Privacy of Consumer Financial Information

Forms and Documents

Document Name	Status
1557-0216.forNonsub.change.doc Justification for No Material/Nonsubstantive Change	2011-08-15
1557-0216.doc Supporting Statement A	2009-12-03

IC Document Collections

IC ID	Document Title	Status
20116	Privacy of Consumer Financial Information	Modified

ICR Details

OMB Control No: 1557-0216	ICR Reference No: 201108-1557-003
Status: Historical Active	Previous ICR Reference No: 200910-1557-001
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: Privacy of Consumer Financial Information
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/29/2011
	Date Received in OIRA: 08/17/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2013	03/31/2013	03/31/2013
Responses	15,099,629	0	15,031,251
Time Burden (Hours)	3,822,127	0	3,777,584
Cost Burden (Dollars)	0	0	0

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Abstract: This collection implements the Gramm-Leach-Bliley Act, which requires the OCC to issue regulations to set out notice requirements and restrictions on a bank's ability to disclose nonpublic personal information about consumers to nonaffiliated third parties. Consumers use the privacy notice to determine whether they want personal information disclosed to nonaffiliated third parties. Institutions use the opt out information to determine the wishes of their consumers and act appropriately.

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Authorizing Statute(s): PL: Pub.L. 106 - 102 504 Name of Law: Gramm-Leach-Bliley Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

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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:
	74 FR 56923	11/03/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 1840	01/13/2010
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
Privacy of Consumer Financial Information

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ICR Summary of Burden

	Total Approved	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	15,099,629	15,031,251	68,378	0	0	0
Annual Time Burden (Hours)	3,822,127	3,777,584	44,543	0	0	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: The increase in burden is due to the increase in the number in the number of responses as a result of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act. Consumers use the privacy notice to determine whether they want personal information disclosed to third parties that are not affiliated with the institution. Further, consumers use the opt-out notice mechanism to advise the bank of their wishes regarding disclosure of their personal information. Institutions use the opt-out information to determine the wishes of their consumers and to act in accordance with their customers' instructions.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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? Uncollected

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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: 08/17/2011

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