d) RULE OF CONSTRUCTION.—Nothing in this sec-
tion, the amendments made by this section, or any other
provision of this Act shall be construed to affect any liabil-
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ity under section 616 or 617 of the Fair Credit Reporting
Act (15 U.S.C. 1681n, 1681o) that existed on the day be-
fore the date of enactment of this Act.
SEC. 313. FEDERAL TRADE COMMISSION AND CONSUMER
REPORTING AGENCY ACTION CONCERNING
COMPLAINTS.
Section 611 of the Fair Credit Reporting Act (15
U.S.C. 1681i) is amended by adding at the end the fol-
lowing:
‘‘(e) TREATMENT OF COMPLAINTS AND REPORT TO
CONGRESS.—
‘‘(1) IN GENERAL.—The Federal Trade Com-
mission shall—
‘‘(A) compile all complaints that it receives
that a file of a consumer that is maintained by
a consumer reporting agency described in sec-
tion 603(p) contains incomplete or inaccurate
information, with respect to which, the con-
sumer appears to have disputed the complete-
ness or accuracy with the consumer reporting
agency or otherwise utilized the procedures pro-
vided by subsection (a); and
‘‘(B) transmit each such complaint to each
consumer reporting agency involved.
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‘‘(2) EXCLUSION.—Complaints received or ob-
tained by the Federal Trade Commission pursuant
to its investigative authority under the Federal
Trade Commission Act shall not be subject to this
paragraph (1).
‘‘(3) AGENCY
RESPONSIBILITIES.—Each con-
sumer reporting agency described in section 603(p)
that receives a complaint transmitted by the Federal
Trade Commission pursuant to paragraph (1)
shall—
‘‘(A) review each such complaint to deter-
mine whether all legal obligations imposed on
the consumer reporting agency under this title
(including any obligation imposed by an appli-
cable court or administrative order) have been
met with respect to the subject matter of the
complaint;
‘‘(B) provide reports on a regular basis to
the Commission regarding the determinations of
and actions taken by the consumer reporting
agency, if any, in connection with its review of
such complaints; and
‘‘(C) maintain, for a reasonable time pe-
riod, records regarding the disposition of each
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such complaint that is sufficient to demonstrate
compliance with this subsection.
‘‘(4) RULEMAKING
AUTHORITY.—The Federal
Trade Commission may prescribe regulations in ac-
cordance with the requirements of section 553 of
title 5, United States Code, as appropriate to imple-
ment this subsection.
‘‘(5) ANNUAL
REPORT.—The Federal Trade
Commission shall submit to the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate and
the Committee on Financial Services of the House of
Representatives an annual report regarding informa-
tion gathered by the Commission under this sub-
section.’’.
SEC. 314. ONGOING AUDITS OF THE ACCURACY OF CON-
SUMER REPORTS.
(a) AUDITS REQUIRED.—The Board of Governors of
the Federal Reserve System (in this section referred to
as ‘‘the Board’’) shall conduct ongoing audits of the accu-
racy and completeness of information contained in con-
sumer reports prepared or maintained by consumer re-
porting agencies. The Board shall independently verify the
accuracy and completeness of information contained in
consumer reports by evaluating information and data pro-
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vided by consumer reporting agencies (as defined in sec-
tion 603 of the Fair Credit Reporting Act).
(b) SUBJECT MATTERS.—In conducting audits under
this section, the Board shall examine—
(1) the accuracy and completeness of informa-
tion contained in consumer reports, including an
analysis of the type of inaccurate or incomplete in-
formation, if any, that may have the most significant
impact on the availability and terms of various cred-
it products offered to borrowers; and
(2) the impact, if any, of incomplete and inac-
curate information on the credit and credit-based in-
surance scores that are most widely used to deter-
mine borrower credit worthiness and to make insur-
ance underwriting and rating decisions, including an
analysis of how, if at all, changes to credit scores re-
sulting from inaccurate or incomplete credit report-
ing information affect the availability and terms of
various credit products offered to borrowers.
(c) BIENNIAL REPORTS REQUIRED.—
(1) IN GENERAL.—The Board shall submit a
report to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives
at the end of the 2-year period beginning on the
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date of enactment of this Act. Thereafter, the Board
shall conduct additional audits and submit addi-
tional reports once every 2 years.
(2) CONTENTS.—Each report submitted under
this subsection shall contain a detailed summary of
the findings and conclusions of the Board with re-
spect to the audits required by this section, and such
recommendations for legislative and administrative
action as the Board may determine to be appro-
priate.
(d) PROVISION OF REPORTS TO THE BOARD FOR
PURPOSES OF ANALYSIS.—Section 604(d) of the Fair
Credit Reporting Act (12 U.S.C. 1681b(d)) is amended
to read as follows:
‘‘(d) FURNISHING CONSUMER REPORTS FOR ACCU-
RACY OR COMPLIANCE AUDITS.—A consumer reporting
agency shall provide consumer reports to the Board of
Governors of the Federal Reserve System, upon request,
for the purpose of conducting an accuracy or compliance
audit in accordance with section 314 of the National Con-
sumer Credit Reporting System Improvement Act of
2003.’’.
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SEC. 315. IMPROVED DISCLOSURE OF THE RESULTS OF RE-
INVESTIGATION.
(a) IN GENERAL.—Section 611(a)(5)(A) of the Fair
Credit Reporting Act (15 U.S.C. 1681i) is amended by
striking ‘‘shall’’ and all that follows through the end of
the subparagraph, and inserting the following: ‘‘shall—
‘‘(i) promptly delete that item of in-
formation from the file of the consumer, or
modify that item of information, as appro-
priate, based on the results of the reinves-
tigation; and
‘‘(ii) promptly notify the furnisher of
that information that the information has
been modified or deleted from the file of
the consumer.’’.
(b) FURNISHER REQUIREMENTS RELATING TO INAC-
CURATE, INCOMPLETE, OR
UNVERIFIABLE
INFORMA-
TION.—Section 623(b)(1) of the Fair Credit Reporting
Act (15 U.S.C. 1681s–2(b)(1)) is amended—
(1) in subparagraph (C), by striking ‘‘and’’ at
the end; and
(2) in subparagraph (D), by striking the period
at the end and inserting the following: ‘‘; and
‘‘(E) if an item of any information dis-
puted by a consumer is found to be inaccurate
or incomplete or cannot be verified after any re-
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investigation under paragraph (1), promptly de-
lete that item of information from the fur-
nisher’s records or modify that item of informa-
tion, as appropriate, based on the results of the
reinvestigation.’’.
SEC. 316. RECONCILING ADDRESSES.
Section 605 of the Fair Credit Reporting Act (15
U.S.C. 1681c), as amended by this Act, is amended by
adding at the end the following:
‘‘(h) NOTICE OF DISCREPANCY IN ADDRESS.—
‘‘(1) IN GENERAL.—If a person has requested
a consumer report relating to a consumer from a
consumer reporting agency described in section
603(p), the request includes an address for the con-
sumer that substantially differs from the addresses
in the file of the consumer, and the agency provides
a consumer report in response to the request, the
consumer reporting agency shall notify the requester
of the existence of the discrepancy.
‘‘(2) REGULATIONS.—
‘‘(A) REGULATIONS REQUIRED.—The Fed-
eral banking agencies, the National Credit
Union Administration, and the Federal Trade
Commission shall, with respect to the entities
that are subject to their respective enforcement
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authority under section 621, and in coordina-
tion as described in subparagraph (B), pre-
scribe regulations providing guidance regarding
reasonable policies and procedures that a user
of a consumer report should employ when such
user has received a notice of discrepancy under
paragraph (1).
‘‘(B) COORDINATION.—Each agency re-
quired to prescribe regulations under subpara-
graph (A) shall consult and coordinate with
each other such agency so that, to the extent
possible, the regulations prescribed by each
such entity are consistent and comparable with
the regulations prescribed by each other such
agency.
‘‘(C) POLICIES AND PROCEDURES TO BE
INCLUDED.—The regulations prescribed under
subparagraph (A) shall describe reasonable poli-
cies and procedures for use by a user of a con-
sumer report—
‘‘(i) to form a reasonable belief that
the user knows the identity of the person
to whom the consumer report pertains; and
‘‘(ii) if the user establishes a con-
tinuing relationship with the consumer,
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and the user regularly and in the ordinary
course of business furnishes information to
the consumer reporting agency from which
the notice of discrepancy pertaining to the
consumer was obtained, to reconcile the
address of the consumer with the consumer
reporting agency by furnishing such ad-
dress to such consumer reporting agency
as part of information regularly furnished
by the user for the period in which the re-
lationship is established.’’.
SEC. 317. FTC STUDY OF ISSUES RELATING TO THE FAIR
CREDIT REPORTING ACT.
(a) STUDY REQUIRED.—
(1) IN GENERAL.—The Federal Trade Commis-
sion shall conduct a study on ways to improve the
operation of the Fair Credit Reporting Act.
(2) AREAS
FOR
STUDY.—In conducting the
study under paragraph (1), the Federal Trade Com-
mission shall review—
(A) the efficacy of increasing the number
of points of identifying information that a cred-
it reporting agency is required to match to en-
sure that a consumer is the correct individual
to whom a consumer report relates before re-
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leasing 
a 
consumer 
report 
to 
a 
user,
including—
(i) the extent to which requiring addi-
tional points of such identifying informa-
tion to match would—
(I) enhance the accuracy of cred-
it reports; and
(II) combat the provision of in-
correct consumer reports to users;
(ii) the extent to which requiring an
exact match of the first and last name, so-
cial security number, and address and ZIP
Code of the consumer would enhance the
likelihood of increasing credit report accu-
racy; and
(iii) the effects of allowing consumer
reporting agencies to use partial matches
of social security numbers and name rec-
ognition software on the accuracy of credit
reports;
(B) requiring notification to consumers
when negative information has been added to
their credit reports, including—
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(i) the potential impact of such notifi-
cation on the ability of consumers to iden-
tify errors on their credit reports; and
(ii) the potential impact of such notifi-
cation on the ability of consumers to re-
move fraudulent information from their
credit reports;
(C) the effects of requiring that a con-
sumer who has experienced an adverse action
based on a credit report receives a copy of the
same credit report that the creditor relied on in
taking the adverse action, including—
(i) the extent to which providing such
reports to consumers would increase the
ability of consumers to identify errors in
their credit reports; and
(ii) the extent to which providing such
reports to consumers would increase the
ability of consumers to remove fraudulent
information from their credit reports;
(D) any common financial transactions
that are not generally reported to the consumer
reporting agencies, but would provide useful in-
formation in determining the credit worthiness
of consumers; and
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(E) any actions that might be taken within
a voluntary reporting system to encourage the
reporting of the types of transactions described
in subparagraph (D).
(3) COSTS
AND
BENEFITS.—With respect to
each area of study described in paragraph (2), the
Federal Trade Commission shall consider the extent
to which such requirements would benefit con-
sumers, balanced against the cost of implementing
such provisions.
(b) REPORT REQUIRED.—Not later than 270 days
after the date of enactment of this Act, the chairman of
the Federal Trade Commission shall submit a report to
the Committee on Banking, Housing, and Urban Affairs
of the Senate and the Committee on Financial Services
of the House of Representatives containing a detailed
summary of the findings and conclusions of the study
under this section, together with such recommendations
for legislative or administrative actions as may be appro-
priate.
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TITLE IV—LIMITING THE USE
AND SHARING OF MEDICAL
INFORMATION IN THE FINAN-
CIAL SYSTEM
SEC. 411. PROTECTION OF MEDICAL INFORMATION IN THE
FINANCIAL SYSTEM.
(a) IN GENERAL.—Section 604(g) of the Fair Credit
Reporting Act (15 U.S.C. 1681b(g)) is amended to read
as follows:
‘‘(g) PROTECTION OF MEDICAL INFORMATION.—
‘‘(1) LIMITATION
ON
CONSUMER
REPORTING
AGENCIES.—A consumer reporting agency shall not
furnish for employment purposes, or in connection
with a credit or insurance transaction, a consumer
report that contains medical information about a
consumer, unless—
‘‘(A) if furnished in connection with an in-
surance transaction, the consumer affirmatively
consents to the furnishing of the report;
‘‘(B) if furnished for employment purposes
or in connection with a credit transaction—
‘‘(i) the information to be furnished is
relevant to process or effect the employ-
ment or credit transaction; and
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‘‘(ii) the consumer provides specific
written consent for the furnishing of the
report that describes in clear and con-
spicuous language the use for which the in-
formation will be furnished; or
‘‘(C) such information is restricted or re-
ported using codes that do not identify, or pro-
vide information sufficient to infer, the specific
provider or the nature of such services, prod-
ucts, or devices to a person other than the con-
sumer, unless the report is being provided to an
insurance company for a purpose relating to en-
gaging in the business of insurance, other than
property and casualty insurance.
‘‘(2) LIMITATION
ON
CREDITORS.—Except as
permitted pursuant to paragraph (3)(C) or regula-
tions prescribed under paragraph (5)(A), a creditor
shall not obtain or use medical information per-
taining to a consumer in connection with any deter-
mination of the consumer’s eligibility, or continued
eligibility, for credit.
‘‘(3) ACTIONS AUTHORIZED BY FEDERAL LAW,
INSURANCE ACTIVITIES AND REGULATORY DETER-
MINATIONS.—Section 603(d)(3) shall not be con-
strued so as to treat information or any communica-
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tion of information as a consumer report if the in-
formation or communication is disclosed—
‘‘(A) in connection with the business of in-
surance or annuities, including the activities de-
scribed in section 18B of the model Privacy of
Consumer Financial and Health Information
Regulation issued by the National Association
of Insurance Commissioners (as in effect on
January 1, 2003);
‘‘(B) for any purpose permitted without
authorization under the Standards for Individ-
ually Identifiable Health Information promul-
gated by the Department of Health and Human
Services pursuant to the Health Insurance
Portability and Accountability Act of 1996, or
referred to under section 1179 of such Act, or
described in section 502(e) of Public Law 106–
102; or
‘‘(C) as otherwise determined to be nec-
essary and appropriate, by regulation or order
and subject to paragraph (6), by the Federal
Trade Commission, any Federal banking agency
or the National Credit Union Administration
(with respect to any financial institution subject
to the jurisdiction of such agency or Adminis-
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tration under paragraph (1), (2), or (3) of sec-
tion 621(b), or the applicable State insurance
authority (with respect to any person engaged
in providing insurance or annuities).
‘‘(4) LIMITATION ON REDISCLOSURE OF MED-
ICAL INFORMATION.—Any person that receives med-
ical information pursuant to paragraph (1) or (3)
shall not disclose such information to any other per-
son, except as necessary to carry out the purpose for
which the information was initially disclosed, or as
otherwise permitted by statute, regulation, or order.
‘‘(5) REGULATIONS AND EFFECTIVE DATE FOR
PARAGRAPH (2).—
‘‘(A) 
REGULATIONS
REQUIRED.—Each
Federal banking agency and the National Cred-
it Union Administration shall, subject to para-
graph (6) and after notice and opportunity for
comment, prescribe regulations that permit
transactions under paragraph (2) that are de-
termined to be necessary and appropriate to
protect legitimate operational, transactional,
risk, consumer, and other needs, consistent with
the intent of paragraph (2) to restrict the use
of medical information for inappropriate pur-
poses.
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‘‘(B) FINAL
REGULATIONS
REQUIRED.—
The Federal banking agencies and the National
Credit Union Administration shall issue the
regulations required under subparagraph (A) in
final form before the end of the 6-month period
beginning on the date of enactment of the Na-
tional Consumer Credit Reporting System Im-
provement Act of 2003.
‘‘(6) COORDINATION WITH OTHER LAWS.—No
provision of this subsection shall be construed as al-
tering, affecting, or superseding the applicability of
any other provision of Federal law relating to med-
ical confidentiality.’’.
(b) RESTRICTION ON SHARING OF MEDICAL INFOR-
MATION.—Section 603(d) of the Fair Credit Reporting
Act (15 U.S.C. 1681a(d)) is amended—
(1) in paragraph (2), by striking ‘‘The term’’
and inserting ‘‘Except as provided in paragraph (3),
the term’’; and
(2) by adding at the end the following new
paragraph:
‘‘(3) RESTRICTION ON SHARING OF MEDICAL
INFORMATION.—Except for information or any com-
munication of information disclosed as provided in
section 604(g)(3), the exclusions in paragraph (2)
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shall not apply with respect to information disclosed
to any person related by common ownership or affili-
ated by corporate control, if the information is med-
ical information, including information that is an in-
dividualized list or description based on the payment
transactions of the consumer for medical products or
services, or an aggregate list of identified consumers
based on payment transactions for medical products
or services.
(c) DEFINITION.—Section 603(i) of the Fair Credit
Reporting Act (15 U.S.C. 1681a(i)) is amended to read
as follows:
‘‘(i) MEDICAL INFORMATION.—The term ‘medical in-
formation’ means information or data, other than age or
gender, whether oral or recorded, in any form or medium,
created by or derived from a health care provider or the
consumer, that relates to—
‘‘(1) the past, present, or future physical, men-
tal, or behavioral health or condition of an indi-
vidual;
‘‘(2) the provision of health care to an indi-
vidual; or
‘‘(3) the payment for the provision of health
care to an individual.’’.
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(d) EFFECTIVE DATES.—This section shall take ef-
fect at the end of the 180-day period beginning on the
date of enactment of this Act, except that paragraph (2)
of section 604(g) of the Fair Credit Reporting Act (as
amended by subsection (a)) shall take effect on the later
of—
(1) the end of the 90-day period beginning on
the date on which the regulations required under
paragraph (5)(B) of such section 604(g) (as added
by subsection (a) of this section) are issued in final
form; or
(2) the date specified in the regulations referred
to in paragraph (1).
SEC. 412. CONFIDENTIALITY OF MEDICAL CONTACT INFOR-
MATION IN CONSUMER REPORTS.
(a) DUTIES
OF
MEDICAL
INFORMATION
FUR-
NISHERS.—Section 623(a) of the Fair Credit Reporting
Act (15 U.S.C. 1681s–2(a)) is amended by adding at the
end the following:
‘‘(6) DUTY TO PROVIDE NOTICE OF STATUS AS
MEDICAL
INFORMATION
FURNISHER.—A person
whose primary business is providing medical serv-
ices, products, or devices, or the person’s agent or
assignee, who furnishes information to a consumer
reporting agency on a consumer shall be considered
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a medical information furnisher for purposes of this
title, and shall notify the agency of such status.’’.
(b) RESTRICTION OF DISSEMINATION OF MEDICAL
CONTACT INFORMATION.—Section 605(a) of the Fair
Credit Reporting Act (15 U.S.C. 1681c(a)) is amended by
adding at the end the following:
‘‘(6) The name, address, and telephone number
of any medical information furnisher that has noti-
fied the agency of its status, unless—
‘‘(A) such name, address, and telephone
number are restricted or reported using codes
that do not identify, or provide information suf-
ficient to infer, the specific provider or the na-
ture of such services, products, or devices to a
person other than the consumer; or
‘‘(B) the report is being provided to an in-
surance company for a purpose relating to en-
gaging in the business of insurance other than
property and casualty insurance.’’.
(c) NO
EXCEPTIONS
ALLOWED
FOR
DOLLAR
AMOUNTS.—Section 605(b) of the Fair Credit Reporting
Act (15 U.S.C. 1681c(b)) is amended by striking ‘‘The
provisions of subsection (a)’’ and inserting ‘‘The provi-
sions of paragraphs (1) through (5) of subsection (a)’’.
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(d) COORDINATION WITH OTHER LAWS.—No provi-
sion of any amendment made by this section shall be con-
strued as altering, affecting, or superseding the applica-
bility of any other provision of Federal law relating to
medical confidentiality.
(e) FTC REGULATION
OF
CODING
OF
TRADE
NAMES.—Section 621 of the Fair Credit Reporting Act
(15 U.S.C. 1681s), as amended by this Act, is amended
by adding at the end the following:
‘‘(g) FTC REGULATION
OF CODING
OF TRADE
NAMES.—If the Federal Trade Commission determines
that a person described in paragraph (6) of section 623(a)
has not met the requirements of such paragraph, the Com-
mission shall take action to ensure the person’s compliance
with such paragraph, which may include issuing model
guidance or prescribing reasonable policies and procedures
as necessary to ensure that such person complies with
such paragraph.’’.
(f) TECHNICAL AND CONFORMING AMENDMENTS.—
Section 604(g) of the Fair Credit Reporting Act (15
U.S.C. 1681b(g)), as amended by section 411 of this Act,
is amended—
(1) in paragraph (1), by inserting ‘‘(other than
medical contact information treated in the manner
required under section 605(a)(6))’’ after ‘‘a con-
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sumer report that contains medical information’’;
and
(2) in paragraph (2), by inserting ‘‘(other than
medical information treated in the manner required
under section 605(a)(6))’’ after ‘‘a creditor shall not
obtain or use medical information’’.
(g) EFFECTIVE DATE.—The amendments made by
this section shall take effect at the end of the 15-month
period beginning on the date of enactment of this Act.
TITLE V—FINANCIAL LITERACY
AND EDUCATION IMPROVEMENT
SEC. 511. SHORT TITLE.
This title may be cited as the ‘‘Financial Literacy and
Education Improvement Act’’.
SEC. 512. DEFINITIONS.
As used in this title—
(1) the term ‘‘Chairperson’’ means the Chair-
person of the Financial Literacy and Education
Commission; and
(2) the term ‘‘Commission’’ means the Finan-
cial Literacy and Education Commission established
under section 513.
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SEC. 513. ESTABLISHMENT OF FINANCIAL LITERACY AND
EDUCATION COMMISSION.
(a) IN GENERAL.—There is established a commission
to be known as the ‘‘Financial Literacy and Education
Commission’’.
(b) PURPOSE.—The Commission shall serve to im-
prove the financial literacy and education of persons in
the United States.
(c) MEMBERSHIP.—
(1) COMPOSITION.—The Commission shall be
composed of—
(A) the Secretary of the Treasury;
(B) the respective head of each of the Fed-
eral banking agencies (as defined in section 3
of the Federal Deposit Insurance Act), the Na-
tional Credit Union Administration, the Securi-
ties and Exchange Commission, each of the De-
partments of Education, Agriculture, Defense,
Health and Human Services, Housing and
Urban Development, Labor, and Veterans Af-
fairs, the Federal Trade Commission, the Gen-
eral Services Administration, the Small Busi-
ness Administration, the Social Security Admin-
istration, the Commodity Futures Trading
Commission, and the Office of Personnel Man-
agement; and
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(C) at the discretion of the President, not
more than 5 individuals appointed by the Presi-
dent from among the administrative heads of
any other Federal agencies, departments, or
other Government entities, whom the President
determines to be engaged in a serious effort to
improve financial literacy and education.
(2) ALTERNATES.—Each member of the Com-
mission may designate an alternate if the member is
unable to attend a meeting of the Commission. Such
alternate shall be an individual who exercises signifi-
cant decisionmaking authority.
(d) CHAIRPERSON.—The Secretary of the Treasury
shall serve as the Chairperson.
(e) MEETINGS.—The Commission shall hold, at the
call of the Chairperson, at least 1 meeting every 4 months.
All such meetings shall be open to the public. The Com-
mission may hold, at the call of the Chairperson, such
other meetings as the Chairperson sees fit to carry out
this title.
(f) QUORUM.—A majority of the members of the
Commission shall constitute a quorum, but a lesser num-
ber of members may hold hearings.
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(g) INITIAL MEETING.—The Commission shall hold
its first meeting not later than 60 days after the date of
enactment of this Act.
SEC. 514. DUTIES OF THE COMMISSION.
(a) DUTIES.—
(1) IN
GENERAL.—The Commission, through
the authority of the members referred to in section
513(c), shall take such actions as it deems necessary
to streamline, improve, or augment the financial lit-
eracy and education programs, grants, and materials
of the Federal Government, including curricula for
all Americans.
(2) AREAS OF EMPHASIS.—To improve finan-
cial literacy and education, the Commission shall
emphasize, among other elements, basic personal in-
come and household money management and plan-
ning skills, including how to—
(A) create household budgets, initiate sav-
ings plans, and make strategic investment deci-
sions for education, retirement, home owner-
ship, wealth building, or other savings goals;
(B) manage spending, credit, and debt, in-
cluding credit card debt, effectively;
(C) increase awareness of the availability
and significance of credit reports and credit
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scores in obtaining credit, the importance of
their accuracy (and how to correct inaccura-
cies), their effect on credit terms, and the effect
common financial decisions may have on credit
scores;
(D) ascertain fair and favorable credit
terms;
(E) avoid abusive, predatory, or deceptive
credit offers and financial products;
(F) understand, evaluate, and compare fi-
nancial products, services, and opportunities;
(G) understand resources that ought to be
easily accessible and affordable, and that in-
form and educate investors as to their rights
and avenues of recourse when an investor be-
lieves his or her rights have been violated by
unprofessional 
conduct 
of 
market 
inter-
mediaries; and
(H) improve financial literacy and edu-
cation through all other related skills.
(b) WEBSITE.—
(1) IN GENERAL.—The Commission shall estab-
lish and maintain a website, such as the domain
name ‘‘FinancialLiteracy.gov’’, or a similar domain
name.
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(2) PURPOSES.—The website established under
paragraph (1) shall—
(A) serve as a clearinghouse of information
about Federal financial literacy and education
programs;
(B) provide a coordinated entry point for
accessing information about all Federal publica-
tions, grants, and materials promoting en-
hanced financial literacy and education;
(C) offer information on all Federal grants
to promote financial literacy and education, and
on how to target, apply for, and receive a grant
that is most appropriate under the cir-
cumstances;
(D) as the Commission considers appro-
priate, feature website links to efforts that have
no commercial content and that feature infor-
mation about financial literacy and education
programs, materials, or campaigns; and
(E) offer such other information as the
Commission finds appropriate to share with the
public in the fulfillment of its purpose.
(c) TOLL-FREE HOTLINE.—The Commission shall
establish a toll-free telephone number that shall be made
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available to members of the public seeking information
about issues pertaining to financial literacy and education.
(d) DEVELOPMENT AND DISSEMINATION OF MATE-
RIALS.—The Commission shall—
(1) develop materials to promote financial lit-
eracy and education; and
(2) disseminate such materials to the general
public.
(e) COORDINATION OF EFFORTS.—The Commission
shall take such steps as are necessary to coordinate and
promote financial literacy and education efforts at the
State and local level, including promoting partnerships
among Federal, State, and local governments, nonprofit
organizations, and private enterprises.
(f) NATIONAL STRATEGY.—
(1) IN GENERAL.—The Commission shall—
(A) not later than 18 months after the
date of enactment of this Act, develop a na-
tional strategy to promote basic financial lit-
eracy and education among all American con-
sumers; and
(B) coordinate Federal efforts to imple-
ment the strategy developed under subpara-
graph (A).
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(2) STRATEGY.—The strategy to promote basic
financial literacy and education required to be devel-
oped under paragraph (1) shall provide for—
(A) participation by State and local gov-
ernments and private, nonprofit, and public in-
stitutions in the creation and implementation of
such strategy;
(B) the development of methods—
(i) to increase the general financial
education level of current and future con-
sumers of financial services and products;
and
(ii) to enhance the general under-
standing of financial services and products;
(C) review of Federal activities designed to
promote financial literacy and education, and
development of a plan to improve coordination
of such activities; and
(D) the identification of areas of overlap
and duplication among Federal financial lit-
eracy and education activities and proposed
means of eliminating any such overlap and du-
plication.
(3) NATIONAL STRATEGY REVIEW.—The Com-
mission shall, not less than annually, review the na-
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tional strategy developed under this subsection and
make such changes and recommendations as it
deems necessary
(g) CONSULTATION.—The Commission shall actively
consult with a variety of representatives from private and
nonprofit organizations and State and local agencies, as
determined appropriate by the Commission.
(h) REPORTS.—
(1) IN GENERAL.—Not later than 18 months
after the date of the first meeting of the Commis-
sion, and annually thereafter, the Commission shall
issue a report to the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House of Rep-
resentatives on the progress of the Commission in
carrying out this title.
(2) CONTENTS.—The report required under
paragraph (1) shall include—
(A) information concerning the implemen-
tation of the duties of the Commission under
subsections (a) through (g);
(B) an assessment of the success of the
Commission in implementing the national strat-
egy developed under subsection (f);
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(C) an assessment of the availability, utili-
zation, and impact of Federal financial literacy
and education materials;
(D) information concerning the content
and public use of—
(i) the website established under sub-
section (b); and
(ii) the toll-free telephone number es-
tablished under subsection (c);
(E) a brief survey of the financial literacy
and education materials developed under sub-
section (d), and data regarding the dissemina-
tion and impact of such materials, as measured
by improved financial decision making;
(F) a brief summary of any hearings con-
ducted by the Commission, including a list of
witnesses who testified at such hearings;
(G) information about the activities of the
Commission planned for the next fiscal year;
(H) a summary of all Federal financial lit-
eracy and education activities targeted to com-
munities that have historically lacked access to
financial literacy materials and education, and
have been underserved by the mainstream fi-
nancial systems; and
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(I) such other materials relating to the du-
ties of the Commission as the Commission
deems appropriate.
(3) INITIAL REPORT.—The initial report under
paragraph (1) shall include information regarding all
Federal programs, materials, and grants which seek
to improve financial literacy, and assess the effec-
tiveness of such programs.
(i) TESTIMONY.—The Commission shall provide,
upon request, testimony by the Chairperson to the Com-
mittee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the
House of Representatives.
SEC. 515. POWERS OF THE COMMISSION.
(a) HEARINGS.—The Commission may hold such
hearings, sit and act at such times and places, take such
testimony, and receive such evidence as the Commission
considers advisable to carry out this title.
(b) INFORMATION FROM FEDERAL AGENCIES.—The
Commission may secure directly from any Federal depart-
ment or agency such information as the Commission con-
siders necessary to carry out this title. Upon request of
the Chairperson, the head of such department or agency
shall furnish such information to the Commission.
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(c) PERIODIC STUDIES.—The Commission may con-
duct periodic studies regarding the state of financial lit-
eracy and education in the United States, as the Commis-
sion determines appropriate.
SEC. 516. COMMISSION PERSONNEL MATTERS.
(a) COMPENSATION OF MEMBERS.—Each member of
the Commission shall serve without compensation in addi-
tion to that received for their service as an officer or em-
ployee of the United States.
(b) TRAVEL EXPENSES.—The members of the Com-
mission shall be allowed travel expenses, including per
diem in lieu of subsistence, at rates authorized for employ-
ees of agencies under subchapter I of chapter 57 of title
5, United States Code, while away from their homes or
regular places of business in the performance of services
for the Commission.
(c) ASSISTANCE.—
(1) IN GENERAL.—The Director of the Office of
Financial Education of the Department of the
Treasury shall provide assistance to the Commission,
upon request of the Commission, without reimburse-
ment.
(2) DETAIL
OF
GOVERNMENT
EMPLOYEES.—
Any Federal Government employee may be detailed
to the Commission without reimbursement, and such
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detail shall be without interruption or loss of civil
service status or privilege.
SEC. 517. STUDY BY THE COMPTROLLER GENERAL.
Not later than 3 years after the date of enactment
of this Act, the Comptroller General of the United States
shall submit a report to Congress assessing the effective-
ness of the Commission in promoting financial literacy and
education.
SEC. 518. AUTHORIZATION OF APPROPRIATIONS.
There are authorized to be appropriated to the Com-
mission such sums as may be necessary to carry out this
title, including administrative expenses of the Commission.
TITLE VI—RELATION TO STATE
LAW
SEC. 611. RELATION TO STATE LAW.
Section 625(d) of the Fair Credit Reporting Act (15
U.S.C. 1681t(d), regarding relation to State laws), as so
designated by section 214 of this Act, is amended—
(1) by striking paragraph (2);
(2) by striking ‘‘(c)—’’ and all that follows
through ‘‘do not affect’’ and inserting ‘‘(c) do not
affect’’; and
(3) by striking ‘‘1996; and’’ and inserting
‘‘1996.’’.
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TITLE VII—MISCELLANEOUS
SEC. 711. CLERICAL AMENDMENTS.
(a) SHORT TITLE.—Section 601 of the Fair Credit
Reporting Act (15 U.S.C. 1601 note) is amended by strik-
ing ‘‘the Fair Credit Reporting Act.’’ and inserting ‘‘the
‘Fair Credit Reporting Act’.’’.
(b) SECTION 604.—Section 604(a) of the Fair Credit
Reporting Act (15 U.S.C. 1681b(a)) is amended in para-
graphs (1) through (5), other than subparagraphs (E) and
(F) of paragraph (3), by moving each margin 2 ems to
the right.
(c) SECTION 605.—
(1) Section 605(a)(1) of the Fair Credit Re-
porting Act (15 U.S.C. 1681c(a)(1)) is amended by
striking ‘‘(1) cases’’ and inserting ‘‘(1) Cases’’.
(2)(A) Section 5(1) of Public Law 105–347
(112 Stat. 3211) is amended by striking ‘‘Judg-
ments which’’ and inserting ‘‘judgments which’’.
(B) The amendment made by subparagraph (A)
shall be deemed to have the same effective date as
section 5(1) of Public Law 105–347 (112 Stat.
3211).
(d) SECTION 609.—Section 609(a) of the Fair Credit
Reporting Act (15 U.S.C. 1681g(a)) is amended—
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(1) in paragraph (2), by moving the margin 2
ems to the right; and
(2) in paragraph (3)(C), by moving the margins
2 ems to the left.
(e) SECTION 617.—Section 617(a)(1) of the Fair
Credit Reporting Act (15 U.S.C. 1681o(a)(1)) is amended
by adding ‘‘and’’ at the end.
(f) SECTION 621.—Section 621(b)(1)(B) of the Fair
Credit Reporting Act (15 U.S.C. 1681s(b)(1)(B)) is
amended by striking ‘‘25(a)’’ and inserting ‘‘25A’’.
(g) TITLE 31.—Section 5318 of title 31, United
States Code, is amended by redesignating the second item
designated as subsection (l) (relating to applicability of
rules) as subsection (m).
(h) CONFORMING AMENDMENT.—Section 2411(c) of
Public Law 104–208 (110 Stat. 3009–445) is repealed.
Attest:
Secretary.