‘‘(b) ENHANCED PENALTY FOR AGGRAVATED CASES.—
Whoever violates, or attempts to violate, section 1003 while
violating another law of the United States or as part of
a pattern of any illegal activity involving more than
$100,000 in a 12-month period shall be fined twice the
amount provided in subsection (b)(3) or (c)(3) (as the case
may be) of section 3571 of title 18, United States Code,
imprisoned for not more than 10 years, or both.
‘‘§ 1007. Relation to State laws
‘‘(a) IN GENERAL.—This title shall not be construed
as superseding, altering, or affecting the statutes, regula-
tions, orders, or interpretations in effect in any State, ex-
cept to the extent that such statutes, regulations, orders, or
interpretations are inconsistent with the provisions of this
title, and then only to the extent of the inconsistency.
‘‘(b) GREATER PROTECTION UNDER STATE LAW.—For
purposes of this section, a State statute, regulation, order,
or interpretation is not inconsistent with the provisions of
this title if the protection such statute, regulation, order,
or interpretation affords any person is greater than the pro-
tection provided under this title.
‘‘§ 1008. Agency guidance
‘‘In furtherance of the objectives of this title, each Fed-
eral banking agency (as defined in section 3(z) of the Fed-
eral Deposit Insurance Act) shall issue advisories to deposi-
tory institutions under the jurisdiction of the agency, in
order to assist such depository institutions in deterring and
detecting activities proscribed under section 1003.’’.
(b) REPORT TO THE CONGRESS.—Before the end of the
18-month period beginning on the date of the enactment of
this Act, the Comptroller General, in consultation with the
Federal Trade Commission, Federal banking agencies, and
appropriate Federal law enforcement agencies, shall submit
to the Congress a report on the following:
(1) The efficacy and adequacy of the remedies
provided in the amendments made by subsection (a)
in addressing attempts to obtain financial informa-
tion by fraudulent means or by false pretenses.
(2) Any recommendations for additional legisla-
tive or regulatory action to address threats to the pri-
vacy of financial information created by attempts to
obtain information by fraudulent means or false pre-
tenses.
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Financial In-
formation Privacy Act of 1998’’.
SEC. 2. FINANCIAL INFORMATION PRIVACY.
(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—FINANCIAL INFORMATION PRIVACY
PROTECTION
‘‘Sec.
‘‘1001. Short title.
‘‘1002. Definitions.
‘‘1003. Privacy protection for customer information of financial
institutions.
‘‘1004. Administrative enforcement.
‘‘1005. Civil liability.
‘‘1006. Criminal penalty.
‘‘1007. Relation to State laws.
‘‘1008. Agency guidance.
‘‘§ 1001. Short title
‘‘This title may be cited as the ‘Financial
Information Privacy Act’.
‘‘§ 1002. Definitions
‘‘For purposes of this title, the following
definitions shall apply:
‘‘(1) CUSTOMER.—The term ‘customer’
means, with respect to a financial institu-
tion, any person (or authorized rep-
resentative of a person) to whom the fi-
nancial institution provides a product or
service, including that of acting as a fidu-
ciary.
‘‘(2) CUSTOMER
INFORMATION
OF
A
FI-
NANCIAL INSTITUTION.—The term ‘customer
information of a financial institution’
means any information maintained by or
for a financial institution which is de-
rived from the relationship between the
financial institution 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 ‘finan-
cial 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 relation-
ship with the institution.
‘‘(B) CERTAIN
FINANCIAL
INSTITU-
TIONS
SPECIFICALLY
INCLUDED.—The
term ‘financial institution’ includes
any depository institution (as defined
in section 19(b)(1)(A) of the Federal
Reserve Act), any broker or dealer,
any investment adviser or investment
company, any insurance company,
any loan or finance company, 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 na-
tionwide basis (as defined in section
603(p)).
‘‘(C) SECURITIES INSTITUTIONS.—For
purposes of subparagraph (B)—
‘‘(i) the terms ‘broker’ and
‘dealer’ have the meanings pro-
vided in section 3 of the Securi-
ties Exchange Act of 1934 (15
U.S.C. 78c);
‘‘(ii) the term ‘investment ad-
viser’ has the meaning provided
in section 202(a)(11) of the Invest-
ment Advisers Act of 1940 (15
U.S.C. 80b–2(a)); and
‘‘(iii) 
the 
term 
‘investment
company’ has the meaning pro-
vided in section 3 of the Invest-
ment Company Act of 1940 (15
U.S.C. 80a–3).
‘‘(D) FURTHER DEFINITION BY REGU-
LATION.—The Federal Trade Commis-
sion, after consultation with Federal
banking agencies and the Securities