Privacy of Consumer Financial Information

Forms and Documents

Document Name	Status
SPST-0136 - Privacy of Consumer Financial Information (2022) FINAL.docx Supporting Statement A	2022-02-28
FR2-0136 Privacy of Consumer Information 87 FR 7449 February 9, 2022.pdf Supplementary Document	2022-02-28
FR1-0136 Privacy of Consumer Informations 86 FR 69033 December 6 2021 .pdf Supplementary Document	2022-02-28

IC Document Collections

IC ID	Document Title	Status
44178	Consumer opt-out/status update	Modified
203477	Opt-out notice	Modified
203476	Initial notice to consumers	Modified
203472	Annual notice and change in terms	Modified

ICR Details

OMB Control No: 3064-0136	ICR Reference No: 202108-3064-003
Status: Received in OIRA	Previous ICR Reference No: 201902-3064-002
Agency/Subagency: FDIC	Agency Tracking No:
Title: Privacy of Consumer Financial Information
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 02/28/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	03/31/2022
Responses	436,205	408,919
Time Burden (Hours)	123,510	141,326
Cost Burden (Dollars)	0	0

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Abstract: The elements of this information collection are required under section 504 of the Gramm-Leach-Bliley Act (Act), Public Law No. 106-102. Section 502 of the Act prohibits a financial institution from disclosing nonpublic personal information about a consumer to nonaffiliated third parties unless the institution satisfies various disclosure requirements (i.e., provides a privacy notice and opt out notice) and the consumer has not elected to opt out of the disclosure.

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Authorizing Statute(s): US Code: 15 USC 6803 Name of Law: Gramm-Leach-Bliley Act
   US Code: 15 USC 6804 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:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 69033	12/06/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 7449	02/09/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Annual notice and change in terms
Consumer opt-out/status update
Initial notice to consumers
Opt-out notice

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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	436,205	408,919	0	0	27,286	0
Annual Time Burden (Hours)	123,510	141,326	0	0	-17,816	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: No

Burden Reduction Due to:

Short Statement:

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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.     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: 02/28/2022

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