Privacy of Consumer Financial
Information (Gramm-Leach-Bliley Act Privacy Rule)
Extension without change of a currently approved collection
No
Regular
11/05/2020
Requested
Previously Approved
36 Months From Approved
01/31/2021
128,225
163,300
1,345,350
1,725,300
0
0
The Federal Trade Commission ("FTC")
seeks renewed clearance for the the information collection
requirements in its Privacy of Consumer Financial Information ("GLB
Privacy Rule"). 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.
There are no program changes.
The differences in burden estimates from the prior clearance
reflect updates in the estimated number of financial institutions
and motor vehicle dealers subject to the Rule. As part of this
renewal, the FTC has revised its Information Collection List to
better reflect the organization and information burden of the Rule.
As explained in Section 12, the FTC estimates burden under the Rule
separately for (a) motor vehicle dealers that are solely subject to
FTC authority and (b) non-motor vehicle dealer financial
institutions for which the FTC and CFPB share enforcement
authority. To reflect this estimation method, the FTC has revised
the Information Collection List to list separate burden estimates
for these categories of entities.
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.
2020 GLB Privacy Rule Supporting Statement.pdf
New Entrant Financial Institutions: Review of internal policies in developing GLBA-implementing instructions