§6827 — Title 15 Commerce and Trade | U.S. Code

Summary

Defines the main words used in this part. "Customer" means a person (or their authorized agent) who gets a product or service from a financial business, including when the business manages money for them. "Customer information" means any info a financial business keeps that comes from its relationship with a customer and is tied to that customer. "Document" means information in any form. "Financial institution" means a business that provides financial services to customers who keep a credit, deposit, trust, or other financial account or relationship. It includes banks and other depository institutions, brokers and dealers, investment advisers and investment companies, insurance companies, loan or finance companies, credit card issuers and operators, and consumer reporting agencies that keep nationwide files. The words "broker," "dealer," "investment adviser," and "investment company" use the meanings in sections 78c, 80b–2(a)(11), and 80a–3. It does not cover people or entities for activities under the Commodity Futures Trading Commission, nor the Federal Agricultural Mortgage Corporation or entities under the Farm Credit Act of 1971. The Federal Trade Commission, after talking with federal banking agencies and the Securities and Exchange Commission, may make rules to clarify which businesses count as financial institutions.

Title 15, §6827

Commerce and Trade — Source: USLM XML via OLRC

For purposes of this subchapter, the following definitions shall apply:

(1)The term “customer” means, with respect to a financial institution, any person (or authorized representative of a person) to whom the financial institution provides a product or service, including that of acting as a fiduciary.

(2)The term “customer information of a financial institution” means any information maintained by or for a financial institution which is derived from the relationship between the financial institution and a customer of the financial institution and is identified with the customer.

(3)The term “document” means any information in any form.

(4)(A)The term “financial institution” means any institution engaged in the business of providing financial services to customers who maintain a credit, deposit, trust, or other financial account or relationship with the institution.

(B)The term “financial institution” includes any depository institution (as defined in section 461(b)(1)(A) of title 12), any broker or dealer, any investment adviser or investment company, any insurance company, any loan or finance company, any credit card issuer or operator of a credit card system, and any consumer reporting agency that compiles and maintains files on consumers on a nationwide basis (as defined in section 1681a(p) of this title).

(C)For purposes of subparagraph (B)—

(i)the terms “broker” and “dealer” have the same meanings as given in section 78c of this title;

(ii)the term “investment adviser” has the same meaning as given in section 80b–2(a)(11) of this title; and

(iii)the term “investment company” has the same meaning as given in section 80a–3 of this title.

(D)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.] and 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.].

(E)The Federal Trade Commission, after consultation with Federal banking agencies and the Securities and Exchange Commission, may prescribe regulations clarifying or describing the types of institutions which shall be treated as financial institutions for purposes of this subchapter.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Commodity Exchange Act, referred to in par. (4)(D), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, 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. (4)(D), is Pub. L. 92–181, Dec. 10, 1971, 85 Stat. 583, 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.

§6827 Definitions