Financial Services Regulatory Relief Act
| CITATION | 12 U.S.C. § 1828 |
| ENACTED | 2006 |
| SUMMARY |
The Financial Services Regulatory Relief Act (FSRRA) was enacted to improve the productivity of insured depository institutions. Title VII, “Banking Agency Provisions” provides for the development of model privacy forms. The use of the forms provides a “safe harbor” for financial institutions that use them. The Act amends the Fair Debt Collection Practices Act (15 U.S.C. § 1692 et seq.) and debt collection activities. |
| DATA COVERED | As related to privacy, the data covered includes personal information related to financial services. |
| INDUSTRY | Insured depository institutions. |
| PENALTIES | State and federal regulators can audit the financial institution and may enforce compliance with statute. If the Federal Trade Commission has commenced enforcement, no state authorities may bring a separate enforcement action. FTC may enter into enforcement agreements with institutions. |
