Privacy of Consumer Financial Information

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
0216ss.doc	Supporting Statement A	Uploaded 2006-11-15	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
20116	Privacy of Consumer Financial Information		Modified

ICR Details

OMB Control No: 1557-0216	ICR Reference No: 200611-1557-001
Status: Historical Active	Previous ICR Reference No: 200308-1557-001
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Privacy of Consumer Financial Information
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/22/2007
	Date Received in OIRA: 11/28/2006
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2010	36 Months From Approved	01/31/2007
Responses	9,002,854	0	484,399
Time Burden (Hours)	2,276,432	0	269,063
Cost Burden (Dollars)	0	0	0

---

Abstract: This collection implements the Gramm-Leach-Bliley Act which requires the OCC to issue regulations to set out notice requirements and restrictions on a bank's ability to disclose nonpublic personal information about consumers to nonaffiliated third parties. Consumers use the privacy notice to determine whether they want personal information disclosed to nonaffiliated third parties. Institutions use the opt out information to determine the wishes of their consumers and act appropriately.

---

Authorizing Statute(s): PL: Pub.L. 106 - 102 504 Name of Law: Gramm-Leach-Bliley Act
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 55545	09/22/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 68892	11/28/2006
Did the Agency receive public comments on this ICR? No

---

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

table that charts list of burden

IC Title	Form No.	Form Name
Privacy of Consumer Financial Information

---

ICR Summary of Burden

table that charts list 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	9,002,854	484,399	0	0	8,518,455	0
Annual Time Burden (Hours)	2,276,432	269,063	0	0	2,007,369	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: Nominal estimates were used previously due to the uncertainty of what institutions would do to comply with the opt-out requirements and how consumers would react. Based on the OCC’s past three years’ experience, the OCC believes that the prior estimate of the number of consumer respondents affected was too low.

---

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

---

Common Form ICR:  No

---

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: 11/28/2006

---