Privacy of Consumer Financial Information

Forms and Documents

Document Name	Status
1550.0103.Supporting.Statement.doc Supporting Statement A	2010-01-21

IC Document Collections

IC ID	Document Title	Status
45682	Disclosure requirements (initial notice)	Modified
45681	Disclosure Requirements (annual notice and opt-out notice)	Modified
19970	Consumer Reporting Requirements	Modified

ICR Details

OMB Control No: 1557-0302	ICR Reference No: 201107-1557-054
Status: Historical Active	Previous ICR Reference No: 200610-1550-002
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: 07/21/2011
	Date Received in OIRA: 07/21/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2013	36 Months From Approved
Responses	68,378	0	67,007
Time Burden (Hours)	44,543	0	42,180
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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

Citations for New Statutory Requirements: None

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

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 47311	09/15/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 59603	11/18/2009
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Disclosure requirements (initial notice)
Consumer Reporting Requirements
Disclosure Requirements (annual notice and opt-out notice)

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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	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

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to: Miscellaneous Actions

Short Statement: 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.

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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)? No

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: 11/18/2009

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