[Federal Register Volume 81, Number 177 (Tuesday, September 13, 2016)]
[Notices]
[Page 62925]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-21942]


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NATIONAL CREDIT UNION ADMINISTRATION


Submission for OMB Review; Comment Request

AGENCY: National Credit Union Administration (NCUA).

ACTION: Notice.

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SUMMARY: The National Credit Union Administration (NCUA) will submit 
the following information collection request to the Office of 
Management and Budget (OMB) for review and clearance in accordance with 
the Paperwork Reduction Act of 1995, Public Law 104-13, on or after the 
date of publication of this notice.

DATES: Comments should be received on or before October 13, 2016 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestions for 
reducing the burden, to (1) Office of Information and Regulatory 
Affairs, Office of Management and Budget, Attention: Desk Officer for 
NCUA, New Executive Office Building, Room 10235, Washington, DC 20503, 
or email at [email protected] and (2) NCUA PRA Clearance 
Officer, 1775 Duke Street, Alexandria, VA 22314-3428 or email at 
[email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submission may be 
obtained by emailing [email protected] or viewing the entire 
information collection request at www.reginfo.gov.

SUPPLEMENTARY INFORMATION:
    OMB Number: 3133-0163.
    Type of Review: Reinstatement with change of a previously approved 
collection.
    Title: Privacy of Consumer Financial Information Recordkeeping and 
Disclosure Requirements Under Gramm-Leach-Bliley Act and Regulation P, 
12 CFR 1016.
    Abstract: Title V, Subtitle A of the Gramm-Leach-Bliley Act (Act), 
Public Law 106-102, governs the treatment of nonpublic personal 
information about consumers by financial institutions. Section 502 of 
the Act, subject to certain exceptions, prohibits a financial 
institution from disclosing nonpublic personal information about a 
consumer to nonaffiliated third parties, unless the institution 
satisfies various notice and opt-out requirements, and provided the 
consumer has not elected to opt out of the disclosure. Section 503 of 
the Act requires a financial institution to provide notice of its 
privacy policies and practices to its customers.
    Section 504 of the Act granted rulemaking authority for the privacy 
provisions of the Act to be shared by eight Federal agencies: The Board 
of Governors of the Federal Reserve System (FRB), the Federal Deposit 
Insurance Corporation (FDIC), the Office of the Comptroller of the 
Currency (OCC), the Office of Thrift Supervision (OTS), the National 
Credit Union Administration (NCUA), the Federal Trade Commission (FTC), 
the Securities and Exchange Commission (SEC), and the Commodity Futures 
Trading Commission (CFTC). Each of the agencies issued rules (which 
were consistent and comparable) to implement the Act's privacy 
provisions.
    The Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) 
amended a number of consumer financial protection laws, including the 
Act. Among other changes, the DFA transferred rulemaking authority for 
most of Subtitle A of Title V of the Act, with respect to financial 
institutions described in section 504(a)(1)(A) of the Act, from FRB, 
FDIC, OCC, OTS, and NCUA to the Consumer Financial Protection Bureau 
(CFPB). Pursuant to the DFA and the Act, as amended, the CFPB 
promulgated Regulation P, 12 CFR 1016, to implement those privacy 
provisions of the Act for which CFPB has rulemaking authority.
    Regulation P implements the requirements of the Act to provide 
consumers with financial institutions' privacy policies and practices, 
as well as describes when the consumer's information may be shared with 
nonaffiliated third parties, and provides a method for consumers to 
prevent disclosure of their information to nonaffiliated third parties 
by opting out of that disclosure. Regulation P details the specifics of 
how the Act should be implemented, which companies and situations this 
applies to, and the method of delivering the information to consumers. 
Regulation P includes model forms that can be used to comply with the 
disclosure requirements of the Act and Regulation P, although the use 
of the model forms is not required. See Appendix to Regulation P.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 386,104.

    By Gerard Poliquin, Secretary of the Board, the National Credit 
Union Administration, on September 7, 2016.

    Dated: September 8, 2016.
Troy S. Hillier,
NCUA PRA Clearance Officer.
[FR Doc. 2016-21942 Filed 9-12-16; 8:45 am]
 BILLING CODE 7535-01-P