(a) Regulations.
(1) The Federal Trade Commission, the
Securities and Exchange Commission, the Commodity Futures Trading
Commission, the Federal banking agencies, and the National Credit
Union Administration, with respect to the entities that are subject
to their respective enforcement authority under section 621, and in
coordination as described in paragraph (2), shall issue final regulations
requiring any person that maintains or otherwise possesses consumer
information, or any compilation of consumer information, derived from
consumer reports for a business purpose to properly dispose of any
such information or compilation.
(2) Each agency required to prescribe regulations under paragraph
(1) shall—
(A) consult
and coordinate with each other such agency so that, to the extent
possible, the regulations prescribed by each such agency are consistent
and comparable with the regulations by each such other agency; and
(B) ensure that such regulations
are consistent with the requirements and regulations issued pursuant
to Public Law 106-102 and other provisions of Federal law.
(3) In issuing regulations under this
section, the agencies identified in paragraph (1) may exempt any person
or class of persons from application of those regulations, as such
agency deems appropriate to carry out the purpose of this section.
(b) Rule of construction. Nothing in this section shall be construed—
(1) to require a person to maintain or
destroy any record pertaining to a consumer that is not imposed under
other law; or
(2) to alter or affect
any requirement imposed under any other provision of law to maintain
or destroy such a record.
[15 USC 1681w. As added
by act of Dec. 4, 2003 (117 Stat. 1985) and amended by act of July
21, 2010 (124 Stat. 2091, 2092).]
