Standards for Safeguarding Customer Information ("Safeguards Rule")

Forms and Documents

Document Name	Status
NOA.pdf Supplementary Document	2023-11-07
GLB Safeguards Rule_Supporting Statement 2023_Final.pdf Supporting Statement A	2023-11-07

IC Document Collections

IC ID	Document Title	Status
244758	Reporting of Security Events Other-Form that will be made available on FTC website to facilit	Modified

ICR Details

OMB Control No: 3084-0171	ICR Reference No: 202311-3084-002
Status: Received in OIRA	Previous ICR Reference No: 202012-3084-001
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: 11/13/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	115	0
Time Burden (Hours)	575	0
Cost Burden (Dollars)	0	0

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Abstract: The Federal Trade Commission (“FTC” or “Commission”) is finalizing proposed amendments to its Standards for Safeguarding Customer Information (“Safeguards Rule”), 16 CFR part 314, which require financial institutions to report to the Commission a notification event where unencrypted customer information involving 500 or more consumers is acquired without authorization.

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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	Final or interim final rulemaking	88 FR 77499	11/13/2023

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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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	115	0	0	115	0	0
Annual Time Burden (Hours)	575	0	0	575	0	0
Annual Cost Burden (Dollars)	0	0	0	37,950	-37,950	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: As part of this rulemaking, the Commission issued a Notice of Proposed Rulemaking (“NPRM”) in 2019,1 as well as a Supplemental Notice of Proposed Rulemaking (“SNPRM”) in 2021. Upon publication of the SNPRM, the Commission previously submitted an associated clearance request with Supporting Statement to OMB. In response, OMB filed a comment on February 4, 2022, requesting that the Commission resubmit the clearance request upon finalizing the proposed rule. Any differences between the FTC's initial clearance request and the instant clearance request are due to minor changes in the finalized information collection requirement and the use of updated mean wage rates.

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Annual Cost to Federal Government: $18,903

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.     Yes

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: 11/13/2023

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