Privacy of Consumer Financial Information (Gramm-Leach-Bliley Act Privacy Rule)
Extension without change of a currently approved collection
No
Regular
11/05/2020
Requested
Previously Approved
36 Months From Approved
01/31/2021
128,225
163,300
1,345,350
1,725,300
0
0
The Federal Trade Commission ("FTC") seeks renewed clearance for the the information collection requirements in its Privacy of Consumer Financial Information ("GLB Privacy Rule"). 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.
There are no program changes. The differences in burden estimates from the prior clearance reflect updates in the estimated number of financial institutions and motor vehicle dealers subject to the Rule. As part of this renewal, the FTC has revised its Information Collection List to better reflect the organization and information burden of the Rule. As explained in Section 12, the FTC estimates burden under the Rule separately for (a) motor vehicle dealers that are solely subject to FTC authority and (b) non-motor vehicle dealer financial institutions for which the FTC and CFPB share enforcement authority. To reflect this estimation method, the FTC has revised the Information Collection List to list separate burden estimates for these categories of entities.
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.
2020 GLB Privacy Rule Supporting Statement.pdf
New Entrant Financial Institutions: Review of internal policies in developing GLBA-implementing instructions