Agency Information Collection Activities: Renewal of Privacy of Consumer Financial Information (OCC)
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The Office of the Comptroller of the Currency (OCC) is renewing its approval for the information collection titled "Privacy of Consumer Financial Information" under OMB control number 1557-0216. This collection implements the notice and opt-out requirements of the Gramm-Leach-Bliley Act as codified in Regulation P (12 CFR part 1016). National banks and Federal savings associations must provide initial and annual privacy notices to consumers, revised notices when policies change, and opt-out notices before sharing nonpublic personal information with nonaffiliated third parties. The OCC estimates 2,451,569 respondents and a total annual burden of 625,291 hours. Comments on the renewal are due by May 6, 2026. This is a routine Paperwork Reduction Act renewal with no substantive changes to the underlying regulatory obligations.
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Key Changes
- Renewal of OMB control number 1557-0216 with no changes to existing Regulation P requirements
- Comments due by May 6, 2026
- Estimated 2,451,569 respondents
+ 3 more changes with Pro
Obligations
What this law requires
National banks and Federal savings associations must provide a clear and conspicuous initial privacy notice to all customers and consumers that accurately reflects the institution's privacy policies and practices (12 CFR 1016.4(a))
National banks and Federal savings associations must provide a clear and conspicuous annual privacy notice to customers that accurately reflects its privacy policies and practices not less than annually during the continuation of the customer relationship (12 CFR 1016.5(a)(1))
Before disclosing nonpublic personal information to a nonaffiliated third party in a manner inconsistent with previous notices, institutions must provide a clear and conspicuous revised privacy notice, a new opt-out notice, and give consumers reasonable opportunity to opt out before proceeding (12 CFR 1016.8(a))
National banks and Federal savings associations must provide consumers with a clear and conspicuous opt-out notice that explains the right to opt out of disclosure of nonpublic personal information to nonaffiliated third parties (12 CFR 1016.7(a))
Opt-out notices must state: (1) that the institution discloses or reserves the right to disclose nonpublic personal information to nonaffiliated third parties, (2) that consumers have the right to opt out, and (3) provide a reasonable means to exercise the opt-out right (12 CFR 1016.7(a))