Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act

Forms and Documents

Document	Type	Status	Availability
FCRA FACT Act Supporting_Statement Final Rule Amended GBS 07 21 11 (2).docx	Supporting Statement A	Uploaded 2011-07-25	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
194902	Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act		Modified

ICR Details

OMB Control No: 3038-0067	ICR Reference No: 201107-3038-006
Status: Historical Active	Previous ICR Reference No: 201010-3038-003
Agency/Subagency: CFTC	Agency Tracking No:
Title: Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act
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: 12/20/2011
	Date Received in OIRA: 09/06/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2014	36 Months From Approved
Responses	82,400	0	0
Time Burden (Hours)	288,400	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Section 1088 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amends the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act of 2003, to require FCMs, RFEDs, CTAs, CPOs, IBs, SDs, and MSPs that possess nonpublic, consumer information to: (a) provide consumers with the opportunity to prohibit affiliates from using their information to make solicitations for marketing purposes; and (b) develop and implements a written disposal program for such information.

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Authorizing Statute(s): PL: Pub.L. 111 - 230 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
   US Code: 15 USC 1681-1681x Name of Law: Fair and Accurate Credit Transations Act (2003)
   PL: Pub.L. 108 - 159 117 Stat. 1956, 1980 (2003) Name of Law: FACT Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Wall Street Reform

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AD12	Final or interim final rulemaking	76 FR 43879	07/22/2011

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 66018	10/27/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 43879	07/22/2011
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
Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act

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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	82,400	0	0	82,400	0	0
Annual Time Burden (Hours)	288,400	0	0	288,400	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: Changing Regulations

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

Burden Reduction Due to:

Short Statement: Burden change as result of Statutory Requirements.

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Annual Cost to Federal Government: $713,300

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]? No

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

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: 09/06/2011

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