[Federal Register Volume 89, Number 13 (Friday, January 19, 2024)]
[Notices]
[Pages 3657-3658]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01002]


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FEDERAL TRADE COMMISSION


Agency Information Collection Activities; Proposed Collection; 
Comment Request; Extension

AGENCY: Federal Trade Commission.

ACTION: Notice.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA), 
the Federal Trade Commission (FTC or Commission) is seeking public 
comment on its proposal to extend for an additional three years the 
current Paperwork Reduction Act (PRA) clearance for its information 
collection requirements in the Privacy of Consumer Financial 
Information Rule (Privacy Rule or Rule). The current clearance expires 
on January 31, 2024.

DATES: Comments must be filed by February 20, 2024.

ADDRESSES: Interested parties may file a comment online or on paper, by 
following the instructions in the Request for Comment part of the 
SUPPLEMENTARY INFORMATION section below. 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 30-day Review--Open for Public Comments'' or by using 
the search function. The reginfo.gov web link is a United States 
Government website produced by the Office of Management and Budget 
(OMB) and the General Services Administration (GSA). Under PRA 
requirements, OMB's Office of Information and Regulatory Affairs (OIRA) 
reviews Federal information collections.

FOR FURTHER INFORMATION CONTACT: Jennifer Rimm, Attorney, Division of 
Privacy and Identity Protection, Bureau of Consumer Protection, Federal 
Trade Commission, (202) 326-2277, [email protected].

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 Consumer Financial Protection Bureau (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 part 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. 114-94, 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. On December 9, 2021, the Privacy Rule was amended at 16 
CFR 313.5(e) to incorporate this exception. The amendments were 
effective January 10, 2022. 86 FR 70020 (Dec. 9, 2021).
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    Estimated Annual Burden Hours: 1,454,850.
    Estimated Annual Labor Costs: $35,820,366.

Request for Comment

    On October 18, 2023, the FTC sought public comment on the 
information collection requirements associated with the Rule. 88 FR 
71861. No germane comments were received. Pursuant to the OMB 
regulations, 5 CFR part 1320, that implement the PRA, 44 U.S.C. 3501 et 
seq., the FTC is providing this second opportunity for public comment 
while seeking OMB approval to renew the pre-existing clearance for the 
Rule.
    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, such as 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, such as medical records or 
other individually identifiable health information. In addition, your 
comment should not include any ``trade secret or any commercial or 
financial information which . . . is privileged or confidential'' --as 
provided by section 6(f) of the FTC Act, 15 U.S.C. 46(f), and FTC Rule 
4.10(a)(2), 16 CFR 4.10(a)(2)--including in particular competitively 
sensitive information such as costs,

[[Page 3658]]

sales statistics, inventories, formulas, patterns, devices, 
manufacturing processes, or customer names.

Josephine Liu,
Assistant General Counsel for Legal Counsel.
[FR Doc. 2024-01002 Filed 1-18-24; 8:45 am]
BILLING CODE 6750-01-P