Privacy of Consumer Financial Information (Gramm-Leach-Bliley Act Privacy Rule)
Extension without change of a currently approved collection
No
Regular
Approved without change
03/11/2024
01/19/2024
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
03/31/2027
36 Months From Approved
03/31/2024
138,975
0
128,225
1,454,850
0
1,345,350
0
0
0
The Federal Trade Commission (FTC) seeks renewed clearance for the information collection requirements in its Privacy of Consumer Financial Information Rule (Privacy Rule). The 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 Privacy Rule.
The Commission has adjusted upward the estimated number of covered motor vehicle dealers from 42,000 (2020-2021) to 47,000 (2023-2024). This leads to an increase in estimated annual burden hours of 109,500 from the prior renewal cycle.
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.
Privacy Rule Supporting Statement-2024-FINAL.pdf
New Entrant Financial Institutions: Review of internal policies in developing GLBA-implementing instructions