OMB.report

Federal forms, ICRs, and supporting documents

Information Collection Request

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

ICR 201409-3084-002 · OMB 3084-0121 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
Privacy Rule - SS - September 2014 - FINAL.pdf Supporting Statement A Uploaded 2014-09-16 Available
IC Document Collections
IC IDCollectionTypeStatusForm
32343 New entrant review of internal policies in developing GLBA-implementing instructions Modified
185400 Established entity changes to privacy policies & related disclosures Modified
185399 Established entity dissemination of annual disclosure Modified
185398 Established entity review of GLBA-implementing policies & practices Modified
185387 New entrant dissemination of initial disclosures Modified
185386 New entrant creation of disclosure document Modified
ICR Details
3084-0121 201409-3084-002
Historical Active 201201-3084-004
FTC
Privacy of Consumer Financial Information (Gramm-Leach-Bliley Act Privacy Rule)
Extension without change of a currently approved collection   No
Regular
Approved without change 10/17/2014
Retrieve Notice of Action (NOA) 09/16/2014
  Inventory as of this Action Requested Previously Approved
10/31/2017 36 Months From Approved 10/31/2014
122,460 0 123,240
1,515,050 0 1,524,700
0 0 0
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.
US Code: 15 USC 6801 et seq. Name of Law: Gramm-Leach-Bliley Act
   PL: Pub.L. 111 - 203 1024, 1029, 1061 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  
PL: Pub.L. 111 - 203 1024, 1029, 1061 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Not associated with rulemaking
  79 FR 35158 06/19/2014
79 FR 55489 09/16/2014
No
  Total Approved 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 122,460 123,240 0 0 -780 0
Annual Time Burden (Hours) 1,515,050 1,524,700 0 0 -9,650 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The FTC has slightly adjusted downward the FTC's portion of the annual burden costs from 1,524,700 (2012) to 1,515,050 annual hours (2014).
$380,000
No
No
No
Yes
No
Uncollected
Jessica Lyon 202 326-2344 [email protected]
  No
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.
09/16/2014