15 U.S.C. § 6827: Definitions

Summary

Defines key words used in this part of the law. A "customer" is anyone a financial firm gives a product or service to, including when the firm acts as a trustee or fiduciary. "Customer information" is any data a firm keeps that comes from its relationship with a customer and is linked to that person. A "document" means any kind of information in any form. A "financial institution" is any business that gives financial services to people who have accounts or other money relationships with it. That group includes banks and thrift institutions, brokers and dealers, investment advisers and investment companies, insurance companies, loan and finance companies, credit card issuers and operators, and nationwide consumer reporting agencies. For some securities terms, the law uses the meanings from the securities laws. The term does not cover people or firms when their activity is under the Commodity Futures Trading Commission, nor does it cover the Federal Agricultural Mortgage Corporation or Farm Credit Act entities. The Federal Trade Commission, after talking with federal banking agencies and the Securities and Exchange Commission, can write rules to clarify which institutions 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)Customer

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)Customer information of a financial institution

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)Document

The term “document” means any information in any form.

(4)Financial institution

(A)In general

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)Certain financial institutions specifically included

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)Securities institutions

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)Certain persons and entities specifically excluded

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)Further definition by regulation

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