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

Forms and Documents

Document Name	Status
Non-Substantive Change Request 2014 rule change.docx Justification for No Material/Nonsubstantive Change	2014-10-28
Change Request - Remove Cost Burden.docx Justification for No Material/Nonsubstantive Change	2014-01-23
3170-0010 GLB (P) 2015 renewal SS-30day-final.pdf Supporting Statement A	2015-07-23

IC Document Collections

IC ID	Document Title	Status
213651	Regulation P Notices and Disclosures Other-Model forms	Modified

ICR Details

OMB Control No: 3170-0010	ICR Reference No: 201507-3170-003
Status: Historical Active	Previous ICR Reference No: 201410-3170-003
Agency/Subagency: CFPB	Agency Tracking No:
Title: Privacy of Consumer Financial Information (Regulation P) 12 CFR 1016
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/22/2015
	Date Received in OIRA: 07/23/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2018	36 Months From Approved	09/30/2015
Responses	466,125	0	13,100
Time Burden (Hours)	366,134	0	254,096
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation P implements the requirements of GLBA to provide consumers with financial institutions' privacy policies and practices, as well as describing when the consumer's information may be shared with nonaffiliated third parties, and provides a method for consumers to prevent disclosure of their information to non-affiliated third parties by "opting out" of that disclosure. Regulation P details the specifics of how GLBA should be implemented, which companies and situations this applies to, and the method of delivering the information to consumers. 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 Consumer Financial Protection Bureau (CFPB) promulgated regulation P 12 CFR 1016 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 26234	05/04/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 43761	07/23/2015
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
Regulation P Notices and Disclosures

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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	466,125	13,100	0	0	453,025	0
Annual Time Burden (Hours)	366,134	254,096	0	0	112,038	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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: No

Burden Reduction Due to:

Short Statement: Analysis by the Bureau of previously stated burden shows that the initial total burden was 112,038 hours greater than previous stated. Thus, the Bureau is adjusting the current burden to be (254,096 + 112,038) = 366,134 hours. The change in the number of respondents reflects an improved methodology of calculation, and therefore the new requests should be seen as a more accurate representation of the true effect of Regulation P.

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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: 07/23/2015

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