Privacy of Consumer Financial Information

ICR 200908-1550-001

OMB: 1550-0103

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2010-01-21
IC Document Collections
ICR Details
1550-0103 200908-1550-001
Historical Active 200610-1550-002
TREAS/OTS
Privacy of Consumer Financial Information
Revision of a currently approved collection   No
Regular
Approved without change 01/21/2010
Retrieve Notice of Action (NOA) 11/18/2009
  Inventory as of this Action Requested Previously Approved
01/31/2013 36 Months From Approved 01/31/2010
68,378 0 67,007
44,543 0 42,180
0 0 0

Section 502 of the Gramm-Leach-Bliley Act (Act), Public Law No. 106-102, prohibits a financial institution from disclosing nonpublic personal information about a consumer to nonaffiliated third parties unless the institution satisfies various disclosure requirements (i.e., provides a privacy notice and opt out notice) and the consumer has not elected to opt out of the disclosure. Section 504 of the Act requires the OCC, Federal Reserve, FDIC, OTS, NCUA, FTC, and SEC to issue regulations as necessary to implement the notice requirements and restrictions.

PL: Pub.L. 106 - 102 504 Name of Law: Gramm-Leach-Bliley Act
  
None

Not associated with rulemaking

  74 FR 47311 09/15/2009
74 FR 59603 11/18/2009
No

  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 68,378 67,007 0 -1,032 2,403 0
Annual Time Burden (Hours) 44,543 42,180 0 -9,192 11,555 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
Yes
Miscellaneous Actions
OTS is citing a decrease in the number of institutions, an increase in de novos and acquisition and an increase in the number of consumers. Consumers use the privacy notice information to determine whether they want personal information disclosed to third parties that are not affiliated with the institution. Further, consumers use the opt-out notice mechanism to advise the institution of their wishes regarding disclosure of their personal information. Institutions use the opt-out information to determine the wishes of their consumers and to act appropriately.

$0
No
No
Uncollected
Uncollected
No
Uncollected
Ekita Mitchell 202 906-6451

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
11/18/2009


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