Required Rulemaking on Personal Financial Data Rights

Forms and Documents

Document Name	Status
PL 111-203 (Dodd-Frank).pdf Supplementary Document	2023-11-07
3170-XXXX Supporting Statement (1033 NPRM).docx Supporting Statement A	2023-11-07

IC Document Collections

IC ID	Document Title	Status
263240	1033.341/1033.201/1033.301/1033.311 (ongoing)	New
263239	1033.341/1033.201/1033.301/1033.311 (ongoing)	New
263238	1033.341/1033.201/1033.301/1033.311 (one-time)	New
263237	1033.441 (ongoing)	New
263203	1033.441 (one-time)	New
263202	1033.351 (ongoing)	New
263201	1033.351 (one-time)	New

ICR Details

OMB Control No:	ICR Reference No: 202310-3170-001
Status: Received in OIRA	Previous ICR Reference No:
Agency/Subagency: CFPB	Agency Tracking No:
Title: Required Rulemaking on Personal Financial Data Rights
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: 11/07/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	59,524	0
Time Burden (Hours)	12,363,720	0
Cost Burden (Dollars)	133,959,000	0

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Abstract: The Consumer Financial Protection Bureau (CFPB) is proposing a rule to implement personal financial data rights under the Consumer Financial Protection Act of 2010 (CFPA). The proposed rule would require depository and non-depository entities to make available to consumers and authorized third parties certain data relating to consumers' transactions and accounts; establish obligations for third parties accessing a consumer's data, including important privacy protections for that data; provide basic standards for data access; and promote fair, open, and inclusive industry standards.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 1033 Name of Law: Consumer Financial Protection Act of 2010
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA78	Proposed rulemaking	88 FR 74796	10/31/2023

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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: 7

IC Title	Form No.	Form Name
1033.341/1033.201/1033.301/1033.311 (one-time)
1033.341/1033.201/1033.301/1033.311 (ongoing)
1033.341/1033.201/1033.301/1033.311 (ongoing)
1033.351 (one-time)
1033.351 (ongoing)
1033.441 (one-time)
1033.441 (ongoing)

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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	59,524	0	0	59,524	0	0
Annual Time Burden (Hours)	12,363,720	0	0	12,363,720	0	0
Annual Cost Burden (Dollars)	133,959,000	0	0	133,959,000	0	0

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

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: There are neither program changes nor adjustments to an existing information collection. This is a new information collection. The proposed rule is a new regulation and has both one-time and ongoing burden hours and costs. Regarding the requested annual burden (accounting for both one-time and ongoing costs) approximately 84% of the total is comprised of the one-time (implementation) burden hours with the remaining 16% being comprised of the ongoing burden hours.

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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]? Yes

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: 11/07/2023

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