Sec. 1681w. Disposal of records

(a) Regulations
(1) In general
Not later than 1 year after December 4, 2003, the Federal
banking agencies, the National Credit Union Administration, and
the Commission with respect to the entities that are subject to
their respective enforcement authority under section 1681s of
this title, and the Securities and Exchange Commission, 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) Coordination
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) Exemption authority
In issuing regulations under this section, the Federal banking
agencies, the National Credit Union Administration, the
Commission, and the Securities and Exchange Commission 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.

EFFECTIVE DATE
Section subject to joint regulations establishing effective dates
as prescribed by Federal Reserve Board and Federal Trade
Commission, except as otherwise provided, see section 3 of Pub. L.
108-159, set out as an Effective Date of 2003 Amendment note under
section 1681 of this title.