PROTECTION OF FAIR CREDIT REPORTING ACT.

SEC. 506. PROTECTION OF FAIR CREDIT REPORTING ACT. (a) Amendment.—Section 621 of the Fair Credit Reporting Act (15 U.S.C. 1681s) is amended— (1) in subsection (d), by striking everything following the end of the second sentence; and (2) by striking subsection (e) and inserting the following: “(e) Regulatory Authority.— “(1) The Federal banking agencies referred to in paragraphs (1) and (2) of subsection (b) shall jointly prescribe such regulations as necessary to carry out the purposes of this Act with respect to any persons identified under paragraphs (1) and (2) of subsection (b), and the Board of Governors of the Federal Reserve System shall have authority to prescribe regulations consistent with such joint regulations with respect to bank 113 STAT. 1442holding companies and affiliates (other than depository institutions and consumer reporting agencies) of such holding companies. “(2) The Board of the National Credit Union Administration shall prescribe such regulations as necessary to carry out the purposes of this Act with respect to any persons identified under paragraph (3) of subsection (b).”. (b) Conforming Amendment.—Section 621(a) of the Fair Credit Reporting Act (15 U.S.C. 1681s(a)) is amended by striking paragraph (4). (c) Relation to Other Provisions.—Except for the amendments made by subsections (a) and (b), nothing in this title shall be construed to modify, limit, or supersede the operation of the Fair Credit Reporting Act, and no inference shall be drawn on the basis of the provisions of this title regarding whether information is transaction or experience information under section 603 of such Act.