Privacy of Consumer Financial Information

ICR 201904-3038-003

OMB: 3038-0055

Federal Form Document

Forms and Documents
IC Document Collections
ICR Details
3038-0055 201904-3038-003
Historical Active 201709-3038-001
Privacy of Consumer Financial Information
Revision of a currently approved collection   No
Approved without change 04/25/2019
Retrieve Notice of Action (NOA) 04/25/2019
  Inventory as of this Action Requested Previously Approved
04/30/2020 36 Months From Approved 08/31/2019
264,955 0 378,568
8,458 0 9,594
0 0 0

The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376 (2010), broadened the Commission's regulatory authority under the Gramm-Leach-Bliley Act ("GLB Act") to cover two new entities: Swap Dealers and Major Swap Participants, in addition to Futures Commission Merchants, Commodity Trading Advisors, Commodity Pool Operators, and Introducing Brokers, Specifically, amendments to the GLB Act found in section 1093 of the Dodd-Frank Act, reaffirmed the Commission's authority to promulgate regulations to require entities that are subject to the Commission's jurisdiction to provide certain privacy protections for consumer financial information. These regulations were later extended to Retail Foreign Exchange Dealers. The Commission's privacy provisions, found in part 160, require those subject to the regulations to adopt appropriate policies and procedures to safeguard customer records and information, by providing initial and annual privacy notices to customers, and by providing opt-out provisions to the extent that those subject to the regulations wish to share such records and information with non-affiliates. The proposed revisions implement the Fixing America’s Surface Transportation Act’s (“FAST Act”) December 2015 statutory amendment to the GLB Act by providing an exception to the annual notice requirement in Commission regulation 160.5 under certain conditions.

US Code: 7 USC 7b-2 and 12a(5) Name of Law: Gramm-Leach-Blley Act
   US Code: 15 USC 6801, et seq. Name of Law: Gramm-Leach Bliley Act
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd - Frank Act

3038-AE80 Final or interim final rulemaking 84 FR 17341 04/25/2019


IC Title Form No. Form Name
Privacy of Consumer Financial Information

  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 264,955 378,568 0 -113,613 0 0
Annual Time Burden (Hours) 8,458 9,594 0 -1,136 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Changing Regulations
On December 4, 2015, Congress amended the GLB Act as part of the FAST Act. This amendment, titled “Eliminate Privacy Notice Confusion,” added section 503(f) to the GLB Act to limit the circumstances under which a financial institution must provide a privacy notice to its customers on an annual basis. The Commission is proposing to amend Commission regulation 160.5 to reflect this amendment to the GLB Act.

Gail Scott 202 418-5139 [email protected]


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:
    (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;
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.

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