Agency Information Collection Activities; Proposed Collection; Comment Request; Extension, 17980-17982 [E8-6821]
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17980
Federal Register / Vol. 73, No. 64 / Wednesday, April 2, 2008 / Notices
bank holding company and all of the
banks and nonbanking companies
owned by the bank holding company,
including the companies listed below.
The applications listed below, as well
as other related filings required by the
Board, are available for immediate
inspection at the Federal Reserve Bank
indicated. The application also will be
available for inspection at the offices of
the Board of Governors. Interested
persons may express their views in
writing on the standards enumerated in
the BHC Act (12 U.S.C. 1842(c)). If the
proposal also involves the acquisition of
a nonbanking company, the review also
includes whether the acquisition of the
nonbanking company complies with the
standards in section 4 of the BHC Act
(12 U.S.C. 1843). Unless otherwise
noted, nonbanking activities will be
conducted throughout the United States.
Additional information on all bank
holding companies may be obtained
from the National Information Center
website at www.ffiec.gov/nic/.
Unless otherwise noted, comments
regarding each of these applications
must be received at the Reserve Bank
indicated or the offices of the Board of
Governors not later than April 28, 2008.
A. Federal Reserve Bank of St. Louis
(Glenda Wilson, Community Affairs
Officer) 411 Locust Street, St. Louis,
Missouri 63166-2034:
1. Lonoke Bancshares, Inc., Lonoke,
Arkansas; to acquire additional shares,
for a total of 13.91 percent of the voting
shares of First Southern Bank,
Batesville, Arkansas.
B. Federal Reserve Bank of Dallas
(W. Arthur Tribble, Vice President) 2200
North Pearl Street, Dallas, Texas 752012272:
1. Plains Acquisition Corporation,
Kingwood, Texas; to become a bank
holding company by acquiring 100
percent of the voting shares of Plains
State Financial Corporation, Plains,
Texas, and indirectly acquire Plains
Bancshares, Inc., Dover, Delaware, and
Plains State Bank, Plains, Texas.
Board of Governors of the Federal Reserve
System, March 27, 2008.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E8–6681 Filed 4–1–08; 8:45 am]
(BHC Act), Regulation Y (12 CFR Part
225), and all other applicable statutes
and regulations to become a bank
holding company and/or to acquire the
assets or the ownership of, control of, or
the power to vote shares of a bank or
bank holding company and all of the
banks and nonbanking companies
owned by the bank holding company,
including the companies listed below.
The applications listed below, as well
as other related filings required by the
Board, are available for immediate
inspection at the Federal Reserve Bank
indicated. The application also will be
available for inspection at the offices of
the Board of Governors. Interested
persons may express their views in
writing on the standards enumerated in
the BHC Act (12 U.S.C. 1842(c)). If the
proposal also involves the acquisition of
a nonbanking company, the review also
includes whether the acquisition of the
nonbanking company complies with the
standards in section 4 of the BHC Act
(12 U.S.C. 1843). Unless otherwise
noted, nonbanking activities will be
conducted throughout the United States.
Additional information on all bank
holding companies may be obtained
from the National Information Center
website at www.ffiec.gov/nic/.
Unless otherwise noted, comments
regarding each of these applications
must be received at the Reserve Bank
indicated or the offices of the Board of
Governors not later than April 6, 2008.
A. Federal Reserve Bank of New
York (Anne MacEwen, Bank
Applications Officer) 33 Liberty Street,
New York, New York 10045-0001:
1. National Australia Bank Limited,
National Equities Limited, both of
Melbourne, Australia, National
Americas Investment, Inc., National
Americas Holdings LLC, both of New
York, New York; to become bank
holding companies by acquiring Great
Western Bancorporation, Inc., Omaha,
Nebraska and thereby acquire Great
Western Bank, Watertown, South
Dakota.
Board of Governors of the Federal Reserve
System, March 27, 2008.
Robert deV. Frierson,
Deputy Secretary of the Board.
[FR Doc. E8–6682 Filed 4–1–08; 8:45 am]
BILLING CODE 6210–01–S
BILLING CODE 6210–01–S
FEDERAL RESERVE SYSTEM
rmajette on PROD1PC64 with NOTICES
FEDERAL TRADE COMMISSION
Formations of, Acquisitions by, and
Mergers of Bank Holding Companies
The companies listed in this notice
have applied to the Board for approval,
pursuant to the Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.)
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15:36 Apr 01, 2008
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Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension
Federal Trade Commission
(‘‘Commission’’ or ‘‘FTC’’).
AGENCY:
PO 00000
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Sfmt 4703
ACTION:
Notice.
SUMMARY: The information collection
requirements described below will be
submitted to the Office of Management
and Budget (‘‘OMB’’) for review, as
required by the Paperwork Reduction
Act (‘‘PRA’’). The FTC is seeking public
comments on its proposal to extend
through July 31, 2011, the current PRA
clearance for information collection
requirements contained in the
Commission’s Gramm-Leach-Bliley
Financial Privacy Rule (‘‘GLB Privacy
Rule’’ or ‘‘Rule’’). The current clearance
expires on July 31, 2008.
DATES: Comments must be submitted on
or before June 2, 2008.
ADDRESSES: Interested parties are
invited to submit written comments.
Comments should refer to ‘‘Paperwork
Comment: FTC File No. P085405’’ and
may be submitted by any of the
following methods. If, however, the
comment contains any material for
which confidential treatment is
requested, it must be filed in paper
form, and the first page of the document
must be clearly labeled ‘‘Confidential.’’1
1. Web Site: Comments filed in
electronic form should be submitted by
clicking on the following web link:
https://secure.commentworks.com/ftcglbprivacyrulepra and following the
instructions on the web-based form. To
ensure that the Commission considers
an electronic comment, you must file it
on the web-based form at: https://
secure.commentworks.com/ftcglbprivacyrulepra.
2. Mail or Hand Delivery: A comment
filed in paper form should include
‘‘Paperwork Comment: FTC File No.
P085405’’ both in the text and on the
envelope and should be mailed or
delivered to the following address:
Federal Trade Commission/Office of the
Secretary, Room H-135 (Annex J), 600
Pennsylvania Avenue, N.W.,
Washington, D.C. 20580. The
Commission is requesting that any
comment filed in paper form be sent by
courier or overnight service, if possible.
The FTC Act and other laws the
Commission administers permit the
collection of public comments to
consider and use in this proceeding as
appropriate. All timely and responsive
public comments will be considered by
1 Commission Rule 4.2(d), 16 CFR 4.2(d). The
comment must be accompanied by an explicit
request for confidential treatment, including the
factual and legal basis for the request, and must
identify the specific portions of the comment to be
withheld from the public record. The request will
be granted or denied by the Commission’s General
Counsel, consistent with applicable law and the
public interest. See Commission Rule 4.9(c), 16 CFR
4.9(c).
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02APN1
Federal Register / Vol. 73, No. 64 / Wednesday, April 2, 2008 / Notices
the Commission and will be available to
the public on the FTC website, to the
extent practicable, at www.ftc.gov. As a
matter of discretion, the FTC makes
every effort to remove home contact
information for individuals from the
public comments it receives before
placing those comments on the FTC
website. More information, including
routine uses permitted by the Privacy
Act, may be found in the FTC’s privacy
policy at https://www.ftc.gov/ftc/
privacy.shtm.
FOR FURTHER INFORMATION CONTACT:
Kellie Cosgrove Riley, Senior Attorney,
Division of Privacy and Identity
Protection, Bureau of Consumer
Protection, (202) 326-2252, Federal
Trade Commission, 600 Pennsylvania
Avenue, N.W., Washington D.C. 20580.
SUPPLEMENTARY INFORMATION: Under the
PRA, 44 U.S.C. 3501-3521, federal
agencies must obtain approval from
OMB for each collection of information
they conduct or sponsor. ‘‘Collection of
information’’ means agency requests or
requirements that members of the public
submit reports, keep records, or provide
information to a third party. 44 U.S.C.
3502(3), 5 CFR 1320.3(c). As required by
section 3506(c)(2)(A) of the PRA, the
FTC is providing this opportunity for
public comment before requesting that
OMB extend the existing paperwork
clearance for the GLB Privacy Rule, 16
CFR Part 313 (OMB Control Number
3084-0121).
The FTC invites comments on: (1)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(2) the accuracy of the agency’s estimate
of the burden of the proposed collection
of information, including the validity of
Hourly wage and
labor category*
Event
17981
the methodology and assumptions used;
(3) ways to enhance the quality, utility,
and clarity of the information to be
collected; and (4) ways to minimize the
burden of the collection of information
on those who are to respond, including
through the use of appropriate
automated, electronic, mechanical, or
other technological collection
techniques or other forms of information
technology, e.g., permitting electronic
submission of responses.
The GLB Privacy Rule is designed to
ensure that customers and consumers,
subject to certain exceptions, will have
access to the privacy policies of the
financial institutions with which they
conduct business. As mandated by the
Gramm-Leach-Bliley Act, 15 U.S.C.
6801-6809, the Rule requires financial
institutions 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 non-public 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; 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.
Estimated annual hours burden: As
noted in the original burden estimate for
the GLB Privacy Rule, determining the
paperwork burden of the Rule’s
disclosure requirements is very difficult
because of the highly diverse group of
affected entities, consisting of financial
institutions not regulated by a federal
financial regulatory agency. See 15
U.S.C. 6805 (committing to the
Commission’s jurisdiction entities that
are not specifically subject to another
agency’s jurisdiction).
The burden estimates represent the
FTC staff’s best assessment, based on its
knowledge and expertise relating to the
financial institutions subject to the
Commission’s jurisdiction under this
law. To derive these estimates, staff
considered the wide variations in
covered entities. In some instances,
covered entities may make the required
disclosures in the ordinary course of
business, apart from the GLB Privacy
Rule. In addition, some entities may use
highly automated means to provide the
required disclosures, while others may
rely on methods requiring more manual
effort. The burden estimates shown
below include the time that may be
necessary to train staff to comply with
the regulations. These figures are
averages based on staff’s best estimate of
the burden incurred over the broad
spectrum of covered entities.
Staff retains its prior estimate of the
number of entities each year that will
address the GLB Privacy Rule for the
first time (5,000) and its estimate of
established entities already familiar
with the Rule (100,000). While the
number of established entities familiar
with the Rule would theoretically
increase each year with the addition of
new entrants, staff retains its previous
estimate of established entities given
that a number of the established entities
will close in any given year, and also
given the difficulty of establishing a
more precise estimate. Staff’s burden
estimates for new entrants and
established entities are detailed in the
charts below.
Hours per Respondent
Approx. Number of
Respondents
Approx. Total Annual
Hrs.
Approx. Total Labor
Costs
Start-up hours and labor costs for new
entrants:
$31.66
managerial/professional
20
5,000
100,000
$3,166,000
Creating disclosure
document or electronic disclosure (including initial, annual,
and opt out disclosures)
rmajette on PROD1PC64 with NOTICES
Reviewing internal
policies and developing GLBA-implementing instructions**
$14.71
clerical
5
5,000
25,000
$367,750
$32.82
professional/technical
10
50,000
$1,641,000
$14.71
clerical
15
75,000
$1,103,250
Disseminating initial
disclosure (including
opt out notices)
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15:36 Apr 01, 2008
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Federal Register / Vol. 73, No. 64 / Wednesday, April 2, 2008 / Notices
Hourly wage and
labor category*
$32.82
professional/technical
Hours per
Respondent
Approx. Number of
Respondents
Approx. Total Annual
Hrs.
Approx. Total Labor
Costs
50,000
$1,641,000
300,000
Event
$7,919,000
10
TOTAL
* Staff
calculated labor costs by applying appropriate hourly cost figures to burden hours. The hourly rates used were based on mean wages
for managerial/professional time (e.g., compliance evaluation and/or planning), professional/technical time (e.g., designing and producing notices,
reviewing and updating information systems), and clerical time (e.g., reproduction tasks, filing, and, where applicable to the given event, typing or
mailing). See BLS National Compensation Survey, June 2006, Table 1, available at https://www.bls.gov/ncs/ocs/sp/ncbl0910.pdf (Management,
professional, and related; office and administrative support) and BLS Occupational Employment and Wages 2006,Table 2, available at https://
www.bls.gov/news.release/pdf/ocwage.pdf (professional, scientific, and technical services - business and financial operations). Labor cost totals
reflect solely that of the commercial entities affected. Staff assumes that the time required of consumers to respond affirmatively to respondents’
opt-out programs (be it manually or electronically) would be minimal.
** Reviewing instructions includes all efforts performed by or for the respondent to: determine whether and to what extent the respondent is
covered by an agency collection of information, understand the nature of the request, and determine the appropriate response (including the creation and dissemination of document and/or electronic disclosures).
Burden hours and costs for established
entities:
Burden for established entities
already familiar with the Rule
predictably would be less than for startup entities because start-up costs, such
as crafting a privacy policy, are
generally one-time costs and have
Hours per
Respondent
Hourly wage and
labor category*
Event
already been incurred. Staff’s best
estimate of the average burden for these
entities is as follows:
Approx. Number of
Respondents**
Approx. Total Annual
Hrs.
Approx. Total Labor
Costs
Reviewing GLBA-implementing policies
and practices
$31.66
managerial/professional
4
70,000
280,000
$8,864,800
Disseminating annual
disclosure
$14.71
clerical
15
70,000
1,050,000
$15,445,500
$32.82
professional/technical
5
350,000
$11,487,000
$14.71
clerical
15
15,000
$220,650
$32.82
professional/technical
10
50,000
$164,100
1,700,000
$36,182,050
Changes to privacy
policies and related
disclosures
1,000
Total
* Staff
rmajette on PROD1PC64 with NOTICES
calculated labor costs by applying appropriate hourly cost figures to burden hours; labor cost totals reflect solely that of the commercial
entities affected. The hourly rates used were based on mean wages for managerial/professional time (e.g., compliance evaluation and/or planning), professional/technical time (e.g., designing and producing notices, reviewing and updating information systems), and clerical time (e.g., reproduction tasks, filing, and, where applicable to the given event, typing or mailing). See BLS National Compensation Survey, June 2006, Table
1, available at https://www.bls.gov/ncs/ocs/sp/ncbl0910.pdf (Management, professional, and related; office and administrative support) and BLS
Occupational Employment and Wages 2006,Table 2, available at https://www.bls.gov/news.release/pdf/ocwage.pdf (professional, scientific, and
technical services - business and financial operations). Consumers have a continuing right to opt-out, as well as a right to revoke their opt-out at
any time. When a respondent changes its information sharing practices, consumers are again given the opportunity to opt-out. Again, staff assumes that the time required of consumers to respond affirmatively to respondents’ opt-out programs (be it manually or electronically) would be
minimal.
** The estimate of respondents is based on the following assumptions: (1) 100,000 respondents, approximately 70% of whom maintain customer relationships exceeding one year, (2) no more than 1% (1,000) of whom make additional changes to privacy policies at any time other
than the occasion of the annual notice; and (3) such changes will occur no more often than once per year.
As calculated above, the total annual
PRA burden hours and labor costs for all
affected entities in a given year would
be 2,000,000 hours and $44,101,000,
respectively.
Estimated Capital/Other Non-Labor
Costs Burden: Staff believes that capital
or other non-labor costs associated with
the document requests are minimal.
VerDate Aug<31>2005
17:56 Apr 01, 2008
Jkt 214001
Covered entities will already be
equipped to provide written notices
(e.g., computers with word processing
programs, typewriters, copying
machines, mailing capabilities). Most
likely, only entities that already have
on-line capabilities will offer consumers
the choice to receive notices via
electronic format. As such, these entities
PO 00000
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will already be equipped with the
computer equipment and software
necessary to disseminate the required
disclosures via electronic means.
William Blumenthal
General Counsel
[FR Doc. E8–6821 Filed 4–1–08: 8:45 am]
BILLING CODE 6750–01–S]
E:\FR\FM\02APN1.SGM
02APN1
]]>Agencies
[Federal Register Volume 73, Number 64 (Wednesday, April 2, 2008)]
[Notices]
[Pages 17980-17982]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-6821]
=======================================================================
-----------------------------------------------------------------------
FEDERAL TRADE COMMISSION
Agency Information Collection Activities; Proposed Collection;
Comment Request; Extension
AGENCY: Federal Trade Commission (``Commission'' or ``FTC'').
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The information collection requirements described below will
be submitted to the Office of Management and Budget (``OMB'') for
review, as required by the Paperwork Reduction Act (``PRA''). The FTC
is seeking public comments on its proposal to extend through July 31,
2011, the current PRA clearance for information collection requirements
contained in the Commission's Gramm-Leach-Bliley Financial Privacy Rule
(``GLB Privacy Rule'' or ``Rule''). The current clearance expires on
July 31, 2008.
DATES: Comments must be submitted on or before June 2, 2008.
ADDRESSES: Interested parties are invited to submit written comments.
Comments should refer to ``Paperwork Comment: FTC File No. P085405''
and may be submitted by any of the following methods. If, however, the
comment contains any material for which confidential treatment is
requested, it must be filed in paper form, and the first page of the
document must be clearly labeled ``Confidential.''\1\
---------------------------------------------------------------------------
\1\ Commission Rule 4.2(d), 16 CFR 4.2(d). The comment must be
accompanied by an explicit request for confidential treatment,
including the factual and legal basis for the request, and must
identify the specific portions of the comment to be withheld from
the public record. The request will be granted or denied by the
Commission's General Counsel, consistent with applicable law and the
public interest. See Commission Rule 4.9(c), 16 CFR 4.9(c).
---------------------------------------------------------------------------
1. Web Site: Comments filed in electronic form should be submitted
by clicking on the following web link: https://secure.commentworks.com/
ftc-glbprivacyrulepra and following the instructions on the web-based
form. To ensure that the Commission considers an electronic comment,
you must file it on the web-based form at: https://
secure.commentworks.com/ftc-glbprivacyrulepra.
2. Mail or Hand Delivery: A comment filed in paper form should
include ``Paperwork Comment: FTC File No. P085405'' both in the text
and on the envelope and should be mailed or delivered to the following
address: Federal Trade Commission/Office of the Secretary, Room H-135
(Annex J), 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580. The
Commission is requesting that any comment filed in paper form be sent
by courier or overnight service, if possible.
The FTC Act and other laws the Commission administers permit the
collection of public comments to consider and use in this proceeding as
appropriate. All timely and responsive public comments will be
considered by
[[Page 17981]]
the Commission and will be available to the public on the FTC website,
to the extent practicable, at www.ftc.gov. As a matter of discretion,
the FTC makes every effort to remove home contact information for
individuals from the public comments it receives before placing those
comments on the FTC website. More information, including routine uses
permitted by the Privacy Act, may be found in the FTC's privacy policy
at https://www.ftc.gov/ftc/privacy.shtm.
FOR FURTHER INFORMATION CONTACT: Kellie Cosgrove Riley, Senior
Attorney, Division of Privacy and Identity Protection, Bureau of
Consumer Protection, (202) 326-2252, Federal Trade Commission, 600
Pennsylvania Avenue, N.W., Washington D.C. 20580.
SUPPLEMENTARY INFORMATION: Under the PRA, 44 U.S.C. 3501-3521, federal
agencies must obtain approval from OMB for each collection of
information they conduct or sponsor. ``Collection of information''
means agency requests or requirements that members of the public submit
reports, keep records, or provide information to a third party. 44
U.S.C. 3502(3), 5 CFR 1320.3(c). As required by section 3506(c)(2)(A)
of the PRA, the FTC is providing this opportunity for public comment
before requesting that OMB extend the existing paperwork clearance for
the GLB Privacy Rule, 16 CFR Part 313 (OMB Control Number 3084-0121).
The FTC invites comments on: (1) whether the proposed collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information will have practical
utility; (2) the accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used; (3) ways to enhance the quality,
utility, and clarity of the information to be collected; and (4) ways
to minimize the burden of the collection of information on those who
are to respond, including through the use of appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., permitting electronic
submission of responses.
The GLB Privacy Rule is designed to ensure that customers and
consumers, subject to certain exceptions, will have access to the
privacy policies of the financial institutions with which they conduct
business. As mandated by the Gramm-Leach-Bliley Act, 15 U.S.C. 6801-
6809, the Rule requires financial institutions 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 non-public 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; 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.
Estimated annual hours burden: As noted in the original burden
estimate for the GLB Privacy Rule, determining the paperwork burden of
the Rule's disclosure requirements is very difficult because of the
highly diverse group of affected entities, consisting of financial
institutions not regulated by a federal financial regulatory agency.
See 15 U.S.C. 6805 (committing to the Commission's jurisdiction
entities that are not specifically subject to another agency's
jurisdiction).
The burden estimates represent the FTC staff's best assessment,
based on its knowledge and expertise relating to the financial
institutions subject to the Commission's jurisdiction under this law.
To derive these estimates, staff considered the wide variations in
covered entities. In some instances, covered entities may make the
required disclosures in the ordinary course of business, apart from the
GLB Privacy Rule. In addition, some entities may use highly automated
means to provide the required disclosures, while others may rely on
methods requiring more manual effort. The burden estimates shown below
include the time that may be necessary to train staff to comply with
the regulations. These figures are averages based on staff's best
estimate of the burden incurred over the broad spectrum of covered
entities.
Staff retains its prior estimate of the number of entities each
year that will address the GLB Privacy Rule for the first time (5,000)
and its estimate of established entities already familiar with the Rule
(100,000). While the number of established entities familiar with the
Rule would theoretically increase each year with the addition of new
entrants, staff retains its previous estimate of established entities
given that a number of the established entities will close in any given
year, and also given the difficulty of establishing a more precise
estimate. Staff's burden estimates for new entrants and established
entities are detailed in the charts below.
Start-up hours and labor costs for new entrants:
------------------------------------------------------------------------
Approx. Approx.
Hourly wage Hours per Approx. Total Total
Event and labor Respondent Number of Annual Labor
category\*\ Respondents Hrs. Costs
------------------------------------------------------------------------
Reviewing $31.66 20 5,000 100,000 $3,166,00
internal managerial/ 0
policies professiona
and l
developi
ng GLBA-
implemen
ting
instruct
ions\**\
------------------------------------------------------------------------
Creating $14.71 5 5,000 25,000 $367,750
disclosu clerical
re
document
or
electron
ic
disclosu
re
(includi
ng
initial,
annual,
and opt
out
disclosu
res)
--------------------------- ---------------------
$32.82 10 ............ 50,000 $1,641,00
professional/ 0
technical
------------------------------------------------------------------------
Dissemina $14.71 15 5,000 75,000 $1,103,25
ting clerical 0
initial
disclosu
re
(includi
ng opt
out
notices)
--------------------------- ---------------------
[[Page 17982]]
$32.82 10 ............ 50,000 $1,641,00
professional/ 0
technical
------------------------------------------------------------------------
Total ............ ........... ............ 300,000 $7,919,00
0
------------------------------------------------------------------------
\*\ Staff calculated labor costs by applying appropriate hourly cost
figures to burden hours. The hourly rates used were based on mean
wages for managerial/professional time (e.g., compliance evaluation
and/or planning), professional/technical time (e.g., designing and
producing notices, reviewing and updating information systems), and
clerical time (e.g., reproduction tasks, filing, and, where applicable
to the given event, typing or mailing). See BLS National Compensation
Survey, June 2006, Table 1, available at https://www.bls.gov/ncs/ocs/sp/
ncbl0910.pdf (Management, professional, and related; office and
administrative support) and BLS Occupational Employment and Wages
2006,Table 2, available at https://www.bls.gov/news.release/pdf/
ocwage.pdf (professional, scientific, and technical services -
business and financial operations). Labor cost totals reflect solely
that of the commercial entities affected. Staff assumes that the time
required of consumers to respond affirmatively to respondents' opt-out
programs (be it manually or electronically) would be minimal.
\**\ Reviewing instructions includes all efforts performed by or for the
respondent to: determine whether and to what extent the respondent is
covered by an agency collection of information, understand the nature
of the request, and determine the appropriate response (including the
creation and dissemination of document and/or electronic disclosures).
Burden hours and costs for established entities:
Burden for established entities already familiar with the Rule
predictably would be less than for start-up entities because start-up
costs, such as crafting a privacy policy, are generally one-time costs
and have already been incurred. Staff's best estimate of the average
burden for these entities is as follows:
------------------------------------------------------------------------
Approx. Approx.
Hourly wage Hours per Approx. Number Total Total
Event and labor Respondent of Annual Labor
category\*\ Respondents\**\ Hrs. Costs
------------------------------------------------------------------------
Reviewing $31.66 4 70,000 280,000 $8,864,8
GLBA- managerial/ 00
implemen professiona
ting l
policies
and
practice
s
------------------------------------------------------------------------
Dissemina $14.71 15 70,000 1,050,00 $15,445,
ting clerical 0 500
annual
disclosu
re
-------------------------- -------------------
$32.82 5 ............... 350,000 $11,487,
professional/ 000
technical
------------------------------------------------------------------------
Changes $14.71 15 1,000 15,000 $220,650
to clerical
privacy
policies
and
related
disclosu
res
-------------------------- -------------------
$32.82 10 ............... 50,000 $164,100
professional/
technical
------------------------------------------------------------------------
Total ............ .......... ............... 1,700,00 $36,182,
0 050
------------------------------------------------------------------------
\*\ Staff calculated labor costs by applying appropriate hourly cost
figures to burden hours; labor cost totals reflect solely that of the
commercial entities affected. The hourly rates used were based on mean
wages for managerial/professional time (e.g., compliance evaluation
and/or planning), professional/technical time (e.g., designing and
producing notices, reviewing and updating information systems), and
clerical time (e.g., reproduction tasks, filing, and, where applicable
to the given event, typing or mailing). See BLS National Compensation
Survey, June 2006, Table 1, available at https://www.bls.gov/ncs/ocs/sp/
ncbl0910.pdf (Management, professional, and related; office and
administrative support) and BLS Occupational Employment and Wages
2006,Table 2, available at https://www.bls.gov/news.release/pdf/
ocwage.pdf (professional, scientific, and technical services -
business and financial operations). Consumers have a continuing right
to opt-out, as well as a right to revoke their opt-out at any time.
When a respondent changes its information sharing practices, consumers
are again given the opportunity to opt-out. Again, staff assumes that
the time required of consumers to respond affirmatively to
respondents' opt-out programs (be it manually or electronically) would
be minimal.
\**\ The estimate of respondents is based on the following assumptions:
(1) 100,000 respondents, approximately 70% of whom maintain customer
relationships exceeding one year, (2) no more than 1% (1,000) of whom
make additional changes to privacy policies at any time other than the
occasion of the annual notice; and (3) such changes will occur no more
often than once per year.
As calculated above, the total annual PRA burden hours and labor
costs for all affected entities in a given year would be 2,000,000
hours and $44,101,000, respectively.
Estimated Capital/Other Non-Labor Costs Burden: Staff believes that
capital or other non-labor costs associated with the document requests
are minimal. Covered entities will already be equipped to provide
written notices (e.g., computers with word processing programs,
typewriters, copying machines, mailing capabilities). Most likely, only
entities that already have on-line capabilities will offer consumers
the choice to receive notices via electronic format. As such, these
entities will already be equipped with the computer equipment and
software necessary to disseminate the required disclosures via
electronic means.
William Blumenthal
General Counsel
[FR Doc. E8-6821 Filed 4-1-08: 8:45 am]
BILLING CODE 6750-01-S]
