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502 as are deemed consistent with the purposes of this 
subtitle. 
SEC. 505. ENFORCEMENT. 
(a) IN GENERAL.—This subtitle and the rules pre-
scribed thereunder shall be enforced by the Federal func-
tional regulators, the State insurance authorities, and the 
Federal Trade Commission with respect to financial insti-
tutions subject to their jurisdiction under applicable law, 
as follows: 
(1) Under section 8 of the Federal Deposit In-
surance Act, in the case of— 
(A) national banks, Federal branches and 
Federal agencies of foreign banks, and any sub-
sidiaries of such entities, by the Office of the 
Comptroller of the Currency; 
(B) member banks of the Federal Reserve 
System (other than national banks), branches 
and agencies of foreign banks (other than Fed-
eral branches, Federal agencies, and insured 
State branches of foreign banks), commercial 
lending companies owned or controlled by for-
eign banks, organizations operating under sec-
tion 25 or 25A of the Federal Reserve Act, 
bank holding companies and their nonbank sub-
sidiaries or affiliates (except broker-dealers, af-
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filiates providing insurance, investment compa-
nies, and investment advisers), by the Board of 
Governors of the Federal Reserve System; 
(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, by the Board of Directors of 
the Federal Deposit Insurance Corporation; and 
(D) savings association the deposits of 
which are insured by the Federal Deposit In-
surance Corporation, and any subsidiaries of 
such a savings association, by the Director of 
the Office of Thrift Supervision. 
(2) Under the Federal Credit Union Act, by the 
Administrator of the National Credit Union Admin-
istration with respect to any Federal or state char-
tered credit union, and any subsidiaries of such an 
entity. 
(3) Under the Farm Credit Act of 1971, by the 
Farm Credit Administration with respect to the 
Federal Agricultural Mortgage Corporation, any 
Federal land bank, Federal land bank association, 
Federal intermediate credit bank, or production 
credit association. 
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(4) Under the Securities Exchange Act of 1934, 
by the Securities and Exchange Commission with re-
spect to any broker-dealer. 
(5) Under the Investment Company Act of 
1940, by the Securities and Exchange Commission 
with respect to investment companies. 
(6) Under the Investment Advisers Act of 1940, 
by the Securities and Exchange Commission with re-
spect to investment advisers registered with the 
Commission under such Act. 
(7) Under Federal Housing Enterprises Finan-
cial Safety and Soundness Act of 1992 (12 U. S. C. 
4501 et seq.), by the Office of Federal Housing En-
terprise Oversight with respect to the Federal Na-
tional Mortgage Association and the Federal Home 
Loan Mortgage Corporation. 
(8) Under the Federal Home Loan Bank Act, 
by the Federal Housing Finance Board with respect 
to Federal home loan banks. 
(9) Under State insurance law, in the case of 
any person engaged in providing insurance, by the 
State insurance authority of the State in which the 
person is domiciled, subject to section 104 of this 
Act. 
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(10) Under the Federal Trade Commission Act, 
by the Federal Trade Commission for any other fi-
nancial institution that is not subject to the jurisdic-
tion of any agency or authority under paragraphs 
(1) through (9) of this subsection. 
(b) ENFORCEMENT OF SECTION 501.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the agencies and authorities described in 
subsection (a) shall implement the standards pre-
scribed under section 501(b) in the same manner, to 
the extent practicable, as standards prescribed pur-
suant to subsection (a) of section 39 of the Federal 
Deposit Insurance Act are implemented pursuant to 
such section. 
(2) EXCEPTION.—The agencies and authorities 
described in paragraphs (4), (5), (6), (9), and (10) 
of subsection (a) shall implement the standards pre-
scribed under section 501(b) by rule with respect to 
the financial institutions subject to their respective 
jurisdictions under subsection (a). 
(c) DEFINITIONS.—The terms used in subsection 
(a)(1) that are not defined in this subtitle or otherwise 
defined in section 3(s) of the Federal Deposit Insurance 
Act shall have the meaning given to them in section 1(b) 
of the International Banking Act of 1978. 
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SEC. 506. FAIR CREDIT REPORTING ACT AMENDMENT. 
(a) AMENDMENT.—Section 621 of the Fair Credit 
Reporting Act (15 U.S.C. 1681s) is amended— 
(1) in subsection (d), by striking everything fol-
lowing the end of the second sentence; and 
(2) by striking subsection ‘‘(e)’’ and inserting in 
lieu thereof the following: 
‘‘(e) REGULATORY AUTHORITY.— 
‘‘(1) The Federal banking agencies referred to 
in paragraphs (1) and (2) of subsection (b) shall 
jointly prescribe such regulations as necessary to 
carry out the purposes of this Act with respect to 
any persons identified under paragraphs (1) and (2) 
of subsection (b), or to the holding companies and 
affiliates of such persons. 
‘‘(2) The Administrator of the National Credit 
Union Administration shall prescribe such regula-
tions as necessary to carry out the purposes of this 
Act with respect to any persons identified under 
paragraph (3) of subsection (b).’’. 
(b) CONFORMING AMENDMENT.—Section 621(a) of 
the Fair Credit Reporting Act (15 U.S.C. 1681s(a)) is 
amended by striking paragraph (4). 
SEC. 507. RELATION TO OTHER PROVISIONS. 
This subtitle shall not apply to any information to 
which subtitle D of title III applies. 
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SEC. 508. STUDY OF INFORMATION SHARING AMONG FI-
NANCIAL 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 infor-
mation sharing practices among financial institutions and 
their affiliates. Such study shall include— 
(1) the purposes for the sharing of confidential 
customer information with affiliates or with non-
affiliated third parties; 
(2) the extent and adequacy of security protec-
tions for such information; 
(3) the potential risks for customer privacy of 
such sharing of information; 
(4) the potential benefits for financial institu-
tions 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 cus-
tomer privacy; 
(7) the adequacy of financial institution privacy 
policy and privacy rights disclosure under existing 
law; 
(8) the feasibility of different approaches, in-
cluding opt-out and opt-in, to permit customers to 
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direct that confidential information not be shared 
with affiliates and nonaffiliated third parties; and 
(9) the feasibility of restricting sharing of infor-
mation 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 des-
ignated by the National Association of Insurance Commis-
sioners, and also with financial services industry, con-
sumer organizations and privacy groups, and other rep-
resentatives of the general public, in formulating and con-
ducting the study required by subsection (a). 
(c) REPORT.—Before the end of the 6-month period 
beginning on the date of the enactment of this Act, 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. 
SEC. 509. DEFINITIONS. 
As used in this subtitle: 
(1) FEDERAL
BANKING
AGENCY.—The term 
‘‘Federal banking agency’’ has the meanings given 
to such terms in section 3 of the Federal Deposit In-
surance Act. 
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(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 Administra-
tion Board; 
(F) the Farm Credit Administration; and 
(G) the Securities and Exchange Commis-
sion. 
(3) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’ means any institution the busi-
ness of which is engaging in financial activities or 
activities that are incidental to financial activities, as 
described in section 6(c) of the Bank Holding Com-
pany Act of 1956. 
(4) NONPUBLIC PERSONAL INFORMATION.— 
(A) The term ‘‘nonpublic personal informa-
tion’’ means personally identifiable financial in-
formation— 
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(i) provided by a consumer to a finan-
cial institution; 
(ii) resulting from any transaction 
with the consumer or the service performed 
for the consumer; or 
(iii) otherwise obtained by the finan-
cial institution. 
(B) Such term does not include publicly 
available information, as such term is defined 
by the regulations prescribed under section 504. 
(C) Notwithstanding subparagraph (B), 
such term shall include any list, description, or 
other grouping of consumers (and publicly 
available information pertaining to them) that 
is derived using any personally identifiable in-
formation other than publicly available informa-
tion. 
(5) NONAFFILIATED
THIRD
PARTIES.—The 
term ‘‘nonaffiliated third parties’’ 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 em-
ployee of such institution. 
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(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, ad-
minister or enforce the transaction’’ means— 
(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 con-
sumer’s account in the ordinary course of pro-
viding the financial service or financial product, 
or to administer or service benefits or claims re-
lating to the transaction or the product or serv-
ice business of which it is a part, and in-
cludes— 
(i) providing the consumer or the con-
sumer’s agent or broker with a confirma-
tion, 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 in-
centives or bonuses associated with the 
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transaction that are provided by the finan-
cial 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 re-
quest or for reinsurance purposes, or for any of 
the following purposes as they relate to a con-
sumer’s insurance: account administration, re-
porting, investigating, or preventing fraud or 
material misrepresentation, processing premium 
payments, processing insurance claims, admin-
istering 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 con-
nection with— 
(i) the authorization, settlement, bill-
ing, processing, clearing, transferring, rec-
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onciling, or collection of amounts charged, 
debited, or otherwise paid using a debit, 
credit or other payment card, check, or ac-
count number, or by other payment means; 
(ii) the transfer of receivables, ac-
counts 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 institu-
tion, 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 pursu-
ant to which two or more financial institutions joint-
ly offer, endorse, or sponsor a financial product or 
service, and any payments between the parties are 
based on business or profit generated. 
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SEC. 510. EFFECTIVE DATE. 
This subtitle shall take effect 6 months after the date 
on which the rules under section 503 are promulgated, ex-
cept— 
(1) to the extent that a later date is specified 
in such rules; and 
(2) that section 506 shall be effective upon en-
actment. 
Subtitle B—Fraudulent Access to 
Financial Information 
SEC. 521. PRIVACY PROTECTION FOR CUSTOMER INFORMA-
TION OF FINANCIAL INSTITUTIONS. 
(a) PROHIBITION ON OBTAINING CUSTOMER INFOR-
MATION BY FALSE PRETENSES.—It shall be a violation 
of this subtitle for any person to obtain or attempt to ob-
tain, or cause to be disclosed or attempt to cause to be 
disclosed to any person, customer information of a finan-
cial 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 fi-
nancial institution; or 
(3) by providing any document to an officer, 
employee, or agent of a financial institution, know-
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ing that the document is forged, counterfeit, lost, or 
stolen, was fraudulently obtained, or contains a 
false, fictitious, or fraudulent statement or represen-
tation. 
(b) PROHIBITION ON SOLICITATION OF A PERSON TO 
OBTAIN CUSTOMER INFORMATION FROM FINANCIAL IN-
STITUTION UNDER FALSE PRETENSES.—It shall be a vio-
lation of this subtitle to request a person to obtain cus-
tomer information of a financial institution, knowing that 
the person will obtain, or attempt to obtain, the informa-
tion from the institution in any manner described in sub-
section (a). 
(c) NONAPPLICABILITY
TO
LAW
ENFORCEMENT 
AGENCIES.—No provision of this section shall be con-
strued 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 institu-
tion in the course of— 
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(1) testing the security procedures or systems 
of such institution for maintaining the confiden-
tiality 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 fi-
nancial institution which was obtained or received by 
another person in any manner described in sub-
section (a) or (b). 
(e) NONAPPLICABILITY
TO INSURANCE INSTITU-
TIONS 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 infor-
mation 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 CUS-
TOMER INFORMATION OF FINANCIAL INSTITUTIONS.—No 
provision of this section shall be construed so as to prevent 
any person from obtaining customer information of a fi-
nancial institution that otherwise is available as a public 
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record filed pursuant to the securities laws (as defined in 
section 3(a)(47) of the Securities Exchange Act of 1934). 
(g) NONAPPLICABILITY TO COLLECTION OF CHILD 
SUPPORT JUDGMENTS.—No provision of this section shall 
be construed to prevent any State-licensed private investi-
gator, or any officer, employee, or agent of such private 
investigator, from obtaining customer information of a fi-
nancial 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-li-
censed private investigator is not unlawful under any other 
Federal or State law or regulation, and has been author-
ized by an order or judgment of a court of competent juris-
diction. 
SEC. 522. ADMINISTRATIVE ENFORCEMENT. 
(a) ENFORCEMENT BY FEDERAL TRADE COMMIS-
SION.—Compliance with this subtitle 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 title VIII, the Fair Debt Collection Practices 
Act, to enforce compliance with such title. 
(b) NOTICE OF ACTIONS.—The Federal Trade Com-
mission shall— 
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(1) notify the Securities and Exchange Commis-
sion whenever the Federal Trade Commission initi-
ates an investigation with respect to a financial in-
stitution subject to regulation by the Securities and 
Exchange Commission; 
(2) notify the Federal banking agency (as de-
fined in section 3(z) of the Federal Deposit Insur-
ance Act) whenever the Commission initiates an in-
vestigation with respect to a financial institution 
subject to regulation by such Federal banking agen-
cy; and 
(3) notify the appropriate State insurance regu-
lator whenever the Commission initiates an inves-
tigation with respect to a financial institution sub-
ject to regulation by such regulator. 
SEC. 523. CRIMINAL PENALTY. 
(a) IN GENERAL.—Whoever knowingly and inten-
tionally violates, or knowingly and intentionally attempts 
to violate, section 521 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 violate, section 
521 while violating another law of the United States or 
as part of a pattern of any illegal activity involving more 
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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, imprisoned for not more than 10 years, or both. 
SEC. 524. RELATION TO STATE LAWS. 
(a) IN GENERAL.—This subtitle shall not be con-
strued 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 provi-
sions of this subtitle, 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 provi-
sions of this subtitle if the protection such statute, regula-
tion, order, or interpretation affords any person is greater 
than the protection provided under this subtitle as deter-
mined by the Commission, on its own motion or upon the 
petition of any interested party. 
SEC. 525. AGENCY GUIDANCE. 
In furtherance of the objectives of this subtitle, each 
Federal banking agency (as defined in section 3(z) of the 
Federal Deposit Insurance Act) and the Securities and 
Exchange Commission or self-regulatory organizations, as 
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appropriate, shall review regulations and guidelines appli-
cable to financial institutions under their respective juris-
dictions and shall prescribe such revisions to such regula-
tions 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 521. 
SEC. 526. REPORTS. 
(a) REPORT TO THE CONGRESS.—Before the end of 
the 18-month period beginning on the date of the enact-
ment of this Act, the Comptroller General, in consultation 
with the Federal Trade Commission, Federal banking 
agencies, the Securities and Exchange Commission, appro-
priate 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 subtitle in addressing attempts to 
obtain financial information by fraudulent means or 
by false pretenses. 
(2) Any recommendations for additional legisla-
tive or regulatory action to address threats to the 
privacy of financial information created by attempts 
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to obtain information by fraudulent means or false 
pretenses. 
(b) ANNUAL REPORT
BY ADMINISTERING AGEN-
CIES.—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 subtitle. 
SEC. 527. DEFINITIONS. 
For purposes of this subtitle, 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 main-
tained by or for a financial institution which is de-
rived from the relationship between the financial in-
stitution and a customer of the financial institution 
and is identified with the customer. 
(3) DOCUMENT.—The term ‘‘document’’ means 
any information in any form. 
(4) FINANCIAL INSTITUTION.— 
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(A) IN GENERAL.—The term ‘‘financial in-
stitution’’ means any institution engaged in the 
business of providing financial services to cus-
tomers 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 19(b)(1)(A) of the Fed-
eral Reserve Act), any broker or dealer, any in-
vestment adviser or investment company, any 
insurance company, any loan or finance com-
pany, 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 603(p)). 
(C) SECURITIES INSTITUTIONS.—For pur-
poses of subparagraph (B)— 
(i) the terms ‘‘broker’’ and ‘‘dealer’’ 
have the meanings provided in section 3 of 
the Securities Exchange Act of 1934 (15 
U.S.C. 78c); 
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HR 10 PCS 
(ii) the term ‘‘investment adviser’’ has 
the meaning provided in section 202(a)(11) 
of the Investment Advisers Act of 1940 
(15 U.S.C. 80b–2(a)); and 
(iii) the term ‘‘investment company’’ 
has the meaning provided in section 3 of 
the Investment Company Act of 1940 (15 
U.S.C. 80a–3). 
(D) FURTHER
DEFINITION
BY
REGULA-
TION.—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 
subtitle. 
Passed the House of Representatives July 1, 1999. 
Attest: 
JEFF TRANDAHL, 
Clerk. 
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