[Federal Register Volume 85, Number 215 (Thursday, November 5, 2020)]
[Notices]
[Pages 70621-70622]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-24585]


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FEDERAL TRADE COMMISSION


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request

AGENCY: Federal Trade Commission.

ACTION: Notice.

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SUMMARY: The Federal Trade Commission (``FTC'' or ``Commission'') 
requests that the Office of Management and Budget (``OMB'') extend for 
an additional three years the current Paperwork Reduction Act (``PRA'') 
clearance for its shared enforcement authority with the Consumer 
Financial Protection Bureau (``CFPB'') for the information collection 
requirements in the Privacy of Consumer Financial Information Rule 
(``Privacy Rule'' or ``Rule''). That clearance expires on November 30, 
2020.

DATES: Comments must be submitted by December 7, 2020.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under Review--Open for 
Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: David Lincicum, Attorney, Division of 
Privacy and Identity Protection, Bureau of Consumer Protection, Federal 
Trade Commission, 600 Pennsylvania Ave. NW, Washington, DC 20580, (202) 
326-2773.

SUPPLEMENTARY INFORMATION: 
    Title: Privacy of Consumer Financial Information (Gramm-Leach-
Bliley Act Privacy Rule), 16 CFR part 313.
    OMB Control Number: 3084-0121.
    Type of Review: Extension without change of currently approved 
collection.
    Affected Public: Private Sector: Businesses and other for-profit 
entities.
    Abstract: The Privacy Rule is designed to ensure that customers and 
consumers, subject to certain exceptions, will have access to the 
privacy policies of the covered financial institutions with which they 
conduct business--namely, motor vehicle dealers that do not routinely 
extend credit to consumers directly without assigning the credit to 
unaffiliated third parties (hereafter, ``motor vehicle dealers''). As 
mandated by the Gramm-Leach-Bliley Act (``GLBA''), 15 U.S.C. 6801-6809, 
the Rule requires motor vehicle dealers to disclose to consumers: (1) 
Initial notice of the financial institution's privacy policy when 
establishing a customer relationship with a consumer and/or before 
sharing a consumer's nonpublic personal information with certain 
nonaffiliated third parties; (2) notice of the consumer's right to opt 
out of information sharing with such parties; (3) annual notice of the 
institution's privacy policy to any continuing customer; \1\ and (4) 
notice of changes in the institution's practices on information 
sharing. These requirements are subject to the PRA. The Rule does not 
require recordkeeping. For PRA burden calculations, the FTC shares the 
PRA burden with the CFPB for financial institutions over which both 
agencies have enforcement authority under the CFPB's regulation 
corresponding to the Privacy Rule, titled Privacy of Consumer Financial 
Information (Regulation P), 12 CFR 1016, and attributes to itself the 
burden for all motor vehicle dealers. See 12 U.S.C. 5519.
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    \1\ On December 4, 2015, Congress amended the GLBA as part of 
the Fixing America's Surface Transportation Act (``FAST Act''). This 
amendment, titled Eliminate Privacy Notice Confusion (FAST Act, Pub. 
L. 114094, section 75001) added new GLBA section 503(f). This 
subsection provides an exception under which financial institutions 
that meet certain conditions are not required to provide annual 
privacy notices to customers. Section 503(f) requires that to 
qualify for this exception, a financial institution must not share 
nonpublic personal information about customers except as described 
in certain statutory exceptions, under which sharing does not 
trigger a customer's statutory right to opt out of the sharing. In 
addition, section 503(f)(2) requires that the financial institution 
must not have changed its policies and practices with regard to 
disclosing nonpublic personal information from those that the 
institution disclosed in the most recent privacy notice the customer 
received.
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    Estimated Annual Burden Hours: 1,345,350.
    Estimated Annual Labor Costs: $30,363,151.
    Request for Comment: On April 30, 2020, the Commission sought 
comment on the information collection requirements associated with the 
Privacy Rule. 85 FR 23961 (April 30, 2020). No relevant comments were 
received. Pursuant to the OMB regulations, 5 CFR part 1320, the FTC is 
providing this second opportunity for public comment while seeking OMB 
approval to renew clearance for the Rule's information collection 
requirements.
    Your comment--including your name and your state--will be placed on 
the public record of this proceeding. Because your comment will be made 
public, you are solely responsible for making sure that your comment 
does not include any sensitive personal information, like anyone's 
Social Security number, date of birth, driver's license number or other 
state identification number or foreign country equivalent, passport 
number, financial account number, or credit or debit card number. You 
are also solely responsible for making sure that your comment does not 
include any sensitive health information, like medical records or other 
individually identifiable health information. In addition, do not 
include any ``[t]rade secret or any commercial or financial information 
which is . . . privileged or confidential'' as provided in Section 6(f) 
of the FTC Act 15 U.S.C. 46(f), and FTC Rule 4.10(a)(2), 16CFR 
4.10(a)(2). In particular, do not include competitively sensitive 
information such as costs, sales statistics, inventories, formulas, 
patterns devices,

[[Page 70622]]

manufacturing processes, or customer names.

Josephine Liu,
Assistant General Counsel for Legal Counsel.
[FR Doc. 2020-24585 Filed 11-4-20; 8:45 am]
BILLING CODE 6750-01-P