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‘‘(ii) the investment risk associated with
any such product.
‘‘(d) SEPARATION OF BANKING AND NONBANKING
ACTIVITIES.—The regulations prescribed pursuant to sub-
section (a) shall include such provisions as the Federal
banking agencies consider appropriate to ensure that the
acceptance of deposits or the extension of credit by a de-
pository institution, are kept physically segregated from
nondeposit product activity. These provisions should in-
clude at a minimum the following provisions:
‘‘(1) SEPARATE SETTING.—A clear delineation
of the setting in which, and the circumstances under
which, transactions involving nondeposit products
may be effected, and referrals made, to ensure that
such activity is conducted in a location physically
segregated from the area where retail deposits are
accepted, extensions of credit are granted or insured
products are sold by or on behalf of a depository in-
stitution.
‘‘(2) CERTAIN
PERSONS
PROHIBITED
FROM
SELLING NONDEPOSIT PRODUCTS.—Standards pro-
hibiting any person who accepts deposits from the
public at any office of, or on behalf of, an insured
depository institution from selling or offering to sell,
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or offering an opinion or investment advice on, any
nondeposit product.
‘‘(3) REFERRAL.—Notwithstanding paragraph
(2), the regulations shall include standards requiring
that a person who accepts deposits from the public
at any office of, or on behalf of, an insured deposi-
tory institution may refer a customer who seeks to
purchase, or seeks an opinion or investment advice
on, any nondeposit product to a person who sells or
provides opinions or investment advice on such prod-
uct only if—
‘‘(A) the consumer explicitly requests such
referral; and
‘‘(B) the person who accepts deposits—
‘‘(i) does not solicit such request;
‘‘(ii) discloses to the consumer that
such product is not insured by the institu-
tion, the Federal Deposit Insurance Cor-
poration, or the United States Govern-
ment, or the institution; and
‘‘(iii) does not receive any compensa-
tion for the referral.
‘‘(4) 
QUALIFICATION
REQUIREMENTS
AND
TRAINING.—Standards prohibiting any depository
institution from permitting any person to sell or
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offer for sale, or provide an opinion or investment
advice about, any nondeposit product in any part of
any office of the institution, or on behalf of the in-
stitution, unless such person—
‘‘(A) is registered with the Securities and
Exchange Commission as a broker or dealer, as
a representative of a broker or dealer, or as an
investment adviser; or
‘‘(B) meets qualification and training re-
quirements which the Federal banking agencies
jointly determine are equivalent to the training
and qualification requirements applicable to a
person who is registered with the Commission
as a broker or dealer, as a representative of a
broker or dealer, or as an investment adviser,
as the case may be; or
‘‘(C) in the case of insurance sales, is
qualified in accordance with regulations promul-
gated by the Federal banking regulators or in
accordance with state law, as appropriate.
‘‘(5) COMPENSATION PROGRAMS.—Standards to
ensure that compensation programs are not struc-
tured in such a way as to provide incentives for the
referral or sales of nondeposit products that are not
suitable or appropriate for the consumer.
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‘‘(e) CONSUMER ENFORCEMENT MECHANISM.—The
Federal banking regulators shall jointly establish a
consumer enforcement mechanism for receiving and re-
solving within nine months of receipt of a written com-
plaint non-frivolous consumer complaints involving an al-
leged violation of regulations issued under this section
which shall:
‘‘(1) involve an impartial decisionmaker;
‘‘(2) allow consumers to recover from an insti-
tution that violates the regulations established under
this section;
‘‘(3) provide a written statement of the basis
for any decision and a public record of the proceed-
ings.
‘‘(f) USE
OF NAMES
OF DEPOSITORY INSTITU-
TIONS.—No insured depository institution, 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 substantially similar to, the name, title, or logo of such
institution in connection with any nondeposit product—
‘‘(1) which is offered for sale by the institution
or affiliate or by any other person at any office, of,
or on behalf of, the institution; or
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‘‘(2) with respect to which the institution, affili-
ate, or other person provides an opinion or advice.
‘‘(g) REQUIREMENTS RELATING TO CONFIDENTIAL
CONSUMER FINANCIAL INFORMATION.—No retail deposi-
tory institution shall disclose to any affiliate or subsidiary
of that institution that is not a retail depository institu-
tion, and no affiliate of that company that is not an in-
sured depository institution shall disclose to any other af-
filiate that is an insured depository institution or a sub-
sidiary thereof, any information regarding transactions or
experiences between a consumer and the depository insti-
tution affiliate or subsidiary in a position to disclose this
information unless the consumer—
‘‘(1) has received clear and conspicuous disclo-
sure that such information may be communicated
among such persons; and
‘‘(2) has had an opportunity, before such infor-
mation is initially communicated, to direct that such
information not be communicated among such per-
sons. The provisions of the Fair Credit Reporting
Act shall otherwise with regard to the sharing of in-
formation among affiliates; except that section
615(b)(2) of such Act shall apply without regard to
section 615(b)(2)(C)(ii).
‘‘(h) NO EFFECT ON OTHER AUTHORITY.—