As used in this subchapter:
(2) Federal functional regulatorThe term “Federal functional regulator” means—
(A)
the Board of Governors of the Federal 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 Administration Board; and
(F)
the Securities and Exchange Commission.
(3) Financial institution
(B) Persons subject to CFTC regulation
Notwithstanding subparagraph (A), the term “financial institution” does not include any person or entity with respect to any financial activity that is subject to the jurisdiction of the Commodity Futures Trading Commission under the Commodity Exchange Act [7 U.S.C. 1 et seq.].
(4) Nonpublic personal information
(B)
Such term does not include publicly available information, as such term is defined by the regulations prescribed under
section 6804 of this title.
(C) Notwithstanding subparagraph (B), such term—
(i)
shall include any list, description, or other grouping of
consumers (and publicly available information pertaining to them) that is derived using any
nonpublic personal information other than publicly available information; but
(ii)
shall not include any list, description, or other grouping of
consumers (and publicly available information pertaining to them) that is derived without using any
nonpublic personal information.
(6) Affiliate
The term “affiliate” means any company that controls, is controlled by, or is under common control with another company.
(7) Necessary to effect, administer, or enforceThe term “as necessary to effect, administer, or enforce the transaction” means—
(A) the disclosure is required, or is a usual, appropriate, or acceptable method, to carry out the transaction 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 transaction 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 confirmation, 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 incentives or bonuses associated with the transaction that are provided by the
financial institution or any other party;
(B)
the disclosure is required, or is one of the lawful or appropriate methods, to enforce the rights of the
financial institution or of other persons engaged in carrying out the financial transaction, or providing the product or service;
(C)
the disclosure is required, or is a usual, appropriate, or acceptable method, for insurance underwriting at the
consumer’s request or for reinsurance purposes, or for any of the following purposes as they relate to a
consumer’s insurance: Account administration, reporting, investigating, or preventing fraud or material misrepresentation, processing premium payments, processing insurance claims, administering insurance benefits (including utilization review activities), 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 connection with—
(i)
the authorization, settlement, billing, processing, clearing, transferring, reconciling, or collection of amounts charged, debited, or otherwise paid using a debit, credit or other payment card, check, or account number, or by other payment means;
(ii)
the transfer of receivables, accounts or interests therein; or
(iii)
the audit of debit, credit or other payment information.
(9) 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 household purposes, and also means the legal representative of such an individual.
References in Text
This subchapter, referred to in text, was in the original “this subtitle”, meaning subtitle A (§§ 501–510) of title V of Pub. L. 106–102, Nov. 12, 1999, 113 Stat. 1436, which is classified principally to this subchapter. For complete classification of subtitle A to the Code, see Tables.
The Commodity Exchange Act, referred to in par. (3)(B), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, as amended, which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.
The Farm Credit Act of 1971, referred to in par. (3)(C), is Pub. L. 92–181, Dec. 10, 1971, 85 Stat. 583, as amended, which is classified generally to chapter 23 (§ 2001 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section 2001 of Title 12 and Tables.
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