§ 1033.111. Coverage of data providers.

613 words·~3 min read·/us/cfr/t12/s§ 1033.111·

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(a)Coverage of data providers. A data provider has obligations under this part if it controls or possesses covered data concerning a covered consumer financial product or service that the consumer obtained from the data provider, subject to the exclusion in paragraph

(d)of this section.

(b)Definition of covered consumer financial product or service. Covered consumer financial product or service means a consumer financial product or service, as defined in 12 U.S.C. 5481(5), that is:

(1)A Regulation E account, which means an account, as defined in Regulation E, 12 CFR 1005.2(b);

(2)A Regulation Z credit card, which means a credit card, as defined in Regulation Z, 12 CFR 1026.2(a)(15)(i); or

(3)Facilitation of payments from a Regulation E account or Regulation Z credit card, excluding products or services that merely facilitate first party payments. For purposes of this part, a first party payment is a transfer initiated by the payee or an agent acting on behalf of the underlying payee. First party payments include payments initiated by loan servicers.

(c)Definition of data provider. Data provider means a covered person, as defined in 12 U.S.C. 5481(6), that is:

(1)A financial institution, as defined in Regulation E, 12 CFR 1005.2(i);

(2)A card issuer, as defined in Regulation Z, 12 CFR 1026.2(a)(7); or

(3)Any other person that controls or possesses information concerning a covered consumer financial product or service that the consumer obtained from that person. Example 1 to paragraph (c): A digital wallet provider is a data provider.

(d)Coverage threshold—Certain depository institutions. The requirements of subparts B and C of this part do not apply to data providers defined under paragraphs (c)(1) through

(3)of this section that are depository institutions that hold total assets equal to or less than the Small Business Administration

(SBA)size standard, as determined in accordance with this paragraph (d). If at any point a depository institution that held total assets greater than that SBA size standard as of or at any point after January 17, 2025 subsequently holds total assets below that amount, the requirements of subparts B and C of this part continue to apply.

(1)Determining SBA size standard. For purposes of paragraph

(d)of this section, the SBA size standard is the SBA size standard for the data provider's appropriate North American Industry Classification System (NAICS) code for commercial banking, credit unions, savings institutions and other depository credit intermediation, or credit card issuing, as codified in 13 CFR 121.201.

(2)Calculating total assets. For purposes of paragraph

(d)of this section, total assets held by a depository institution are determined by averaging the assets reported on its own four preceding quarterly call report submissions to the Federal Financial Institutions Examination Council or National Credit Union Association, as applicable, or its submissions to the appropriate oversight body to the extent it does not submit such reports to the Federal Financial Examination Council or National Credit Union Administration.

(3)Merger or acquisition—coverage of surviving depository institution when there are not four quarterly call report submissions. After a merger or acquisition the surviving depository institution shall determine quarterly assets prior to the merger or acquisition by using the combined assets reported on the quarterly call report submissions by all predecessor depository institutions. The surviving depository institution shall determine quarterly assets after the merger or acquisition by using the assets reported on the quarterly call report submissions by the surviving depository institution. The surviving depository institution shall determine total assets by using the average of the quarterly assets for the four preceding quarters, whether the quarterly assets are the combined assets of the predecessor depository institutions or from the surviving depository institution.

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