Standards for Safeguarding Customer Information ("Safeguards Rule")

Forms and Documents

Document Name	Status
Safeguards Rule SNPRM OMB Supporting Statement.pdf Supporting Statement A	2021-11-29

IC Document Collections

IC ID	Document Title	Status
244758	Reporting of Security Events	New

ICR Details

OMB Control No:	ICR Reference No: 202012-3084-001
Status: Received in OIRA	Previous ICR Reference No:
Agency/Subagency: FTC	Agency Tracking No:
Title: Standards for Safeguarding Customer Information ("Safeguards Rule")
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 12/09/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	110	0
Time Burden (Hours)	550	0
Cost Burden (Dollars)	31,900	0

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Abstract: The Safeguards Rule establishes standards for financial institutions relating to administrative, technical, and physical safeguards for certain information. The FTC proposes an amendment to require covered financial institutions to report security events where the financial institution has determined misuse of customer information has occurred or is reasonably possible and that at least 1,000 consumers have been affected or reasonably may be affected.

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Authorizing Statute(s): US Code: 15 USC 6801 Name of Law: Gramm-Leach-Bliley Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3084-AB35	Proposed rulemaking	86 FR 70062	12/09/2021

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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
Reporting of Security Events

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ICR Summary of Burden

	Total Request	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	110	0	0	0	110	0
Annual Time Burden (Hours)	550	0	0	0	550	0
Annual Cost Burden (Dollars)	31,900	0	0	0	31,900	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: No

Burden Reduction Due to:

Short Statement: The Federal Trade Commission proposes an amendment to require covered financial institutions to report security events where the financial institution has determined misuse of customer information has occurred or is reasonably possible and that at least 1,000 consumers have been affected or reasonably may be affected. FTC staff estimates that the proposed amendments will result in an estimated 550 burden hours, annualized, as well as $31,900 in labor costs.

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Annual Cost to Federal Government:

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.     No

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]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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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: 12/09/2021

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