Privacy of Consumer Financial Information (Regulation P)

Forms and Documents

Document Name	Status
3170-0010 (Regulation P) supporting statement.docx Supporting Statement A	2022-08-18
3170-0010 30-day FRN (published).pdf Supplementary Document	2022-08-16
3170-0010 60-day FRN (published).pdf Supplementary Document	2022-08-09

IC Document Collections

IC ID	Document Title	Status
255370	Reviewing Internal GBLA Policies (ongoing)	New
255368	Reviewing Internal GBLA Politicies (initial)	New
255367	Creating Disclosure Documents	New
255366	Changes to Privacy Policies and Disclosures (ongoing)	New
255365	Consumer Opt-Out Notice	New
255364	Annual and Revised Notices and Opt-Out Notices	New
213651	Initial Notice	Modified

ICR Details

OMB Control No: 3170-0010	ICR Reference No: 202208-3170-003
Status: Received in OIRA	Previous ICR Reference No: 201808-3170-005
Agency/Subagency: CFPB	Agency Tracking No:
Title: Privacy of Consumer Financial Information (Regulation P)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 08/18/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2022
Responses	466,125	466,125
Time Burden (Hours)	312,916	312,916
Cost Burden (Dollars)	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:
	87 FR 31535	05/24/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 49809	08/12/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 7

IC Title	Form No.	Form Name
Annual and Revised Notices and Opt-Out Notices
Changes to Privacy Policies and Disclosures (ongoing)
Consumer Opt-Out Notice
Creating Disclosure Documents
Initial Notice
Reviewing Internal GBLA Policies (ongoing)
Reviewing Internal GBLA Politicies (initial)

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ICR Summary of Burden

	Total Request	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	312,916	0	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 Bureau is making no program changes to this information collection.

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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? No

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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: 08/18/2022

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