Privacy of Consumer Financial Information (Regulation P) 12 CFR 1016

Forms and Documents

Document	Type	Status	Availability
Non-Substantive Change Request 2014 rule change.docx	Justification for No Material/Nonsubstantive Change	Uploaded 2014-10-28	Available
Change Request - Remove Cost Burden.docx	Justification for No Material/Nonsubstantive Change	Uploaded 2014-01-23	Available
Supporting_Statement Reg P as Modified 7.20.2012.doc	Supporting Statement A	Uploaded 2012-07-20	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
213651	Notices and Disclosures	Other-Model forms	New
200119	Consumer Opt-out Notice		Removed
200118	Creating Disclosure Documents		Removed
200117	Changes to Privacy Policies and Disclosures (Ongoing)		Removed
200116	Reviewing Internal GLBA Policies (Ongoing)		Removed
200115	Reviewing Internal GLBA Policies (Initial)		Removed
200114	Opt-Out Notice		Removed
200113	Annual and Revised Notices		Removed
200112	Initial Notice	Other-Model Forms contained in Regulation	Removed

ICR Details

OMB Control No: 3170-0010	ICR Reference No: 201410-3170-003
Status: Historical Active	Previous ICR Reference No: 201401-3170-003
Agency/Subagency: CFPB	Agency Tracking No:
Title: Privacy of Consumer Financial Information (Regulation P) 12 CFR 1016
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/30/2014
	Date Received in OIRA: 10/28/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2015	07/31/2015	07/31/2015
Responses	13,100	0	467,213
Time Burden (Hours)	254,096	0	516,000
Cost Burden (Dollars)	0	0	0

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Abstract: Section 502 of the Gramm-Leach-Bliley Act (GLBA) (Pub. L. 106-102) generally prohibits a financial institution from sharing nonpublic personal information about a consumer with nonaffiliated third parties unless the institution satisfies various disclosure requirements (including provision of initial privacy notices, annual notices, notices of revisions to the institution's privacy policy, and opt-out notices) and the consumer has not elected to opt out of the information sharing. The CFPB is promulgating regulations to implement the GLB Act's notice requirements and restrictions on a financial institution's ability to disclose nonpublic personal information about consumers to nonaffiliated third parties.

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Authorizing Statute(s): PL: Pub.L. 106 - 102 502 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:
3170-AA06	Final or interim final rulemaking	76 FR 79025	12/21/2011

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 2685	01/19/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 25438	04/30/2012
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
Consumer Opt-out Notice
Changes to Privacy Policies and Disclosures (Ongoing)
Creating Disclosure Documents
Reviewing Internal GLBA Policies (Ongoing)
Initial Notice
Annual and Revised Notices
Opt-Out Notice
Notices and Disclosures
Reviewing Internal GLBA Policies (Initial)

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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	13,100	467,213	0	-454,113	0	0
Annual Time Burden (Hours)	254,096	516,000	0	-261,904	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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The Bureau is promulgating a final rule published October 28th 2014 at 79 FR 64057 in which it is amending Regulation P, which requires, among other things, that financial institutions provide an annual disclosure of their privacy policies to their customers. The amendment does not introduce any new or revised disclosure requirements but rather provides an alternative delivery method for this annual disclosure as currently required by Regulation P. Under the CFPB's new rule, financial institutions will be able to post privacy notices online instead of distributing. The new rule applies to both banks and those non-banks that are within the CFPB's jurisdiction under the GLBA. and creates no new requirements on any party. The Bureau estimates that the new option for providing the required disclosure will result in a reduction of 261,904 burden hours owing to entities taking advantage of the alternate delivery methods.

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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]? 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: 10/28/2014

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