Privacy of Consumer Financial Information, Regulation P, 12 CFR Part 1016

Forms and Documents

Document	Type	Status	Availability
FINAL_3133-0163_Supporting Statement_012720.docx	Supporting Statement A	Uploaded 2020-01-27	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
32818	Privacy of Consumer Financial Information Requirements for Insurance, 12 CFR Part 716 and Requirements for Insurance, 12 CFR Part 741		Removed
223407	Exercise of Consumers' Right to Opt Out		Modified
223406	Opt Out Notice to Consumers		Removed
223405	Annual and Revised Privacy Notices to Consumers		Removed
223403	FICU Disclosure Requirements	Other-Model Privacy Forms	Modified

ICR Details

OMB Control No: 3133-0163	ICR Reference No: 202001-3133-001
Status: Active	Previous ICR Reference No: 201607-3133-001
Agency/Subagency: NCUA	Agency Tracking No: OCFP
Title: Privacy of Consumer Financial Information, Regulation P, 12 CFR Part 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: 03/02/2020
	Date Received in OIRA: 01/27/2020
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2023	36 Months From Approved	02/29/2020
Responses	1,365,319	0	1,151,982
Time Burden (Hours)	383,124	0	386,104
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation P (12 CFR part 1016) requires credit unions to disclose its privacy policies to customers as well as offer customers a reasonable opportunity to opt out-in whole or in part-of those policies to further restrict the release of their personal financial information to nonaffiliated third parties. Credit unions are required to provide an initial privacy notice to customers that is clear and conspicuous, an annual notice of the privacy policies and practices of the institution, a revised notice to customers if triggered by specific changes to the existing policy, and a notice of the right of the customer to opt out of the institution’s information sharing practices. Consumers who choose to exercise their opt-out right document this choice by returning an opt-out form or other permissible method. This information collection is needed to evidence compliance with title V of the Gramm-Leach-Bliley Act.

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Authorizing Statute(s): PL: Pub.L. 106 - 102 504 Name of Law: Gramm-Leach-Bliley Act
   PL: Pub.L. 111 - 203 1093 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection 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:
	84 FR 61941	11/14/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 3430	01/21/2020
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Opt Out Notice to Consumers
FICU Disclosure Requirements
Exercise of Consumers' Right to Opt Out
Privacy of Consumer Financial Information Requirements for Insurance, 12 CFR Part 716 and Requirements for Insurance, 12 CFR Part 741
Annual and Revised Privacy Notices to Consumers

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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	1,365,319	1,151,982	0	0	213,337	0
Annual Time Burden (Hours)	383,124	386,104	0	0	-2,980	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: Burden adjustments due to (1) the number of regulated entities has decreased; (2) the 73 respondents should have provided a clear and conspicuous notice to customers and consumers that accurately reflect its privacy policies and practices. The estimated number of respondents has been reduced from 73 to 11 (the estimated number of new credit unions that need to provide the initial notice); (3) the NCUA believes the FAST Act amendment providing an exception to the annual privacy notice requirement results in reduced burden under Regulation P. Therefore, the estimated number of respondents providing the annual or revised private notice, and the opt-out notice to consumers, has been reduced, and (4) the NCUA believes the time to comply with the initial privacy notice has decreased due to technological advances. These adjustment reduced the burden by 2,980 for a total of 383,124 burden hours requested.

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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: 01/27/2020

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