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

Forms and Documents

Document Name	Status
Red Flag SUPPORTING STATEMENT GBS 04 02 12.docx Supporting Statement A	2012-05-04
60-day FRN (3-2012).pdf Supplementary Document	2012-05-04

IC Document Collections

IC ID	Document Title	Status
194902	Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act	Modified

ICR Details

OMB Control No: 3038-0067	ICR Reference No: 201205-3038-002
Status: Historical Inactive	Previous ICR Reference No: 201107-3038-006
Agency/Subagency: CFTC	Agency Tracking No:
Title: Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 09/25/2012
	Date Received in OIRA: 05/14/2012
Terms of Clearance: In its submission of collection during the final rule stage, CFTC will itemize in the supporting statement specifically what information the rule associated with the ICR will be collected and kept as record for the purpose of ensuring that their Programs met requirements to detect, prevent, and mitigate identity theft in connection with the opening of a covered account or any existing covered account. OMB files this comment in accordance with 5 CFR 1320.11( c ). This OMB action is not an approval to conduct or sponsor an information collection under the Paperwork Reduction Act of1995. This action has no effect on any current approvals. If OMB has assigned this ICR a new OMB Control Number, the OMB Control Number will not appear in the active inventory. For future submissions of this information collection, reference the OMB Control Number provided. Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will describe in the preamble of the final rule how the agency has maximized the practical utility of the collection and minimized the burden. The next submission to OMB must include the draft final rule.

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

---

Abstract: The CFTC and the SEC are jointly issuing proposed rules and guidelines to implement new statutory provisions enacted by Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These provisions amend section 615(e) of the Fair Credit Reporting Act and direct the two Commissions to prescribe rules requiring entities that are subject to the Commissions' jurisdict to address identity theft.

---

Authorizing Statute(s): US Code: 15 USC 1681s(b)(1); 1681W, 1681a(r)(5 Name of Law: FCRA-Identiy Theft
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Act
   PL: Pub.L. 108 - 159 117 Stat. 1952 (2003) Name of Law: FACT Act
   US Code: 15 USC 6801 Name of Law: FCRA-ID Red Flag
   US Code: 31 USC 5318(l) Name of Law: FCRA-ID Verification
  

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

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AL26	Proposed rulemaking	77 FR 13450	03/06/2012

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 13450	03/06/2012
Did the Agency receive public comments on this ICR? No

---

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

---

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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The current OMB approved inventory of 288400 is incorrect. It was based on incorrect data. The correct OMB approved inventory should be 13,715.73. Using this number, the current proposed amendment increases the burden by 2,343.27.

---

Annual Cost to Federal Government:

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

---

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: 05/14/2012

---