Privacy of Consumer Financial Information (Gramm-Leach-Bliley Act Privacy Rule)

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 latest form for Privacy of Consumer Financial Information (Gramm-Leach-Bliley Act Privacy Rule) expires 2027-03-31 and is listed under ICR 202401-3084-002.

New Entrant Financial Institutions: Review of internal policies in developing GLBA-implementing instructions

Federal Enterprise Architecture: Economic Development - Financial Sector Oversight