View Information Collection Request (ICR) Package
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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:
3038-0067
ICR Reference No:
201607-3038-001
Status:
Historical Active
Previous ICR Reference No:
201304-3038-003
Agency/Subagency:
CFTC
Agency Tracking No:
Title:
Part 162 - Protection of Consumer Information under the Fair Credit Reporting Act
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
11/30/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/02/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2019
36 Months From Approved
11/30/2016
Responses
4,622
0
115,911
Time Burden (Hours)
10,723
0
405,689
Cost Burden (Dollars)
0
0
0
Abstract:
The CFTC and the SEC jointly issued final rules and guidelines to require certain regulated entities to establish programs to address risks of identity theft. Financial institutions and creditors, subject to the jurisdiction of each agency, must develop and implement ID theft prevention programs, and credit and debit card issuers must assess the validity of notifications of changes of addresses under certain circumstances. This collection of information is needed because under Part 162 Subpart C-Identify Theft, CFTC regulated entities are required to develop and implement reasonable policies and procedures to identify, detect, and respond to relevant red flags (the Identity Theft Red Flags Rules) and, in the case of entities that issue credit or debit cards, to assess the validity of, and communicate with cardholders regarding, address changes. The Commission uses the collection of information to discharge its regulatory responsibilities to protect investors from the risks of identity theft.
Authorizing Statute(s):
US Code:
15 USC 1681
Name of Law: FCRA-Identity Theft
PL:
Pub.L. 111 - 203 124 Stat. 1376 (2010)
Name of Law: Dodd-Frank Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 124 Stat. 1376 (2010) Name of Law: Dodd-Frank Wall Street Reform
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:
81 FR 35001
06/01/2016
30-day Notice:
Federal Register Citation:
Citation Date:
81 FR 50692
08/02/2016
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Collection 3038–0067, Part 162 Subpart C-Identity Theft Red Flags
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
4,622
115,911
0
-111,289
0
0
Annual Time Burden (Hours)
10,723
405,689
0
-394,966
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:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The estimated total annual burden decreased to 10,723 hours. The decrease in burden is primarily attributable to fewer newly formed CFTC- regulated entities.
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
Agency Contact:
Gail Scott 202 418-5139 gscott@cftc.gov
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:
08/02/2016
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