Privacy of Consumer Financial Information

ICR 202002-3038-001

OMB: 3038-0055

Federal Form Document

Forms and Documents
Supporting Statement A
IC Document Collections
ICR Details
3038-0055 202002-3038-001
Active 201904-3038-003
Privacy of Consumer Financial Information
Extension without change of a currently approved collection   No
Approved without change 03/25/2020
Retrieve Notice of Action (NOA) 02/18/2020
  Inventory as of this Action Requested Previously Approved
03/31/2023 36 Months From Approved 04/30/2020
264,955 0 264,955
8,458 0 8,458
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. Section 124 of the Commodity Futures Modernization Act of 2000 (“CFMA”) amended the Commodity Exchange Act (the “Act”) and added a new Section 5g to the Act to (i) add that futures commission merchants, commodity trading advisors, commodity pool operators, and introducing brokers that are subject to CFTC jurisdiction with respect to any financial activity shall be treated as a financial institution for purposes of Title V, Subtitle A of the Gramm-Leach-Bliley Act (“GLB Act”), (ii) treat the Commission as a Federal functional regulator for purposes of applying the provisions of the GLB Act, and (iii) direct the Commission to prescribe regulations under Title V of the GLB Act. The Commission adopted regulations for these entities under part 160 and later extended them to retail foreign exchange dealers, swap dealers, and major swap participants. Part 160 requires those subject to the regulations, among other things, to provide privacy and opt out notices to customers and to adopt appropriate policies and procedures to safeguard customer records and information.

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

Not associated with rulemaking

  84 FR 67724 12/11/2019
85 FR 8849 02/18/2020

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 264,955 264,955 0 0 0 0
Annual Time Burden (Hours) 8,458 8,458 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0

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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