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) 2018 renewal-30-day FRN.pdf Supporting Statement A	2018-12-21

IC Document Collections

IC ID	Document Title	Status
213651	Regulation P Notices and Disclosures	Modified

ICR Details

OMB Control No: 3170-0010	ICR Reference No: 201808-3170-005
Status: Active	Previous ICR Reference No: 201507-3170-003
Agency/Subagency: CFPB	Agency Tracking No:
Title: Privacy of Consumer Financial Information (Regulation P) 12 CFR 1016
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/07/2019
	Date Received in OIRA: 12/21/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2022	36 Months From Approved	08/31/2019
Responses	466,125	0	466,125
Time Burden (Hours)	312,916	0	366,134
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 Bureau of Consumer Financial Protection (Bureau) 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: PL: Pub.L. 114 - 94 75001 Name of Law: Gramm-Leach-Bliley 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:
	83 FR 49370	10/01/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 65642	12/21/2018
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	466,125	0	0	0	0
Annual Time Burden (Hours)	312,916	366,134	-53,218	0	0	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: The Burden changes reflected above are as a result of a final rule published August 17th 2018 in which the Bureau published a final rule (83 FR 40945) making changes to regulation P in order to conform with legislative changes to the GLBA. The final rule implements a December 2015 statutory amendment to the GLBA providing an exception to this annual notice requirement for financial institutions that meet certain conditions. The Bureau believes that this amendment results in reduced burden under Regulation P. The change in total respondents is due to the Bureau correcting an earlier clerical error in its previous filing by accounting for the number of individuals who respond to the opt-out notice. The total number of respondents has not changed; it is just now being accurately accounted.

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Annual Cost to Federal Government: $0

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: 12/21/2018

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