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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:
3133-0163
ICR Reference No:
202001-3133-001
Status:
Historical Active
Previous ICR Reference No:
201607-3133-001
Agency/Subagency:
NCUA
Agency Tracking No:
OCFP
Title:
Privacy of Consumer Financial Information, Regulation P, 12 CFR Part 1016
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
03/02/2020
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/27/2020
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2023
36 Months From Approved
02/29/2020
Responses
1,365,319
0
1,151,982
Time Burden (Hours)
383,124
0
386,104
Cost Burden (Dollars)
0
0
0
Abstract:
Regulation P (12 CFR part 1016) requires credit unions to disclose its privacy policies to customers as well as offer customers a reasonable opportunity to opt out-in whole or in part-of those policies to further restrict the release of their personal financial information to nonaffiliated third parties. Credit unions are required to provide an initial privacy notice to customers that is clear and conspicuous, an annual notice of the privacy policies and practices of the institution, a revised notice to customers if triggered by specific changes to the existing policy, and a notice of the right of the customer to opt out of the institution’s information sharing practices. Consumers who choose to exercise their opt-out right document this choice by returning an opt-out form or other permissible method. This information collection is needed to evidence compliance with title V of the Gramm-Leach-Bliley Act.
Authorizing Statute(s):
PL:
Pub.L. 106 - 102 504
Name of Law: Gramm-Leach-Bliley Act
PL:
Pub.L. 111 - 203 1093
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
84 FR 61941
11/14/2019
30-day Notice:
Federal Register Citation:
Citation Date:
85 FR 3430
01/21/2020
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Annual and Revised Privacy Notices to Consumers
Exercise of Consumers' Right to Opt Out
FICU Disclosure Requirements
Opt Out Notice to Consumers
Privacy of Consumer Financial Information Requirements for Insurance, 12 CFR Part 716 and Requirements for Insurance, 12 CFR Part 741
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
1,365,319
1,151,982
0
0
213,337
0
Annual Time Burden (Hours)
383,124
386,104
0
0
-2,980
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:
Burden adjustments due to (1) the number of regulated entities has decreased; (2) the 73 respondents should have provided a clear and conspicuous notice to customers and consumers that accurately reflect its privacy policies and practices. The estimated number of respondents has been reduced from 73 to 11 (the estimated number of new credit unions that need to provide the initial notice); (3) the NCUA believes the FAST Act amendment providing an exception to the annual privacy notice requirement results in reduced burden under Regulation P. Therefore, the estimated number of respondents providing the annual or revised private notice, and the opt-out notice to consumers, has been reduced, and (4) the NCUA believes the time to comply with the initial privacy notice has decreased due to technological advances. These adjustment reduced the burden by 2,980 for a total of 383,124 burden hours requested.
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?
Uncollected
Agency Contact:
Grace Lee 703 518-1156
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:
01/27/2020
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