Standards for Safeguarding Customer Information ("Safeguards Rule")

ICR 202012-3084-001

OMB: 3084-0171

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2021-11-29
IC Document Collections
IC ID
Document
Title
Status
244758
New
ICR Details
202012-3084-001
Received in OIRA
FTC
Standards for Safeguarding Customer Information ("Safeguards Rule")
New collection (Request for a new OMB Control Number)   No
Regular 12/09/2021
  Requested Previously Approved
36 Months From Approved
110 0
550 0
31,900 0

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.

US Code: 15 USC 6801 Name of Law: Gramm-Leach-Bliley Act
  
None

3084-AB35 Proposed rulemaking 86 FR 70062 12/09/2021

No

1
IC Title Form No. Form Name
Reporting of Security Events

  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
No
No
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.

No
    No
    No
No
No
No
No
David Lincicum 202 326-2773 dlincicum@ftc.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.
12/09/2021


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