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Can you summarize 15 USC Chapter 94, Subchapter II?
PRIVACY > FRAUDULENT ACCESS TO FINANCIAL INFORMATION
Short Summary
This legal document governs the privacy protection for customer information of financial institutions. It prohibits obtaining customer information by false pretenses and solicitation of customer information under false pretenses. There are exemptions for certain entities and circumstances. The document does not specify penalties for non-compliance or violations. Compliance with this subchapter is enforced by the Federal Trade Commission (FTC) and other agencies. The document also addresses the relation of the subchapter to State laws, stating that it does not supersede or alter State laws unless they are inconsistent. The determination of inconsistency is made by the Federal Trade Commission. The document also requires agencies to review regulations and guidelines applicable to financial institutions to prevent unauthorized disclosure of customer financial information. Additionally, the document pertains to the submission of reports related to fraudulent access to financial information, requiring the Comptroller General and other agencies to submit reports to Congress evaluating the effectiveness of remedies and providing recommendations for additional legislative or regulatory action. Overall, this subchapter aims to safeguard the privacy of customer information held by financial institutions.
Whom does it apply to?
Financial institutions engaged in providing financial services to customers who maintain a credit, deposit, trust, or other financial account or relationship with the institution
What does it govern?
Privacy protection for customer information of financial institutions
What are exemptions?
Law enforcement agencies, financial institutions conducting security testing or investigations, insurance institutions investigating insurance fraud, certain types of customer information available as public records, and collection of child support judgments
What are the Penalties?
A fine in accordance with title 18 or imprisonment for not more than 5 years, or both; enhanced penalty of twice the amount provided in subsection (b)(3) or (c)(3) of section 3571 of title 18, imprisonment for not more than 10 years, or both for aggravated cases
Jurisdiction
U.S. Federal Government