134 
latory 
agency 
has 
obtained 
disgorgement; and 
‘‘(B) 
the 
functional 
regulatory 
agency determines that— 
‘‘(i) due to the size of the fund 
to be distributed, the number of 
individuals affected, the nature of 
the underlying violation, or for 
other reasons, it would be infeasi-
ble to distribute such fund or 
disgorgement to the victims of the 
violation; or 
‘‘(ii) there are excess monies 
remaining after the distribution 
of the fund or disgorgement to vic-
tims, 
the functional regulatory agency may 
issue an order in an administrative pro-
ceeding requiring that the undistributed 
amount of the fund or disgorgement be 
used in whole or in part by the functional 
regulatory agency for education programs 
and 
outreach 
activities 
of 
consumer 
groups, community based groups, and the 
Financial Literacy and Education Com-
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mission established under the Fair and 
Accurate Credit Transactions Act of 2003 
that are consistent with and further the 
purposes of this title. 
‘‘(m) DEFINITIONS.—For purposes of this 
section, the following definitions shall apply: 
‘‘(1) BREACH
OF
DATA
SECURITY.—The 
term ‘breach of data security’ or ‘data se-
curity breach’ means any loss, unauthor-
ized acquisition, or misuse of sensitive fi-
nancial personal information handled by 
a consumer reporter that could be mis-
used to commit financial fraud (such as 
identity theft or fraudulent transactions 
made on financial accounts) in a manner 
causing harm or inconvenience to a con-
sumer. 
‘‘(2) CONSUMER.—The term ‘consumer’ 
means an individual. 
‘‘(3) CONSUMER REPORTER AND RELATED 
TERMS.— 
‘‘(A) CONSUMER FINANCIAL FILE AND 
CONSUMER
REPORTS.—The term ‘con-
sumer financial file and consumer re-
ports’ includes any written, oral, or 
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other communication of any informa-
tion by a consumer reporter bearing 
on a consumer’s credit worthiness, 
credit standing, credit capacity, char-
acter, general reputation, personal 
characteristics, personal identifiers, 
financial 
account 
information, 
or 
mode of living. 
‘‘(B) 
CONSUMER
REPORTER.—The 
term ‘consumer reporter’ means any 
consumer reporting agency or finan-
cial institution, or any person which, 
for monetary fees, dues, on a coopera-
tive nonprofit basis, or otherwise regu-
larly engages in whole or in part in 
the practice of assembling or evalu-
ating consumer financial file and con-
sumer reports, consumer credit infor-
mation, or other information on con-
sumers, for the purpose of furnishing 
consumer reports to third parties or to 
provide or collect payment for or mar-
ket products and services, or for em-
ployment purposes, and which uses 
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137 
any means or facility of interstate 
commerce for such purposes. 
‘‘(4) FINANCIAL INSTITUTION.—The term 
‘financial institution’ means— 
‘‘(A) any person the business of 
which is engaging in activities that 
are financial in nature as described 
in or determined under section 4(k) of 
the Bank Holding Company Act; 
‘‘(B) any person that is primarily 
engaged in activities that are subject 
to the Fair Credit Reporting Act; and 
‘‘(C) any person that is maintain-
ing, receiving, or communicating sen-
sitive financial personal information 
on an ongoing basis for the purposes 
of engaging in interstate commerce. 
‘‘(5) FUNCTIONAL
REGULATORY
AGEN-
CY.—The term ‘functional regulatory agen-
cy’ means any agency described in sub-
section (l) with respect to the financial in-
stitutions and other persons subject to the 
jurisdiction of such agency. 
‘‘(6) HANDLED BY.—The term ‘handled 
by’ includes with respect to sensitive fi-
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