15 U.S.C. § 6809 : US Code - Section 6809: Definitions

Search 15 U.S.C. § 6809 : US Code - Section 6809: Definitions

As used in this subchapter:
(1) Federal banking agency
The term "Federal banking agency" has the same meaning as given
in section 1813 of title 12.
(2) Federal functional regulator
The 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
(A) In general
The term "financial institution" means any institution the
business of which is engaging in financial activities as
described in section 1843(k) of title 12.
(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.].
(C) Farm credit institutions
Notwithstanding subparagraph (A), the term "financial
institution" does not include the Federal Agricultural Mortgage
Corporation or any entity chartered and operating under the
Farm Credit Act of 1971 [12 U.S.C. 2001 et seq.].
(D) Other secondary market institutions
Notwithstanding subparagraph (A), the term "financial
institution" does not include institutions chartered by
Congress specifically to engage in transactions described in
section 6802(e)(1)(C) of this title, as long as such
institutions do not sell or transfer nonpublic personal
information to a nonaffiliated third party.
(4) Nonpublic personal information
(A) The term "nonpublic personal information" means personally
identifiable financial information -
(i) provided by a consumer to a financial institution;
(ii) resulting from any transaction with the consumer or any
service performed for the consumer; or
(iii) otherwise obtained by the financial institution.
(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.
(5) 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.
(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 enforce
The 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.
(8) 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.
(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.
(10) Joint agreement
The term "joint agreement" means a formal written contract
pursuant to which two or more financial institutions jointly
offer, endorse, or sponsor a financial product or service, and as
may be further defined in the regulations prescribed under
section 6804 of this title.
(11) Customer relationship
The term "time of establishing a customer relationship" shall
be defined by the regulations prescribed under section 6804 of
this title, and shall, in the case of a financial institution
engaged in extending credit directly to consumers to finance
purchases of goods or services, mean the time of establishing the
credit relationship with the consumer.