AMENDMENTS TO THE GRAMM-LEACH-BLILEY ACT.

SEC. 1093. AMENDMENTS TO THE GRAMM-LEACH-BLILEY ACT. Title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.) is amended—(1) in section 501(b) (15 U.S.C. 6801(b)), by inserting “, other than the Bureau of Consumer Financial Protection,” after “505(a)”;(2) in section 502(e)(5) (15 U.S.C. 6802(e)(5)), by inserting “the Bureau of Consumer Financial Protection” after “(including”;(3) in section 504(a) (15 U.S.C. 6804(a))—(A) by striking paragraphs (1) and (2) and inserting the following:“(1) Rulemaking.—“(A) In general.—Except as provided in subparagraph (C), the Bureau of Consumer Financial Protection and the Securities and Exchange Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subtitle with respect to financial institutions and other persons subject to their respective jurisdiction under section 505 (and notwithstanding subtitle B of the Consumer Financial Protection Act of 2010), except that the Bureau of Consumer Financial Protection shall not have authority to prescribe regulations with respect to the standards under section 501.“(B) CFTC.—The Commodity Futures Trading Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of 124 STAT. 2096 this subtitle with respect to financial institutions and other persons subject to the jurisdiction of the Commodity Futures Trading Commission under section 5g of the Commodity Exchange Act.“(C) Federal trade commission authority.—Notwithstanding the authority of the Bureau of Consumer Financial Protection under subparagraph (A), the Federal Trade Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subtitle with respect to any financial institution that is a person described in section 1029(a) of the Consumer Financial Protection Act of 2010.“(D) Rule of construction.—Nothing in this paragraph shall be construed to alter, affect, or otherwise limit the authority of a State insurance authority to adopt regulations to carry out this subtitle.“(2) Coordination, consistency, and comparability.—Each of the agencies authorized under paragraph (1) to prescribe regulations shall consult and coordinate with the other such agencies and, as appropriate, and with representatives of State insurance authorities designated by the National Association of Insurance Commissioners, for the purpose of assuring, to the extent possible, that the regulations prescribed by each such agency are consistent and comparable with the regulations prescribed by the other such agencies.”; and(B) in paragraph (3), by striking “, and shall be issued in final form not later than 6 months after the date of enactment of this Act”;(4) in section 505(a) (15 U.S.C. 6805(a))—(A) by striking “This subtitle” and all that follows through “as follows:” and inserting “Subject to subtitle B of the Consumer Financial Protection Act of 2010, this subtitle and the regulations prescribed thereunder shall be enforced by the Bureau of Consumer Financial Protection, the Federal functional regulators, the State insurance authorities, and the Federal Trade Commission with respect to financial institutions and other persons subject to their jurisdiction under applicable law, as follows:”;(B) in paragraph (1)—(i) in the matter preceding subparagraph (A), by inserting “by the appropriate Federal banking agency, as defined in section 3(q) of the Federal Deposit Insurance Act,” after “Act,”;(ii) in subparagraph (A), by striking “, by the Office of the Comptroller of the Currency”;(iii) in subparagraph (B), by striking “, by the Board of Governors of the Federal Reserve System”;(iv) in subparagraph (C), by striking “, by the Board of Directors of the Federal Deposit Insurance Corporation”; and(v) in subparagraph (D), by striking “, by the Director of the Office of Thrift Supervision”; and(C) by adding at the end the following:“(8) Under subtitle E of the Consumer Financial Protection Act of 2010, by the Bureau of Consumer Financial Protection, in the case of any financial institution and other covered person or service provider that is subject to the jurisdiction of the 124 STAT. 2097 Bureau and any person subject to this subtitle, but not with respect to the standards under section 501.”;(5) in section 505(b)(1) (15 U.S.C. 6805(b)(1)), by inserting “, other than the Bureau of Consumer Financial Protection,” after “subsection (a)”; and(6) in section 507(b) (15 U.S.C. 6807), by striking “Federal Trade Commission” and inserting “Bureau of Consumer Financial Protection”.