📄CFPB Rescinds Prize Competitions Program Records Notice
Privacy Act of 1974; System of Records
Summary
Pursuant to the Privacy Act of 1974, U.S.C. 552a, and Office of Management and Budget (OMB) Circular No. A-108, the Consumer Financial Protection Bureau (CFPB) proposes to rescind existing system of record "CFPB.023 Prize Competitions Program Records." This system of record was intended to enable the CFPB to manage its prize competition program authorized by the America COMPETES Reauthorization Act of 2010, select judges for CFPB sponsored prize competitions, maintain accounting and financial information associated with making authorized payments to companies or individuals who are CFPB sponsored prize competition awardees, develop reports to applicable Federal, state, and local taxing officials of taxable income, and to meet other reporting requirements. The CFPB is rescinding this System of Records Notice (SORN) because this system is not currently maintained by CFPB, thereby making the SORN unnecessary.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$ - Low
The text pertains to the rescindment of a system of records notice that does not currently impact business operations or financial assistance. The prize competition program was never implemented, thus eliminating any relevant data collection or record maintenance.