Regulation requirement:12 CFR part 573.
Description:These information collections are required under section 504 of the Gramm-Leach-Bliley Act (Act), Public Law 106-102. Section 502 of the Act prohibits a financial institution from disclosing nonpublic personal information about a consumer to nonaffiliated third parties unless the institution satisfies various disclosure requirements (i.e., provides a privacy notice and opt out notice) and the consumer has not elected to opt out of the disclosure. Section 504 requires the Office of Thrift Supervision, as well as the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Federal Trade Commission, and Securities and Exchange Commission to issue regulations as necessary to implement the notice requirements and restrictions.
Consumers use the privacy notice information to determine whether they want personal information disclosed to third parties that are not affiliated with the institution. Further, consumers use the opt-out notice mechanism to advise the institution of their wishes regarding disclosure of their personal information. Institutions use the opt-out information to determine the wishes of their consumers and to act appropriately.
Type of Review:Extension of a currently approved collection.
Affected Public:Business or other for-profit.
Estimated Number of Respondents:68,378.
Estimated Burden Hours per Response:80 hours for de novos and acquisitions: 8 hours for institutions; and .5 hours for customers.
Estimated Frequency of Response:On occasion.
Estimated Total Burden:44,543 hours.
Clearance Officer:Ira L. Mills, (202) 906-6531, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552.
Dated: November 12, 2009.
Ira L. Mills,
Paperwork Clearance Officer, Office of Thrift Supervision.