Commodity Futures Trading Commission Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0055, Privacy of Consumer Financial Information[Federal Register: May 22, 2007 (Volume 72, Number 98)]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
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.
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@example.com.
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
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
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--
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.
Acting Secretary of the Commission.
[FR Doc. 07-2526 Filed 5-21-07; 8:45 am]
BILLING CODE 6351-01-M
Updated May 22, 2007
Last Updated: June 29, 2007