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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3038-0055
ICR Reference No:
200912-3038-001
Status:
Historical Inactive
Previous ICR Reference No:
200708-3038-003
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Privacy of Consumer Financial Information
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Preapproved
Conclusion Date:
04/18/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/19/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2013
36 Months From Approved
01/31/2012
Responses
364,135
0
342,900
Time Burden (Hours)
6,186
0
13,245
Cost Burden (Dollars)
1,290,576
0
1,215,315
Abstract:
Pursuant to amendument to the Commodity Exchange Act found in the Food, Conservation, and Energy Act of 2008, Pub. L No. 110-246, 122 Stat. 1651, 2189-2204 (2008), the Commission has propsed a comprehensive set of rules applicable to intermediaries and counterparties engaged in the offer and sale of off-exchange forex contracts to retail customers. Because the Ace and the proposed regulations will require the registration of previously unregistered intermediaries, the number of registrants required to provide privacy notices to customers is expected to rise.
Authorizing Statute(s):
PL:
Pub.L. 110 - 246 122 Stat. 1651,2189-224
Name of Law: Food Conservation, and Energy Act of 2008
Citations for New Statutory Requirements:
PL: Pub.L. 110 - 246 122 Stat. 1651, 2189-2204 Name of Law: Farm Bill
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3038-AC61
Proposed rulemaking
75 FR 3282
01/20/2010
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
75 FR 3282
01/20/2010
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Privacy of Consumer Financial Information
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
364,135
342,900
0
21,235
0
0
Annual Time Burden (Hours)
6,186
13,245
0
-7,059
0
0
Annual Cost Burden (Dollars)
1,290,576
1,215,315
0
75,261
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:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
The passage of the Farm Bill requires previously unregistered persons to become registered with the Commission. These new registrants must, in turn, comply with the Part 160 requirements. The difference in burden hours from the last information collection renewal reflects the fact that the biggest burden in time and expense is borne by new registrants those that must prepare and distribute a privacy notice for the first time. The carryover 3,833 registrants need only mail the notice on an annual basis, which is a negligible burden.
Annual Cost to Federal Government:
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?
Yes
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
John Nowlin 202-418-5427
Common Form ICR:
No
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:
02/19/2010
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