15 U.S.C. § 6804 — Rulemaking
submitted 27 years ago by Pub. L. 106-102 to r/title-15-COMMERCE-AND-TRADE · 388 words · no verdicts yet
This section gives specified Federal agencies authority to issue regulations carrying out the financial-privacy subchapter. It requires coordination among regulators and allows additional exceptions consistent with the subchapter’s purposes.
(a) Regulatory authority. (1) Except for the stated exception, the Bureau of Consumer* Financial Protection and the Securities and Exchange Commission may issue regulations needed for this subchapter for institutions and other persons within their respective section 6805 jurisdictions. The Bureau may not issue regulations about section 6801 standards. The Commodity Futures Trading Commission may issue such regulations for persons within its section 7b-2 jurisdiction. The Federal Trade Commission may issue such regulations for a financial institution* described in section 1029(a) of the Consumer Financial Protection Act, despite the Bureau's authority. These rules do not change a State insurance authority's power to adopt rules carrying out this subchapter. (2) Each authorized agency must consult and coordinate with the others and, as appropriate, State insurance representatives designated by the National Association of Insurance Commissioners, so far as possible to make the rules consistent and comparable. (3) The rules must follow applicable title 5 requirements.
(b) Exceptions. Regulations under subsection (a) may add exceptions to sections 6802(a) through (d) when the regulators consider the exceptions consistent with this subchapter's purposes.
Except as provided in subparagraph (C), the Bureau of Consumer* Financial Protection and the Securities and Exchange Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to financial institutions and other persons subject to their respective jurisdiction under section 6805 of this title (and notwithstanding subtitle B of the Consumer Financial Protection Act of 2010 [12 U.S.C. 5511 et seq.]), except that the Bureau of Consumer Financial Protection shall not have authority to prescribe regulations with respect to the standards under section 6801 of this title.
The Commodity Futures Trading Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to financial institutions and other persons subject to the jurisdiction of the Commodity Futures Trading Commission under section 7b–2 of title 7.
Notwithstanding the authority of the Bureau of Consumer Financial Protection under subparagraph (A), the Federal Trade Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to any financial institution* that is a person described in section 1029(a) of the Consumer Financial Protection Act of 2010 [12 U.S.C. 5519(a)].
Nothing in this paragraph shall be construed to alter, affect, or otherwise limit the authority of a State insurance authority* to adopt regulations to carry out this subchapter.
Each of the agencies authorized under paragraph (1) to prescribe regulations shall consult and coordinate with the other such agencies and, as appropriate, and with 1 representatives of State insurance authorities designated by the National Association of Insurance Commissioners, for the purpose of assuring, to the extent possible, that the regulations prescribed by each such agency are consistent and comparable with the regulations prescribed by the other such agencies.
Such regulations shall be prescribed in accordance with applicable requirements of title 5.
The regulations prescribed under subsection (a) may include such additional exceptions to subsections (a) through (d) of section 6802 of this title as are deemed consistent with the purposes of this subchapter.
Source credit: (Pub. L. 106–102, title V, § 504, Nov. 12, 1999, 113 Stat. 1439; Pub. L. 111–203, title X, § 1093(3), July 21, 2010, 124 Stat. 2095.)
- 1999Enacted · Pub. L. 106-102 · 113 Stat. 1439
- 2010Amended · Pub. L. 111-203 · 124 Stat. 2095
A history note hasn’t been published yet. The record shows enactment by Pub. L. 106-102 on 1999-11-12.
all 0 arguments · sorted by: best
no arguments yet — make the first case