[Federal Register Volume 72, Number 98 (Tuesday, May 22, 2007)]
[Notices]
[Page 28686]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 07-2526]


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COMMODITY FUTURES TRADING COMMISSION


Agency Information Collection Activities: Notice of Intent To 
Renew Collection 3038-0055, Privacy of Consumer Financial Information

AGENCY: Commodity Futures Trading Commission.

ACTION:  Notice.

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SUMMARY: The Commodity Futures Trading Commission (CFTC) is announcing 
an opportunity for public comment on the proposed collection of certain 
information by the agency. Under the Paperwork Reduction Act of 1995 
(PRA), 44 U.S.C. 3501 et seq., Federal agencies are required to publish 
notice in the Federal Register concerning each proposed collection of 
information, and to allow 60 days for comment in response to the 
notice. This notice solicits comments on requirements relating to 
information collected to assist the Commission in the prevention of 
misuse of customer information.

DATES: Comments must be submitted on or before July 23, 2007.

ADDRESSES: Comments may be mailed to Lawrence B. Patent, Deputy 
Director, Division of Clearing and Intermediary Oversight, U.S. 
Commodity Futures Trading Commission, 1155 21st Street, NW., 
Washington, DC 20581.

FOR FURTHER INFORMATION CONTACT: Lawrence B. Patent, (202) 418-5439; 
FAX (202) 418-5536; e-mail [email protected].

SUPPLEMENTARY INFORMATION: Under the PRA, Federal agencies must obtain 
approval from the Office of Management and Budget (OMB) for each 
collection of information they conduct or sponsor. ``Collection of 
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) and 
includes agency requests or requirements that members of the public 
submit reports, keep records, or provide information to a third party. 
Section 3506(c)(2)(A) of the PRA, 44 Section 3506(c)(2)(A), requires 
Federal Agencies to provide a 60-day notice in the Federal Register 
concerning each proposed collection of information, before submitting 
the collection to OMB for approval. To comply with this requirement, 
the CFTC is publishing notice of the proposed collection of information 
listed below.
    With respect to the following collection of information, the CFTC 
invites comments on:
     Whether the proposed collection of information is 
necessary for the proper performance of the functions of the 
Commission, including whether the information will have a practical 
use;
     The accuracy of the Commission's estimate of the burden of 
the proposed collection of information, including the validity of the 
methodology and assumptions used;
     Ways to enhance the quality of, usefulness, and clarity of 
the information to be collected; and
     Ways to minimize the burden of collection of information 
on those who are to respond, including through the use of appropriate 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology; e.g., permitting electronic 
submission of responses.

Privacy of Consumer Financial Information OMB Control No. 3038-0055--
Extension

    Section 124 of the Commodity Futures Modernizations Act of 2000 
(``CFMA'') amended the Commodity Exchange Act (the ``Act'') and added a 
new section 5g to the Act to make the Commission a Federal functional 
regulator for purposes of applying the provisions of Title V, Subtitle 
A of the Gramm-Leach-Bliley Act (``GLB Act'') addressing consumer 
privacy to any futures commission merchant, commodity trading advisor, 
commodity pool operator or introducing broker that is subject to the 
Commission's jurisdiction with respect to any financial activity. In 
general, Title V requires financial institutions to provide notice to 
consumers about the institution's privacy policies and practices, to 
restrict the ability of a financial institution to share nonpublic 
personal information about consumers to nonaffiliated third parties, 
and to permit consumers to prevent the institution from disclosing 
nonpublic personal information about them to certain non-affiliated 
third parties by ``opting out'' of that disclosure. These regulations 
implement the mandates of Section 124 and Title V of the GLB Act.
    The Commission estimates the burden of this collection of 
information as follows:

Estimated Annual Reporting Burden

    Number of Respondents: 4,500.
    Total Annual Responses: 346,500.
    Hours per Response: .27.
    Total Annual Hours: 93,420.

    Dated: May 16, 2007.
Eileen Donovan,
Acting Secretary of the Commission.
[FR Doc. 07-2526 Filed 5-21-07; 8:45 am]
BILLING CODE 6351-01-M