Reporting and Disclosure Requirements Associated with Regulation P (Privacy of Consumer Financial Information)

ICR 200904-7100-006

OMB: 7100-0294

Federal Form Document

Forms and Documents
Document
Name
Status
Justification for No Material/Nonsubstantive Change
2009-04-21
ICR Details
7100-0294 200904-7100-006
Historical Active 200608-7100-021
FRS Reg P
Reporting and Disclosure Requirements Associated with Regulation P (Privacy of Consumer Financial Information)
No material or nonsubstantive change to a currently approved collection   No
Delegated
Approved without change 04/24/2009
Retrieve Notice of Action (NOA) 04/24/2009
  Inventory as of this Action Requested Previously Approved
09/30/2009 09/30/2009 09/30/2009
450,380 0 411,875
299,673 0 369,330
0 0 0

Section 502 of the Gramm-Leach-Bliley Act prohibits a financial institution from disclosing nonpublic personal information about a consumer to nonaffiliated third parties unless the institutions satisfies various disclosure requirements (for example, provides a privacy notice and opt-out notice) and the consumer has not elected to opt-out of the disclosure.

US Code: 15 USC 6804 Name of Law: Gramm-Leach-Bliley Act
  
None

Not associated with rulemaking

  71 FR 37935 07/03/2006
71 FR 54658 09/18/2006
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 450,380 411,875 0 0 38,505 0
Annual Time Burden (Hours) 299,673 369,330 0 0 -69,657 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
Decrease in burden hours reflects an update in the number of consumers responding to opt-out notices and a shift in the number of respondents sending initial privacy notices, to sending annual and revised notices.

$0
No
No
Uncollected
Uncollected
No
Uncollected
John Schmidt 202-728-5859 john.schmidt@frb.gov

  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.
04/24/2009


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