Privacy of Consumer Financial Information (Gramm-Leach-Bliley Act Privacy Rule)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Privacy Rule - SS - FINAL - 2017.pdf	Supporting Statement A	Uploaded 2017-10-17	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
32343	New entrant review of internal policies in developing GLBA-implementing instructions		Modified
228665	Established entity dissemination of initial notices to new customers		New
185400	Established entity changes to privacy policies & related disclosures		Modified
185399	Established entity dissemination of annual disclosure		Modified
185398	Established entity review of GLBA-implementing policies & practices		Modified
185387	New entrant dissemination of initial disclosures		Modified
185386	New entrant creation of disclosure document		Modified

ICR Details

OMB Control No: 3084-0121	ICR Reference No: 201710-3084-003
Status: Active	Previous ICR Reference No: 201409-3084-002
Agency/Subagency: FTC	Agency Tracking No:
Title: Privacy of Consumer Financial Information (Gramm-Leach-Bliley Act Privacy Rule)
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: 11/22/2017
	Date Received in OIRA: 10/17/2017
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2020	36 Months From Approved	11/30/2017
Responses	163,300	0	122,460
Time Burden (Hours)	1,725,300	0	1,515,050
Cost Burden (Dollars)	0	0	0

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Abstract: The GLB Privacy Rule is designed to ensure that customers and consumers, subject to certain exceptions, will have access to the privacy policies of the financial institutions with which they conduct business. As mandated by the Gramm-Leach-Bliley Act, 15 U.S.C. 6801-6809, the Rule implements consumer disclosure requirements that are subject to the provisions of the PRA. The Rule requires financial institutions to disclose to consumers: (1) initial notice of the financial institution's privacy policy when establishing a customer relationship with a consumer and/or before sharing a consumer's non-public personal information with certain nonaffiliated third parties; (2) notice of the consumer's right to opt out of information sharing with such parties; (3) annual notice of the institution's privacy policy to any continuing customer; and (4) notice of changes in the institution's practices on information sharing. The Rule does not require recordkeeping. For PRA burden calculations the FTC has attributed to itself the burden for all motor vehicle dealers and then shares equally the remaining PRA burden with the Consumer Financial Protection Bureau (CFPB) for other types of financial institutions for which both agencies have enforcement authority regarding the GLB Privacy Rule.

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Authorizing Statute(s): US Code: 15 USC 6801 et seq. Name of Law: Gramm-Leach-Bliley Act
   PL: Pub.L. 111 - 203 1024, 1029, 1061 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1024, 1029, 1061 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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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:
	82 FR 31604	07/07/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 48081	10/16/2017
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 7

table that charts list of burden

IC Title	Form No.	Form Name
New entrant dissemination of initial disclosures
New entrant creation of disclosure document
Established entity changes to privacy policies & related disclosures
New entrant review of internal policies in developing GLBA-implementing instructions
Established entity review of GLBA-implementing policies & practices
Established entity dissemination of annual disclosure
Established entity dissemination of initial notices to new customers

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ICR Summary of Burden

table that charts list 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	163,300	122,460	0	0	40,840	0
Annual Time Burden (Hours)	1,725,300	1,515,050	0	0	210,250	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: Staff has slightly adjusted upward the FTC portion of the annual burden costs from 1,515,050 (2014) to 1,725,300 annual hours (2017).

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Annual Cost to Federal Government: $380,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 10/17/2017

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