Prize Competitions Program Records
Why is this System of Records Notice being rescinded? 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.