Privacy of Consumer Financial Information

Forms and Documents

Document Name	Status
FINAL 3038-0055 Supporting Statement 2018 NPRM RE FAST ACT (9-12-18).cle.._.docx Supporting Statement A	2018-11-27

IC Document Collections

IC ID	Document Title	Status
29107	Privacy of Consumer Financial Information	Modified

ICR Details

OMB Control No: 3038-0055	ICR Reference No: 201904-3038-003
Status: Historical Active	Previous ICR Reference No: 201709-3038-001
Agency/Subagency: CFTC	Agency Tracking No:
Title: Privacy of Consumer Financial Information
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/25/2019
	Date Received in OIRA: 04/25/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2020	36 Months From Approved	08/31/2019
Responses	264,955	0	378,568
Time Burden (Hours)	8,458	0	9,594
Cost Burden (Dollars)	0	0	0

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Abstract: The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376 (2010), broadened the Commission's regulatory authority under the Gramm-Leach-Bliley Act ("GLB Act") to cover two new entities: Swap Dealers and Major Swap Participants, in addition to Futures Commission Merchants, Commodity Trading Advisors, Commodity Pool Operators, and Introducing Brokers, Specifically, amendments to the GLB Act found in section 1093 of the Dodd-Frank Act, reaffirmed the Commission's authority to promulgate regulations to require entities that are subject to the Commission's jurisdiction to provide certain privacy protections for consumer financial information. These regulations were later extended to Retail Foreign Exchange Dealers. The Commission's privacy provisions, found in part 160, require those subject to the regulations to adopt appropriate policies and procedures to safeguard customer records and information, by providing initial and annual privacy notices to customers, and by providing opt-out provisions to the extent that those subject to the regulations wish to share such records and information with non-affiliates. The proposed revisions implement the Fixing America’s Surface Transportation Act’s (“FAST Act”) December 2015 statutory amendment to the GLB Act by providing an exception to the annual notice requirement in Commission regulation 160.5 under certain conditions.

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Authorizing Statute(s): US Code: 7 USC 7b-2 and 12a(5) Name of Law: Gramm-Leach-Blley Act
   US Code: 15 USC 6801, et seq. Name of Law: Gramm-Leach Bliley Act
   PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd - Frank Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3038-AE80	Final or interim final rulemaking	84 FR 17341	04/25/2019

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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: 1

IC Title	Form No.	Form Name
Privacy of Consumer Financial Information

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ICR Summary of Burden

	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	264,955	378,568	0	-113,613	0	0
Annual Time Burden (Hours)	8,458	9,594	0	-1,136	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to: Changing Regulations

Short Statement: On December 4, 2015, Congress amended the GLB Act as part of the FAST Act. This amendment, titled “Eliminate Privacy Notice Confusion,” added section 503(f) to the GLB Act to limit the circumstances under which a financial institution must provide a privacy notice to its customers on an annual basis. The Commission is proposing to amend Commission regulation 160.5 to reflect this amendment to the GLB Act.

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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.     Yes

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? Uncollected

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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: 12/10/2018

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