Notice2021-21593
Proposed Agency Information Collection Activities; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 5, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, with revision, the Disclosure Requirements of Subpart H of Regulation H (Consumer Protection in Sales of Insurance) (FR H-7; OMB No. 7100-0298).
Full Text
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<title>Federal Register, Volume 86 Issue 190 (Tuesday, October 5, 2021)</title>
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[Federal Register Volume 86, Number 190 (Tuesday, October 5, 2021)]
[Notices]
[Pages 54978-54979]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-21593]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the Disclosure Requirements of Subpart H of Regulation H (Consumer
Protection in Sales of Insurance) (FR H-7; OMB No. 7100-0298).
DATES: Comments must be submitted on or before December 6, 2021.
ADDRESSES: You may submit comments, identified by FR H-7, by any of the
following methods:
<bullet> Agency Website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#d5a7b0b2a6fbb6bab8b8b0bba1a695b3b0b1b0a7b4b9a7b0a6b0a7a3b0fbb2baa3"><span class="__cf_email__" data-cfemail="31435456421f525e5c5c545f4542715754555443505d435442544347541f565e47">[email protected]</span></a>. Include the OMB
number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any identifying or
contact information. Public comments may also be viewed electronically
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006,
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the
Board requires that visitors make an appointment to inspect comments.
You may do so by calling (202) 452-3684. Upon arrival, visitors will be
required to present valid government-issued photo identification and to
submit to security screening in order to inspect and photocopy
comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer--Shagufta Ahmed--
Office of Information and Regulatory Affairs, Office of Management and
Budget, New Executive Office Building, Room 10235, 725 17th Street NW,
Washington, DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3829.
[[Page 54979]]
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the PRA to approve and assign OMB control numbers to
collections of information conducted or sponsored by the Board. In
exercising this delegated authority, the Board is directed to take
every reasonable step to solicit comment. In determining whether to
approve a collection of information, the Board will consider all
comments received from the public and other agencies.
A copy of the Paperwork Reduction Act (PRA) OMB submission,
including the reporting form and instructions, supporting statement,
and other documentation will be available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved. These documents will also be made
available on the Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be requested
from the agency clearance officer, whose name appears above.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years, With
Revision, the Following Information Collection
Report title: Disclosure Requirements of Subpart H of Regulation H
(Consumer Protection in Sales of Insurance).
Agency form number: FR H-7.
OMB control number: 7100-0298.
Frequency: On occasion.
Respondents: State member banks or any other person at an office of
a bank or on behalf of a bank (collectively, Covered Persons).
Estimated number of respondents: Insurance and extension of credit,
341; advertisements, 341.
Estimated average hours per response: Insurance and extension of
credit, 1.5 minutes; advertisements, 25 minutes.
Estimated annual burden hours: Insurance and extension of credit,
5,371; advertisements, 142.
General description of report: The insurance consumer protection
rules in Regulation H require depository institutions to prepare and
provide certain disclosures to consumers. The disclosure requirements
are codified at 12 CFR 208.81 et seq. and require Covered Persons to
make certain disclosures: Before the completion of the initial purchase
of an insurance product or annuity by a consumer; at the time a
consumer applies for an extension of credit in connection with which an
insurance product or annuity is solicited, offered, or sold; and in
advertisements and promotional materials for insurance products or
annuities.
Proposed revisions: The Board proposes to revise the FR H-7
information collection to account for the advertisements and
promotional materials disclosure requirement in Regulation H, Subpart
H, that has not been previously cleared by the Board under the PRA. The
Board is not proposing to create any forms associated with the FR H-7
to address this requirement.
Legal authorization and confidentiality: The Disclosure
Requirements of Subpart H of Regulation H are authorized by section 305
of the Gramm-Leach-Bliley Act of 1999 (GLBA), which requires that the
Board issue regulations, including disclosure requirements, applicable
to retail sales practices, solicitations, advertising, or offers of
insurance by depository institutions.\1\ The disclosures required under
Subpart H of Regulation H are mandatory.
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\1\ 12 U.S.C. 1831x. The Board also has the authority to require
reports from state member banks. 12 U.S.C. 248(a) and 324.
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Because the FR H-7 disclosures are provided by state member banks
to customers, confidentiality issues should generally not arise. In the
event the records are obtained by the Board as part of the examination
or supervision of a financial institution, this information may be
considered confidential pursuant to exemption 8 of the Freedom of
Information Act, which protects information contained in ``examination,
operating, or condition reports'' obtained in the bank supervisory
process.\2\
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\2\ 5 U.S.C. 552(b)(8).
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Consultation outside the agency: The Board consulted with the other
federal banking agencies with similar regulations pursuant to section
305 of the GLBA.
Board of Governors of the Federal Reserve System, September 29,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-21593 Filed 10-4-21; 8:45 am]
BILLING CODE 6210-01-P
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