‘‘(1) IN GENERAL.—No insured depository in-
stitution, and no affiliate of any insured depository
institution, may use or permit any other person to
use the name, title, or logo of such institution or any
word or design which is the same as or similar to,
or a variation of, the name, title, or logo of such in-
stitution in connection with—
‘‘(A) the name of any investment company
for which the institution or affiliate acts as in-
vestment adviser; or
‘‘(B) any nondeposit investment product—
‘‘(i) which is offered for sale by the
institution or affiliate or by any other per-
son at any office of, or on behalf of, the in-
stitution; or
‘‘(ii) with respect to which the institu-
tion, affiliate, or other person provides an
opinion or investment advice.
‘‘(2) TRANSITION RULE.—During the 6-month
period beginning on the date of the enactment of the
Depository Institution Retail Investment Sales and
Disclosure Act, paragraph (1) shall not apply to the
use of the name, title, or logo of an insured deposi-
tory institution, or of any word or design which is
the same as or similar to, or a variation of, the
name, title, or logo of such institution, in a manner
otherwise prohibited by paragraph (1) if such use
began before such date of enactment.
‘‘(3) POST-TRANSITION USE OF PRIOR NAMES
WHICH ARE NOT CONFUSING OR DECEPTIVE.—Not-
withstanding paragraph (1) or (2), if the use of the
name, title, or logo of an insured depository institu-
tion, or of a word or design which is the same as
or similar to, or a variation of, the name, title, or
logo of such institution, in a manner otherwise pro-
hibited by paragraph (1) began before the date of
the enactment of the Depository Institution Retail
Investment Sales and Disclosure Act, the appro-
priate Federal banking agency may permit such use
to continue after the end of the 6-month period re-
ferred to in paragraph (2) if the agency determines,
in writing and on a case-by-case basis, that such use
is unlikely to mislead any person or otherwise cause
a reasonable person to reach an erroneous belief
with respect to—
‘‘(A) 
the 
uninsured 
nature 
of 
any
nondeposit investment product sold, or offered
for sale, by—
‘‘(i) the institution (in any capacity)
or any affiliate of the institution; or
‘‘(ii) any other person in any part of
any office of the institution; or
‘‘(B) the investment risk associated with
any such instrument or product.
‘‘(h) REQUIREMENTS RELATING TO CONFIDENTIAL
CUSTOMER INFORMATION.—
‘‘(1) DISCLOSURES
OF
CONFIDENTIAL
CUS-
TOMER INFORMATION PROHIBITED.—
‘‘(A) IN GENERAL.—No insured depository
institution may disclose, directly or indirectly,
any confidential customer information to any
person, including any affiliate of such institu-
tion, without the prior written consent of the
customer.
‘‘(B) RECORDS OF CUSTOMER CONSENT.—
Whenever any insured depository institution ob-
tains the prior written consent of a customer
for purposes of subparagraph (A), the affiliate
shall—
‘‘(i) obtain an acknowledgment of
such consent by the customer, including
the date the consent was acknowledged
and the customer’s name, address, and any
applicable account number;
‘‘(ii) inform the customer that the
consent (and the disclosure of the con-
fidential information) may not be not re-
quired as a condition for the performance
of services for the customer; and
‘‘(iii) maintain records of compliance
with clauses (i) and (ii).
‘‘(C) CUSTOMER DEFINED.—
‘‘(i) IN
GENERAL.—For purposes of
this subparagraph, the term ‘customer’
means any person who, after the date of
enactment of the Depository Institution
Retail Investment Sales and Disclosure
Act, establishes a deposit, trust, or credit
relationship with an insured depository in-
stitution.
‘‘(ii) TREATMENT OF CERTAIN DEPOS-
ITS.—Any renewal of an account in an in-
sured depository institution and any roll-
over of a deposit in any such account shall
be treated as the establishment of a new
deposit relationship for purposes of clause
(i).
‘‘(D) TREATMENT OF SEPARATELY IDEN-
TIFIABLE
DEPARTMENT
OR
DIVISION.—For
purposes of this paragraph, the term ‘affiliate’
includes a separately identifiable department or
division of an insured depository institution
that is registered as an investment adviser pur-
suant to the Investment Advisers Act of 1940.
‘‘(2) CONFIDENTIAL CUSTOMER INFORMATION
DEFINED.—
‘‘(A) IN GENERAL.—For purposes of para-
graph (1), the term ‘confidential customer in-
formation’ means financial information regard-
ing any specific individual which has been de-
rived from any record of any insured depository
institution and pertains to the individual’s rela-
tionship with the institution.
‘‘(B) CERTAIN
INFORMATION
NOT
IN-
CLUDED IN DEFINITION.—Notwithstanding any
provision of paragraph (1), the term ‘confiden-
tial customer information’ shall not include—
‘‘(i) any information obtainable from
an unaffiliated credit bureau or similar en-
tity or information obtainable in the ordi-
nary course of business from any other un-
affiliated entity;
‘‘(ii) any information provided to any
credit bureau or similar entity in the ordi-
nary course of business;
‘‘(iii) any information provided—
‘‘(I) to any appropriate Federal
regulatory agency; or
‘‘(II) in accordance with the
Right to Financial Privacy Act of
1978 to any Government authority (as
defined in section 1101(3) of such
Act); and
‘‘(iv) financial information the use of
which (by an insured depository institu-
tion, any affiliate of such institution, or
any agent of or contractor with such insti-
tution or affiliate) is limited to the per-
formance of—
‘‘(I) any function which is nec-
essary to maintain a customer’s exist-
ing deposit, trust, or credit account
with the institution, including the col-
lection of any amount due the institu-
tion by the customer with respect to
any such account; or
institution or in any part of any office of the institu-
tion shall establish procedures to ensure that the re-
quirements of this section are met by such person.
‘‘(3) TESTERS.—It is the sense of the Congress
that the Federal banking agencies should conduct
testing of insured depository institution practices
with regard to selling, and providing opinions and
investment advice on, nondeposit investment prod-
ucts using testers who, without an intent to pur-
chase such products, pose as prospective purchasers
of such products for the purpose of collecting evi-
dence of violations of this section and regulations
prescribed under this section.’’.
Æ
HR 3306 IH——2