Required Rulemaking on Personal Financial Data Rights

Forms and Documents

Document	Type	Status	Availability
3170-XXXX Supporting Statement (1033 Final Rule) (4).docx	Supporting Statement A	Uploaded 2024-12-06	Repair queued
PL 111-203 (Dodd-Frank).pdf	Supplementary Document	Uploaded 2023-11-07	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
263240	1033.341/1033.201/1033.301/1033.311 (ongoing)		Modified
263239	1033.341/1033.201/1033.301/1033.311 (ongoing)		Modified
263238	1033.341/1033.201/1033.301/1033.311 (one-time)		Modified
263237	1033.441 (ongoing)		Modified
263203	1033.441 (one-time)		Unchanged
263202	1033.351 Policies and procedures ongoing		Modified
263201	1033.351 1033.351 Policies and procedures -one time(one-time)		Modified

ICR Details

OMB Control No: 3170-0081	ICR Reference No: 202412-3170-001
Status: Received in OIRA	Previous ICR Reference No: 202310-3170-001
Agency/Subagency: CFPB	Agency Tracking No:
Title: Required Rulemaking on Personal Financial Data Rights
Type of Information Collection: Existing collection in use without an OMB Control Number	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 12/06/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	32,640	0
Time Burden (Hours)	7,105,235	0
Cost Burden (Dollars)	28,119,000	0

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Abstract: Section 1033 of the Consumer Financial Protection Act of 2010 (CFPA). CFPA Section 1033(a) and (b) provide that, subject to rules prescribed by the CFPB, a covered person shall make available to a consumer, upon request, information in the control or possession of the covered person concerning the consumer financial product or service that the consumer obtained from such covered person, subject to certain exceptions. The information must be made available in an electronic form usable by consumers. Section 1002 of the CFPA defines certain terms used in CFPA Section 1033, including defining consumer as “an individual or an agent, trustee, or representative acting on behalf of an individual.”

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Authorizing Statute(s): PL: Pub.L. 111 - 203 1033 Name of Law: Consumer Financial Protection Act of 2010
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA78	Final or interim final rulemaking	89 FR 90838	11/14/2024

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Federal Register Notices & Comments

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
1033.341/1033.201/1033.301/1033.311 (one-time)
1033.341/1033.201/1033.301/1033.311 (ongoing)
1033.341/1033.201/1033.301/1033.311 (ongoing)
1033.351 1033.351 Policies and procedures -one time(one-time)
1033.351 Policies and procedures ongoing
1033.441 (one-time)
1033.441 (ongoing)

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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	32,640	0	0	32,640	0	0
Annual Time Burden (Hours)	7,105,235	0	0	7,105,235	0	0
Annual Cost Burden (Dollars)	28,119,000	0	0	28,119,000	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This New regulation imposes additional record keeping and third-party disclosure requirements on respondents which add some burden, both one-time and ongoing

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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: 12/06/2024

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