nating institution due to the lack of sufficient funds
in such account to pay the check, a receiving deposi-
tory institution may not impose any fee in connec-
tion with handling such check, or any chargeback of
any provisional settlement of such check, due to
such dishonorment on the person who deposited or
otherwise presented such check for negotiation.
‘‘(3) FEES FOR OVERDRAFT PROTECTION NOT
AFFECTED.—Paragraph (1) shall not be construed
as affecting the finance charge otherwise applicable
to an extension of credit resulting from the overdraft
created in connection with the payment by an origi-
nating depository institution of a check for which
there were insufficient funds in the consumer’s ac-
count.
‘‘(4) ANNUAL
DETERMINATION
OF
AVERAGE
COST.—The Board shall—
‘‘(A) obtain annually, with the cooperation
of other Federal banking agencies (as defined
in section 3 of the Federal Deposit Insurance
Act), a sample of all depository institutions sub-
ject to the jurisdiction of the agency, which is
representative by geographic location and asset
size, of the cost to a depository institution for
processing checks for which there are insuffi-
cient funds for payment and either making the
payment (without taking into account the over-
draft created by the payment) or dishonoring
and returning such check;
‘‘(B) on the basis of the sample obtained
under subparagraph (A), determine the average
cost to all depository institutions resulting from
processing checks for which there are insuffi-
cient funds for payment; and
‘‘(C) publish such amount in the Federal
Register.’’.
(b) ANNUAL REPORT.—The Board of Governors of
the Federal Reserve System shall prepare and submit to
the Congress a report of the results of each survey con-
ducted and determination made pursuant to section
607(f)(4) of the Expedited Funds Availability Act.
(c) EFFECTIVE DATE.—The amendment made by
subsection (a) shall apply after the end of the 6-month
period beginning on the date of the enactment of this Act.
SEC. 5. FAIR ATM FEES FOR CONSUMERS.
(a) DEFINITIONS.—Section 903 of the Electronic
Fund Transfer Act (15 U.S.C. 1693a) is amended—
(1) in paragraph (10), by striking ‘‘and’’ at the
end;
(2) in paragraph (11), by striking the period at
the end and inserting a semicolon; and
(3) by adding at the end the following new
paragraphs:
‘‘(12) the term ‘electronic terminal surcharge’
means a transaction fee assessed by a financial insti-
tution that is the owner or operator of the electronic
terminal; and
‘‘(13) the term ‘electronic banking network’
means a communications system linking financial in-
stitutions through electronic terminals.’’.
(b) IN GENERAL.—Section 905 of the Electronic
Fund Transfer Act (12 U.S.C. 1693c) is amended by add-
ing at the end the following new subsection:
‘‘(d) LIMITATION ON FEES.—With respect to a trans-
action conducted at an electronic terminal, an electronic
terminal surcharge may not be assessed against a con-
sumer if the transaction—
‘‘(1) does not relate to or affect an account held
by the consumer with the financial institution that
is the owner or operator of the electronic terminal;
and
‘‘(2) is conducted through a national or regional
electronic banking network.’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply after the end of the 6-month period
beginning on the date of the enactment of this Act.
SEC. 6. LIFELINE BANKING EXAMINATION REQUIRED
UNDER COMMUNITY REINVESTMENT ACT OF
1977.
(a) IN GENERAL.—Section 804(a)(1) of the Commu-
nity Reinvestment Act of 1977 (12 U.S.C. 2903(a)(1)) is
amended by inserting ‘‘and the lifeline banking needs of
each such community’’ after ‘‘safe and sound operation
of such institution’’.
(b) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) PURPOSES.—Section 802(b) of the Commu-
nity Reinvestment Act of 1977 (12 U.S.C. 2901(b))
is amended by inserting ‘‘and the lifeline banking
needs of such local communities’’ before the period
at the end.
(2) EVALUATIONS.—Section 807(a)(1) of the
Community Reinvestment Act of 1977 (12 U.S.C.
2906(a)(1)) is amended by striking ‘‘credit needs’’
and inserting ‘‘credit and lifeline banking needs’’.
SEC. 7. PRESERVATION OF BANK FEE REPORT REQUIRE-
MENTS.
(a) IN GENERAL.—Section 3003(a)(1) of the Federal
Reports Elimination and Sunset Act of 1995 (31 U.S.C.
1113 note) shall not apply to any report required to be
submitted under section 1002(b) of Financial Institutions
Reform, Recovery, and Enforcement Act of 1989.
(b) SUNSET OF REPORT.—Section 1002(b) of Finan-
cial Institutions Reform, Recovery, and Enforcement Act
of 1989 (12 U.S.C. 1811 note) is amended by adding at
the end the following new paragraph:
‘‘(4) SUNSET.—Notwithstanding section 108(b)
of the Riegle-Neil Interstate Banking and Branching
Efficiency Act of 1994, no report shall be required
under this subsection after the end of the 10-year
period beginning on the date of the enactment of the
Financial Services Modernization Act of 1999.’’.
(c) CREDIT UNIONS INCLUDED IN SURVEY.—Section
1002(a)(1) of Financial Institutions Reform, Recovery,
and Enforcement Act of 1989 (12 U.S.C. 1811 note) is
amended by inserting ‘‘, including credit unions’’ after
‘‘insured depository institutions’’.
SEC. 8. PROHIBITION ON ARBITRATION CLAUSES IMPOSED
ON CONSUMERS WITHOUT THEIR CONSENT.
(a) IN GENERAL.—The Consumer Credit Protection
Act (15 U.S.C. 1601 et seq.) is amended by adding at
the end the following:
‘‘TITLE X—DISPUTE
RESOLUTION
‘‘SEC. 1001. SHORT TITLE; TABLE OF CONTENTS
‘‘(a) SHORT TITLE.—This title may be cited as the
‘‘Consumer Fairness Act’’.
‘‘(b) TABLE OF CONTENTS.—The table of contents
for this title is as follows:
‘‘TITLE X—DISPUTE RESOLUTION
‘‘Sec. 1001. Short title; table of contents
‘‘Sec. 1002. Definitions.
‘‘Sec. 1003. Prohibition on arbitration clauses imposed on consumers with-
out their consent.
‘‘SEC. 1002. DEFINITIONS.
‘‘For purposes of this title, the following definitions
shall apply:
‘‘(1) 
CONSUMER.—The 
term 
‘‘consumer’’
means any individual.
‘‘(2) CONSUMER
TRANSACTION.—The term
‘consumer transaction’ means the sale or rental of
goods, services, or real property, including an exten-
sion of credit or the provision of any other financial
product or service, to an individual in a transaction
entered into primarily for personal, family, or house-
hold purposes.
‘‘(3) CONSUMER
CONTRACT.—The term ‘con-
sumer contract’ means any written, standardized
form contract between the parties to a consumer
transaction.
‘‘SEC. 1003. PROHIBITION ON ARBITRATION CLAUSES IM-
POSED ON CONSUMERS WITHOUT THEIR
CONSENT.
‘‘(a) IN GENERAL.—A written provision in any con-
sumer transaction or consumer contract which requires
binding arbitration (whether by the terms of such trans-
action or contract directly or at the request of any party
to the transaction or contract) to resolve any controversy
arising out of or related to the transaction or contract,
or the failure to perform the whole or any part of the
transaction or contract shall constitute a violation of this
title, shall not be enforceable, and shall be treated as an
unfair and deceptive trade act or practice under Federal
or State law.
‘‘(b) 
POST-CONTROVERSY
AGREEMENTS.—Sub-
section (a) shall not apply with respect to a written agree-
ment to determine by binding arbitration an existing con-
troversy arising out of a consumer transaction or con-
sumer contract if the written agreement has been entered
into by the parties to the consumer transaction or con-
sumer contract after the controversy has arisen.
‘‘(c) COMPLIANCE.—Compliance with the require-
ments of this title shall be enforced in the same manner
as compliance with the requirements imposed under the
preceding title are enforced under section 917 of such
title.
‘‘(d) COORDINATION WITH OTHER LAW.—No provi-
sion of this section shall be construed as annulling, alter-
ing, affecting, or superseding any Federal law, or the laws
of any State, relating to arbitration in connection with
consumer transactions or consumer contracts, except to
the extent that those laws are inconsistent with the provi-
sions of this section, and then only to the extent of the
inconsistency.’’.
(b) APPLICABILITY.—The amendments made by this
section shall apply to all consumer transactions and con-
sumer contracts entered into on, or after the date of the
enactment of this Act, amendments entered into on or
after such date of enactment to any consumer transaction
or consumer contract without regard to the date such
transaction was consummated or such contract entered
into, and to all controversies pending or filed on, or arising
after, the date of such date of enactment.
SEC. 9. AMENDMENT TO PRIVACY PROVISIONS OF THE
GRAMM-LEACH-BLILEY ACT.
Title V of the Gramm-Leach-Bliley Act is amended
to read as follows:
‘‘TITLE V—PRIVACY OF
CONSUMER INFORMATION
‘‘Subtitle A—Disclosure of
Nonpublic Personal Information
‘‘SEC. 501. PROTECTION OF NONPUBLIC PERSONAL INFOR-
MATION.
‘‘(a) PRIVACY OBLIGATION POLICY.—It is the policy
of the Congress that each financial institution has an af-
firmative and continuing obligation to respect the privacy
of its customers and to protect the security and confiden-
tiality 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 504(a) shall establish by
rule or order appropriate standards for the financial insti-
tutions subject to their jurisdiction, and the Commission
shall establish such standards for any financial institu-
tions not subject to such jurisdiction, relating to adminis-
trative, 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.
‘‘SEC. 502. OBLIGATIONS WITH RESPECT TO PERSONAL
INFORMATION.
‘‘(a) GENERAL REQUIREMENTS.—Except as other-
wise provided in this subtitle, a financial institution may
not, directly or through any affiliate, disclose or make an
unrelated use of any nonpublic personal information col-
lected by the financial institution in connection with any
transaction with a consumer in any financial product or
any financial service, unless such financial institution pro-
vides or has provided to the consumer a notice that com-
plies with section 503 and the rules thereunder.
‘‘(b) OPT-IN REQUIRED FOR INFORMATION TRANS-
FERS.—
‘‘(1) AFFIRMATIVE CONSENT REQUIRED.—Each
agency or authority described in section 504(a) shall
by rule prohibit a financial institution that is subject
to its jurisdiction from making available any non-
public personal information to any affiliate or other
person that is not an employee or agent of the insti-
tution, unless the consumer to whom the information
pertains—
‘‘(A) has affirmatively consented in accord-
ance with such rule to the transfer of such in-
formation; and
‘‘(B) has not withdrawn the consent.
‘‘(2) FLEXIBILITY OF FORM.—A financial insti-
tution may, in complying with paragraph (1),
present the opportunity to consent in a clear and
conspicuous manner that permits the consumer to
consent—
‘‘(A)(i) with respect to both affiliates and
nonaffiliated persons;
‘‘(ii) separately with respect to affiliates
generally and nonaffiliated persons generally; or
‘‘(iii) separately with respect to specified
affiliates and nonaffiliated persons; and
‘‘(B) separately with respect to specified fi-
nancial and nonfinancial products and services
that may be offered to the consumer.
‘‘(3) DENIAL OF SERVICE PROHIBITED.—The
rule prescribed pursuant to paragraph (1) shall pro-
hibit a financial institution from denying any con-
sumer a financial product or a financial service for
the refusal by the consumer to grant the consent re-
quired by such rule.
‘‘(c) ACCESS TO AND CORRECTION OF INFORMATION
VENDED TO THIRD PARTIES.—
‘‘(1) RULE
REQUIRED.—Each agency or au-
thority described in section 504(a) shall by rule re-
quire a financial institution that is subject to its ju-
risdiction and that makes available nonpublic per-
sonal information collected by the financial institu-
tion to any person or entity other than an employee
or agent of such institution to afford that
consumer—
‘‘(A) the opportunity to examine, upon re-
quest, all nonpublic personal information that
was so made available; and
‘‘(B) the opportunity to dispute the accu-
racy of any of such information, and to present
evidence thereon.
‘‘(d) LIMITATIONS ON THE SHARING OF ACCOUNT
NUMBER INFORMATION FOR MARKETING PURPOSES.—A
financial institution shall not disclose an account number
or similar form of access number or access code for a cred-
it card account, deposit account, or transaction account
of a consumer to any affiliate or any nonaffiliated third
party for use in telemarketing, direct mail marketing, or
other marketing through electronic mail or other electronic
means to the consumer.
‘‘(e) LIMITS ON REUSE OF INFORMATION.—Except
as otherwise provided in this subtitle, an affiliate or a non-
affiliated third party that receives from a financial institu-
tion 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 an affiliate or 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.
‘‘(f) GENERAL EXCEPTIONS.—Subsections (a) and
(b) shall not prohibit the disclosure of nonpublic personal
information—
‘‘(1) as necessary to effect, administer, or en-
force 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 con-
sumer’s account with the financial institution;
or
‘‘(C) a proposed or actual securitization,
secondary market sale (including sales of serv-
icing 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 trans-
action therein; (B) to protect against or prevent ac-
tual or potential fraud, unauthorized transactions,
claims, or other liability; (C) for required institu-
tional risk control, or for resolving customer disputes
or inquiries; (D) to persons holding a legal or bene-
ficial interest relating to the consumer; or (E) to
persons acting in a fiduciary or representative capac-
ity on behalf of the consumer;
‘‘(4) to provide information to insurance rate
advisory organizations, guaranty funds or agencies,
applicable rating agencies of the financial institu-
tion, and the institution’s attorneys, accountants,
and auditors;
‘‘(5) to the extent specifically permitted or re-
quired under other provisions of law and in accord-
ance with the Right to Financial Privacy Act of
1978, to law enforcement agencies (including a Fed-
eral functional regulator, the Secretary of the Treas-
ury with respect to subchapter II of chapter 53 of
title 31, United States Code, 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 ac-
cordance with the Fair Credit Reporting Act, or (B)
from a consumer report reported by a consumer re-
porting agency in accordance with the Fair Credit
Reporting Act;
‘‘(7) in connection with a proposed or actual
sale, merger, transfer, or exchange of all or a por-
tion 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 authori-
ties having jurisdiction over the financial institution
for examination, compliance, or other purposes as
authorized by law.
‘‘SEC. 503. NOTICE CONCERNING DISCLOSING INFORMA-
TION.
‘‘(a) RULE REQUIRED.—Each agency or authority
described in section 504(a) shall prescribe rules in accord-
ance with this section to prohibit unfair and deceptive acts
or practices in connection with the disclosing of nonpublic
personal information or with making unrelated uses of
such information. Such rules shall require any financial
institution, through the use of a form that complies with
the rules prescribed under subsection (b), to clearly and
conspicuously disclose to the consumer at the time of es-
tablishing a customer relationship with a consumer and
not less than annually during the continuation of such
relationship—
‘‘(1) the categories of nonpublic personal infor-
mation that are collected by the financial institution;
‘‘(2) the practices and policies of the financial
institution with respect to disclosing nonpublic per-
sonal information, or making unrelated uses of such
information, including—
‘‘(A) the categories of persons to whom the
information is or may be disclosed or who may
be permitted to make unrelated uses of such in-
formation, other than the persons to whom the
information must be provided to effect, admin-
ister, or enforce the transaction; and
nancial institutions. Such form shall specifically identify
the rights the institution affords consumers to grant or
deny consent to (1) the disclosing of nonpublic personal
information for any purpose other than as required in
order to effect, administer, or enforce the consumer’s
transaction, or (2) the making of an unrelated use of such
information.
‘‘(c) ADDITIONAL CONTENTS OF RULES; EXEMPTIVE
RULES.—Each agency or authority described in section
504(a) shall, by rule, and may by order—
‘‘(1) specify the disclosures and uses of infor-
mation which, for purposes of this subtitle and the
rules prescribed thereunder, may be treated as nec-
essary to effect, administer, or enforce a consumer’s
transaction with respect to a variety of financial
services and financial products;
‘‘(2) specify timing requirements with respect to
notices to new and existing customers, which shall
not require notices more frequently than annually
unless there has been a change in the information
required to be disclosed pursuant to subsection (a);
and
‘‘(3) provide, consistent with the purposes of
this subtitle, exemptions or temporary waivers to, or
delayed effective dates for, any requirement of this
subtitle or the rules prescribed thereunder.
‘‘SEC. 504. 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 and other persons 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 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 by the Board of Gov-
ernors 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 by the Board of Di-
rectors of the Federal Deposit Insurance Cor-
poration; and
‘‘(D) savings association the deposits of
which are insured by the Federal Deposit In-
surance Corporation by the Director of the Of-
fice of Thrift Supervision.
‘‘(2) Under the Federal Credit Union Act, by
the Administrator of the National Credit Union Ad-
ministration with respect to any Federal or state
chartered credit union.
‘‘(3) Under the Securities Exchange Act of
1934, by the Securities and Exchange Commission
with respect to any broker-dealer.
‘‘(4) Under the Investment Company Act of
1940, by the Securities and Exchange Commission
with respect to investment companies.
‘‘(5) Under the Investment Advisers Act of
1940, by the Securities and Exchange Commission
with respect to investment advisers registered with
the Commission under such Act.
‘‘(6) Under the Federal Home Loan Bank Act,
by the Federal Housing Finance Board with respect
to Federal home loan banks.
‘‘(7) In the case of any person engaged in pro-
viding insurance, by the State insurance authority,
if that State has elected to become a participating
State, notwithstanding any of the limitations of sec-
tion 104 of the Gramm-Leach-Bliley Act.
‘‘(8) Under the Federal Trade Commission Act,
by the Federal Trade Commission for—
‘‘(A) any other financial institution (other
than a person engaged in providing insurance)
or any other person that is not subject to the
jurisdiction of any agency or authority under
paragraphs (1) through (6) of this subsection;
and
‘‘(B) any person engaged in providing in-
surance who is domiciled in a State that does
not elect to become a participating State.
‘‘(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 authori-
ties described in paragraphs (3), (4), (5), (7), and
(8) of subsection (a) shall implement the standards
prescribed under section 501(b) by rule with respect
to the financial institutions subject to their respec-
tive jurisdictions under subsection (a).
‘‘(c) STATE ACTION FOR VIOLATIONS.—
‘‘(1) AUTHORITY OF STATES.—In addition to
such other remedies as are provided under State
law, if the chief law enforcement officer of a State,
or an official or agency designated by a State, has
reason to believe that any person has violated or is
violating this subtitle or a rule prescribed under this
subtitle, other than section 501 or a rule prescribed
under such section, the State—
‘‘(A) may bring an action to enjoin such
violation in any appropriate United States dis-
trict court or in any other court of competent
jurisdiction; and
‘‘(B) may bring an action on behalf of the
residents of the State to enforce compliance
with such rule, to obtain damages, restitution,
or other compensation on behalf of residents of
such State, or to obtain such further and other
relief as the court may deem appropriate.
‘‘(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 Commis-
sion and provide the Federal Trade Commission
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 im-
mediately upon instituting such action.
‘‘(B) RIGHT TO INTERVENE.—The Federal
Trade Commission shall transmit the notice re-
ceived under subparagraph (A) to the agency or
authority that has jurisdiction of the subject of
the complaint, and such agency or authority
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 ap-
propriate United States district court; and
‘‘(iv) to file petitions for appeal.
‘‘(3) INVESTIGATORY
POWERS.—For purposes
of bringing any action under this subsection, no pro-
vision of this subsection shall be construed as pre-
venting the chief law enforcement officer, or an offi-
cial 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
conduct investigations or to administer oaths or af-
firmations or to compel the attendance of witnesses
or the production of documentary and other evi-
dence.
‘‘(4) LIMITATION
ON
STATE
ACTION
WHILE
FEDERAL ACTION PENDING.—If a Federal agency or
authority has instituted a civil action for a violation
of this subtitle, no State may, during the pendency
of such action, bring an action under this section
against any defendant named in the complaint of the
Federal agency or authority or such agency for any
violation of this subtitle that is alleged in that com-
plaint.
‘‘(d) 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.
‘‘SEC. 505. 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
following 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).
‘‘ ‘(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).
‘‘ ‘(3) The Federal Trade Commission shall pre-
scribe such regulations as necessary to carry out the
purposes of this Act with respect to any persons
identified under subsection (a).’.
‘‘(b) RELATION TO OTHER PROVISIONS.—Except for
the amendment made by this section, nothing in this title
shall be construed to modify, limit, or supersede the oper-
ation of the Fair Credit Reporting Act, and no inference
shall be drawn on the basis of the provisions of this title
regarding whether information is transaction or experience
information under section 603 of such Act.
‘‘SEC. 506. STATE ELECTION TO PARTICIPATE.
‘‘(a) REGULATIONS.—The Secretary of the Treasury
may promulgate such regulations as may be necessary to
establish the procedures governing whether the election re-
quired under section 504(a)(7) has been made.
‘‘(b) DEADLINE.—The deadline for a State to elect
to become a participating state is the first day of the first
calendar quarter beginning after the close of the first leg-
islative session of the State legislature that begins on or
after the date the regulations required by section 504(a)
are issued in final form. For purposes of the previous sen-
tence, in the case of a State that has a 2-year legislative
session, each year of such session shall be deemed to be
a separate regular session of the State legislature.
‘‘SEC. 507. 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 or a Federal functional regu-
lator, on its own motion or upon the petition of any inter-
ested party.
‘‘SEC. 508. DEFINITIONS.
‘‘As used in this subtitle:
‘‘(1) COMMISSION.—The term ‘Commission’
means the Federal Trade Commission.
‘‘(2) FEDERAL FUNCTIONAL REGULATOR.—The
term ‘Federal functional regulator’ means—
‘‘(A) the Board of Governors of the Fed-
eral 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 Adminis-
tration Board; and
‘‘(F) 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 or complementary to fi-
nancial activities, as determined under section 4(k)
of the Bank Holding Company Act of 1956.
‘‘(4) NONPUBLIC PERSONAL INFORMATION.—
‘‘(A) The term ‘nonpublic personal infor-
mation’ means personally identifiable financial
information—
‘‘(i) provided by a consumer to a fi-
nancial 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—
(i) shall include any list, description,
or other grouping of consumers (and pub-
licly available information pertaining to
them) that is derived using any personally
identifiable information other than publicly
available information; but
‘‘(ii) shall not include any list, de-
scription, or other grouping of consumers
(and publicly available information per-
taining to them) that is derived without
using any nonpublic personal information.
‘‘(5) DIRECTORY
INFORMATION.—The term
‘publicly available directory information’ means sub-
scriber list information required to be made available
for publication pursuant to section 222(e) of the
Communications Act of 1934 (47 U.S.C. 222(3)).
‘‘(6) UNRELATED
USE.—The term ‘unrelated
use’, when used with respect to information collected
by the financial institution in connection with any
transaction with a consumer in any financial product
or any financial service, means any use other than
a use that is necessary to effect, administer, or en-
force such transaction.
‘‘(7) AFFILIATE.—The term ‘affiliate’ means
any company that controls, is controlled by, or is
under common control with another company.
‘‘(8) 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.
‘‘(9) NECESSARY TO EFFECT, ADMINISTER, OR
ENFORCE.—The disclosing or use of nonpublic per-
sonal information shall be treated as necessary to ef-
fect or administer a transaction with a consumer if
the disclosing or use—
‘‘(A) is required, or is a usual, appropriate,
or acceptable method, to carry out the trans-
action 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 trans-
action 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 con-
firmation, 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
transaction that are provided by the finan-
cial institution or any other party;
‘‘(B) is required, or is one of the lawful or
appropriate methods, to enforce the rights of
the financial institution or of other persons en-
gaged in carrying out the financial transaction,
or providing the product or service;
‘‘(C) is required, or is a usual, appropriate,
or acceptable method, for insurance under-
writing at the consumer’s request or for rein-
surance purposes, or for any of the following
purposes as they relate to a consumer’s insur-
ance: account administration, reporting, inves-
tigating, or preventing fraud or material mis-
representation, processing premium payments,
processing insurance claims, administering in-
surance benefits (including utilization review ac-
tivities), 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-
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.
Each agency or authority described in section 504(a)
shall, consistent with the purposes of this subtitle,
prescribe by rule actions that shall, in a variety of
financial services, and with respect to a variety of fi-
nancial products, be treated as necessary to effect,
administer, or enforce a financial transaction.
‘‘(10) FINANCIAL SERVICES; FINANCIAL PROD-
UCTS; 
TRANSACTION; 
RELATED
TRANSACTION.—
Each agency or authority described in section 504(a)
shall, consistent with the purposes of this subtitle,
prescribe by rule definitions of the terms ‘financial
services’, ‘financial products’, ‘transaction’, ‘related
transaction’, and ‘unrelated third party’ for purposes
of this subtitle.
‘‘(11) 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.
‘‘(12) 
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 house-
hold purposes, and also means the legal representa-
tive of such an individual.
‘‘(13) CUSTOMER
RELATIONSHIP.—The term
‘time of establishing a customer relationship’ shall
be defined by the regulations prescribed under sec-
tion 504.
‘‘SEC. 509. EFFECTIVE DATE.
‘‘This subtitle shall take effect 6 months after the
date on which rules are required to be prescribed under
section 504(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 and 506 shall be effec-
tive upon the enactment.
‘‘Subtitle B—Fraudulent Access to
Financial Information
‘‘SEC. 521. PRIVACY PROTECTION FOR CUSTOMER INFOR-
MATION 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-
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
INSTITUTION UNDER FALSE PRETENSES.—It shall be a
violation 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 INSTITU-
TIONS IN CERTAIN CASES.—No provision of this section
shall be construed so as to prevent any financial institu-
tion, or any officer, employee, or agent of a financial insti-
tution, from obtaining customer information of such finan-
cial institution in the course of—
‘‘(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
record filed pursuant to the securities laws (as defined in
section 3(a)(47) of the Securities Exchange Act of 1934).
‘‘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—
‘‘(1) notify the Securities and Exchange Com-
mission whenever the Federal Trade Commission ini-
tiates 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 reg-
ulator whenever the Commission initiates an inves-
tigation with respect to a financial institution sub-
ject to regulation by such regulator.
‘‘(c) STATE ACTION FOR VIOLATIONS.—
‘‘(1) AUTHORITY OF STATES.—In addition to
such other remedies as are provided under State
law, if the chief law enforcement officer of a State,
or an official or agency designated by a State, has
reason to believe that any person has violated or is
violating this subtitle, the State—
‘‘(A) may bring an action to enjoin such
violation in any appropriate United States dis-
trict court or in any other court of competent
jurisdiction;
‘‘(B) may bring an action on behalf 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 award-
ed the costs of the action and reasonable attor-
ney 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 Commis-
sion and provide the Federal Trade Commission
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 im-
mediately upon instituting such action.
‘‘(B) RIGHT TO INTERVENE.—The Federal
Trade Commission 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 ap-
propriate United States district court; and
‘‘(iv) to file petitions for appeal.
‘‘(3) INVESTIGATORY
POWERS.—For purposes
of bringing any action under this subsection, no pro-
vision of this subsection shall be construed as pre-
venting the chief law enforcement officer, or an offi-
cial 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
conduct investigations or to administer oaths or af-
firmations or to compel the attendance of witnesses
or the production of documentary and other evi-
dence.
‘‘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
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 legis-
lative 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 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 defini-
tions 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.—
‘‘(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 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
purposes 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);
‘‘(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.’’.
SEC. 10. IMPROVED AVAILABILITY OF ANTIFRAUD HOTLINE
INFORMATION.
(a) DUTY
OF FURNISHERS
OF INFORMATION
TO
CONSUMER REPORTING AGENCY TO PROVIDE NUMBER
OF TOLL-FREE ANTIFRAUD HOT LINE.—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 new para-
graph:
‘‘(6) DUTY TO PROVIDE TOLL-FREE ANTIFRAUD
TELEPHONE HOTLINE NUMBER.—
‘‘(A) IN GENERAL.—A creditor who fur-
nishes information with respect to a consumer
to a consumer reporting agency shall provide
such agency with a toll-free telephone number
at which the consumer can contact the creditor
about potential fraud involving the consumer’s
relationship with the creditor.
‘‘(B) KEEPING NUMBER CURRENT.—If a
toll-free telephone number referred to in sub-
paragraph (A) changes, the creditor who main-
tains the number shall promptly report such
change to any consumer reporting agency to
whom the prior number was furnished pursuant
to such subparagraph.
‘‘(C) CREDITOR DEFINED.—For purposes
of this paragraph, the term ‘creditor’ has the
meaning given such term in section 103.’’.
(b) INFORMATION REQUIRED TO BE INCLUDED IN
CONSUMER REPORTS.—Section 609(a) of the Fair Credit
Reporting Act (15 U.S.C. 1681g(a)) is amended by adding
at the end the following new paragraphs:
‘‘(6) ANTIFRAUD HOTLINES.—The following in-
formation relating to fraud hotlines:
‘‘(A) A toll-free telephone number at which
the consumer can contact the consumer report-
ing agency about potential fraud involving the
consumer.
‘‘(B) The toll-free telephone number at
which the consumer can contact any creditor
listed in the report about potential fraud involv-
ing the consumer.
‘‘(C) A toll-free telephone number and the
address on the World Wide Web at which the
consumer can contact the Federal Trade Com-
mission about potential fraud involving the con-
sumer.
‘‘(7) FRAUD ALERT.—A statement that the
consumer may request the consumer reporting agen-
cy to—
‘‘(A) maintain a fraud watch on the con-
sumer’s file; and
‘‘(B) request any user of information in
the file to contact the consumer before opening
or changing any account of or on behalf of the
consumer.’’.
SEC. 11. COMMISSION ON ALTERNATIVES TO THE USE OF
SOCIAL SECURITY NUMBERS AS IDENTIFYING
NUMBERS IN PUBLIC RECORDS.
(a) ESTABLISHMENT.—There is hereby established
the Federal Commission on Alternative Identifying Num-
bers (hereafter in this section referred to as the ‘‘Commis-
sion’’).
(b) DUTIES OF THE COMMISSION.—The Commission
shall—
(1) develop a model alternative to the use of So-
cial Security numbers as identifying numbers for in-
dividuals in public documents, records, and licenses;
and
(2) make recommendations for the implementa-
tion of a model, and a time-frame for such imple-
mentation, that would phase out the use of Social
Security numbers as identifying numbers for individ-
uals by any government, any government agency or
department, or any other government establishment
or public entity, other than for purposes of admin-
istering the Social Security Act and the Internal
Revenue Code of 1986.
(c) MEMBERSHIP.—
(1) NUMBER AND APPOINTMENT.—The Com-
mission shall be composed of five members as fol-
lows:
(A) The Chairman of the Federal Trade
Commission.
(B) One member appointed by the Presi-
dent from among the governors of the several
States.
(C) One member appointed by the Presi-
dent from among individuals who are mayors of
cities in the United States.
(D) One member appointed by the Presi-
dent from among individuals who, by virtue of
their education, training, and experience as rep-
resentatives of consumer organizations, are es-
pecially qualified to represent consumers on the
Commission.
(E) One member appointed by the Presi-
dent from among individuals who, by virtue of
their education, training, and experience in
business or as representatives of businesses, are
especially qualified to represent the business
community on the Commission.
(2) POLITICAL AFFILIATION.—Not more than
two members appointed under subparagraphs (B),
(C), (D), and (E) of paragraph (1) may be of the
same political party.
(3) CONTINUATION
OF
MEMBERSHIP.—If a
member was appointed to the Commission as a gov-
ernor or mayor and the member ceases to be a gov-
ernor or mayor that member may continue as a
member for not longer than the 30-day period begin-
ning on the date that member ceases to be a gov-
ernor or mayor, as the case may be.
(4) TERMS.—Each member appointed under
subparagraphs (B), (C), (D), and (E) of paragraph
(1) shall be appointed for the life of the Commission.
(5) VACANCIES.—A vacancy in the Commission
shall be filled in the manner in which the original
appointment was made.
(6) NO COMPENSATION.—Members of the Com-
mission appointed under subparagraphs (B), (C),
(D), and (E) of paragraph (1) shall serve without
pay.
(7) TRAVEL EXPENSES.—Each member of the
Commission shall receive travel expenses, including
per diem in lieu of subsistence, in accordance with
sections 5702 and 5703 of title 5, United States
Code.
(8) QUORUM.—A majority of the members of
the Commission shall constitute a quorum but a
lesser number may hold hearings.
(9) CHAIRPERSON.—The Chairman of the Fed-
eral Trade Commission shall serve as the Chair-
person of the Commission.
(c) STAFF.—
(1) EXPERTS AND CONSULTANTS.—The Com-
mission may procure temporary and intermittent
services under section 3109(b) of title 5, United
States Code.
(2) STAFF OF FEDERAL TRADE COMMISSION.—
The Chairman of the Federal Trade Commission
may detail, on a reimbursable basis, any of the per-
sonnel of that agency to the Commission to assist it
in carrying out its duties under this section.
(d) POWERS OF THE COMMISSION.—
(1) HEARINGS AND SESSIONS.—The Commis-
sion may, for the purpose of carrying out this sec-
tion, hold hearings, sit and act at times and places,
take testimony, and receive evidence as the Commis-
sion considers appropriate.
(2) POWERS
OF
MEMBERS.—Any member of
the Commission may, if authorized by the Commis-
sion, take any action which the Commission is au-
thorized to take by this section.
(3) OBTAINING OFFICIAL DATA.—The Commis-
sion may secure directly from any department or
agency of the United States information necessary
to enable it to carry out this section. Upon request
of the Chairperson of the Commission, the head of
that department or agency shall furnish that infor-
mation to the Commission.
(4) MAILS.—The Commission may use the
United States mails in the same manner and under
the same conditions as other departments and agen-
cies of the United States.
(5) ADMINISTRATIVE
SUPPORT
SERVICES.—
Upon the request of the Commission, the Adminis-
trator of General Services shall provide to the Com-
mission, on a reimbursable basis, the administrative
support services necessary for the Commission to
carry out its responsibilities under this section.
(e) REPORT.—
(1) IN GENERAL.—The Commission shall sub-
mit a report to the President and the Congress be-
fore the end of the 1-year period beginning on the
date of the enactment of this Act.
(2) CONTENTS.—The report shall contain a de-
tailed statement of the findings and conclusions of
the Commission, together with its recommendations
for such legislative and administrative actions as the
Commission considers appropriate.
(f) TERMINATION.—The Commission shall terminate
upon the submission of the report under subsection (e).
SEC. 12. THREE FREE TELLER TRANSACTIONS MONTHLY.
Section 18 of Federal Deposit Insurance Act (12
U.S.C. 1828) is amended by adding at the end the fol-
lowing new subsection:
‘‘(v) THREE FREE TELLER TRANSACTIONS.—Each
insured depository institution shall allow each depositor to
conduct banking business or otherwise engage in trans-
actions directly with individuals employed by such institu-
tion without charge on at least three separate occasions
each month.’’.
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