Notice2024-01002
Agency Information Collection Activities; Proposed Collection; Comment Request; Extension
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 19, 2024
Issuing agencies
Federal Trade Commission
Abstract
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Federal Trade Commission (FTC or Commission) is seeking public comment on its proposal to extend for an additional three years the current Paperwork Reduction Act (PRA) clearance for its information collection requirements in the Privacy of Consumer Financial Information Rule (Privacy Rule or Rule). The current clearance expires on January 31, 2024.
Full Text
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<title>Federal Register, Volume 89 Issue 13 (Friday, January 19, 2024)</title>
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[Federal Register Volume 89, Number 13 (Friday, January 19, 2024)]
[Notices]
[Pages 3657-3658]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-01002]
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FEDERAL TRADE COMMISSION
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension
AGENCY: Federal Trade Commission.
ACTION: Notice.
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SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA),
the Federal Trade Commission (FTC or Commission) is seeking public
comment on its proposal to extend for an additional three years the
current Paperwork Reduction Act (PRA) clearance for its information
collection requirements in the Privacy of Consumer Financial
Information Rule (Privacy Rule or Rule). The current clearance expires
on January 31, 2024.
DATES: Comments must be filed by February 20, 2024.
ADDRESSES: Interested parties may file a comment online or on paper, by
following the instructions in the Request for Comment part of the
SUPPLEMENTARY INFORMATION section below. Written comments and
recommendations for the proposed information collection should be sent
within 30 days of publication of this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular information collection by selecting
``Currently under 30-day Review--Open for Public Comments'' or by using
the search function. The <a href="http://reginfo.gov">reginfo.gov</a> web link is a United States
Government website produced by the Office of Management and Budget
(OMB) and the General Services Administration (GSA). Under PRA
requirements, OMB's Office of Information and Regulatory Affairs (OIRA)
reviews Federal information collections.
FOR FURTHER INFORMATION CONTACT: Jennifer Rimm, Attorney, Division of
Privacy and Identity Protection, Bureau of Consumer Protection, Federal
Trade Commission, (202) 326-2277, <a href="/cdn-cgi/l/email-protection#4f253d2622220f293b2c61282039"><span class="__cf_email__" data-cfemail="5f352d3632321f392b3c71383029">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Title: Privacy of Consumer Financial
Information (Gramm-Leach-Bliley Act Privacy Rule), 16 CFR part 313.
OMB Control Number: 3084-0121.
Type of Review: Extension without change of currently approved
collection.
Affected Public: Private Sector: Businesses and other for-profit
entities.
Abstract:
The Privacy Rule is designed to ensure that customers and
consumers, subject to certain exceptions, will have access to the
privacy policies of the covered financial institutions with which they
conduct business--namely, motor vehicle dealers that do not routinely
extend credit to consumers directly without assigning the credit to
unaffiliated third parties (hereafter, ``motor vehicle dealers''). As
mandated by the Gramm-Leach-Bliley Act (``GLBA''), 15 U.S.C. 6801-6809,
the Rule requires motor vehicle dealers to disclose to consumers: (1)
initial notice of the financial institution's privacy policy when
establishing a customer relationship with a consumer and/or before
sharing a consumer's nonpublic personal information with certain
nonaffiliated third parties; (2) notice of the consumer's right to opt
out of information sharing with such parties; (3) annual notice of the
institution's privacy policy to any continuing customer; \1\ and (4)
notice of changes in the institution's practices on information
sharing. These requirements are subject to the PRA. The Rule does not
require recordkeeping. For PRA burden calculations, the FTC shares the
PRA burden with the Consumer Financial Protection Bureau (CFPB) for
financial institutions over which both agencies have enforcement
authority under the CFPB's regulation corresponding to the Privacy
Rule, titled Privacy of Consumer Financial Information (Regulation P),
12 CFR part 1016, and attributes to itself the burden for all motor
vehicle dealers. See 12 U.S.C. 5519.
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\1\ On December 4, 2015, Congress amended the GLBA as part of
the Fixing America's Surface Transportation Act (``FAST Act''). This
amendment, titled Eliminate Privacy Notice Confusion (FAST Act, Pub.
L. 114-94, section 75001) added new GLBA section 503(f). This
subsection provides an exception under which financial institutions
that meet certain conditions are not required to provide annual
privacy notices to customers. Section 503(f) requires that to
qualify for this exception, a financial institution must not share
nonpublic personal information about customers except as described
in certain statutory exceptions, under which sharing does not
trigger a customer's statutory right to opt out of the sharing. In
addition, section 503(f)(2) requires that the financial institution
must not have changed its policies and practices with regard to
disclosing nonpublic personal information from those that the
institution disclosed in the most recent privacy notice the customer
received. On December 9, 2021, the Privacy Rule was amended at 16
CFR 313.5(e) to incorporate this exception. The amendments were
effective January 10, 2022. 86 FR 70020 (Dec. 9, 2021).
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Estimated Annual Burden Hours: 1,454,850.
Estimated Annual Labor Costs: $35,820,366.
Request for Comment
On October 18, 2023, the FTC sought public comment on the
information collection requirements associated with the Rule. 88 FR
71861. No germane comments were received. Pursuant to the OMB
regulations, 5 CFR part 1320, that implement the PRA, 44 U.S.C. 3501 et
seq., the FTC is providing this second opportunity for public comment
while seeking OMB approval to renew the pre-existing clearance for the
Rule.
Your comment--including your name and your state--will be placed on
the public record of this proceeding. Because your comment will be made
public, you are solely responsible for making sure that your comment
does not include any sensitive personal information, such as anyone's
Social Security number; date of birth; driver's license number or other
state identification number, or foreign country equivalent; passport
number; financial account number; or credit or debit card number. You
are also solely responsible for making sure that your comment does not
include any sensitive health information, such as medical records or
other individually identifiable health information. In addition, your
comment should not include any ``trade secret or any commercial or
financial information which . . . is privileged or confidential'' --as
provided by section 6(f) of the FTC Act, 15 U.S.C. 46(f), and FTC Rule
4.10(a)(2), 16 CFR 4.10(a)(2)--including in particular competitively
sensitive information such as costs,
[[Page 3658]]
sales statistics, inventories, formulas, patterns, devices,
manufacturing processes, or customer names.
Josephine Liu,
Assistant General Counsel for Legal Counsel.
[FR Doc. 2024-01002 Filed 1-18-24; 8:45 am]
BILLING CODE 6750-01-P
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