Privacy of Consumer Financial Information (Gramm-Leach-Bliley Act Privacy Rule)

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
32341	Privacy of Consumer Financial Information (Gramm-Leach-Bliley Act Privacy Rule)	Migrated

ICR Details

OMB Control No: 3084-0121	ICR Reference No: 200005-3084-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FTC	Agency Tracking No:
Title: Privacy of Consumer Financial Information (Gramm-Leach-Bliley Act Privacy Rule)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/11/2000
	Date Received in OIRA: 05/10/2000
Terms of Clearance: Approved through June 30, 2002. We understand that the Commission will implement these rules with an extended compliance deadline of July 1, 2001. OMB's approval for a one-year period beyond that date should give the Commission adequate time to further assess the impact, particularly on small entities, of the rule. We believe that the initial data and estimates that were presented with the proposed rule were good faith estimates of the potential impacts and that there has been little additional information presented in the record that would provide a basis for presently revising the estimates. However, as additional data becomes available, we encourage the Commission to revise the estimates and to take whatever additional steps may be required to balance the benefits to consumer privacy against the burdens of the program.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2002	06/30/2002
Responses	210,000	0	0
Time Burden (Hours)	4,033,000	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Proposed Rule would implement Title V of the Gramm-Leach- Bliley Act. Title V limits the instances in which a financial insitution may disclose a consumer's nonpublic personal information to a non-affiliated party. The proposed requirements will ensure that customers and consumers, subject to certain exceptions will have access to the privacy policies of the financial institutions with which they conduct business.

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Privacy of Consumer Financial Information (Gramm-Leach-Bliley Act Privacy Rule)

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	210,000	0	0	210,000	0	0
Annual Time Burden (Hours)	4,033,000	0	0	4,033,000	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 05/10/2000

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