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)]


[Page 28686]

From the Federal Register Online via GPO Access [wais.access.gpo.gov]





Agency Information Collection Activities: Notice of Intent To

Renew Collection 3038-0055, Privacy of Consumer Financial Information

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.


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 protected]

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

listed below.

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.

Eileen Donovan,

Acting Secretary of the Commission.

[FR Doc. 07-2526 Filed 5-21-07; 8:45 am]


Updated May 22, 2007

Last Updated: June 29, 2007