Notice2022-01416
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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
January 25, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting 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 87 Issue 16 (Tuesday, January 25, 2022)</title>
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[Federal Register Volume 87, Number 16 (Tuesday, January 25, 2022)]
[Notices]
[Page 3809]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-01416]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting 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).
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.
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, 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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements, and approved collection of
information instrument(s) are available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve 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.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of 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.
Effective Date: January 25, 2022.
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.
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, 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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Current actions: On October 5, 2021, the Board published a notice
in the Federal Register (86 FR 54978) requesting public comment for 60
days on the extension, with revision, of the Disclosure Requirements of
Subpart H of Regulation H (Consumer Protection in Sales of Insurance).
The Board revised the FR H-7 collection to account for one existing
disclosure requirement in Regulation H that was not previously cleared
by the Board under the PRA. The revision of the FR H-7 information
collection accounts for this disclosure provision. This revision does
not amend Regulation H or add any new information collection
requirements. The comment period for this notice expired on December 6,
2021. The Board did not receive any comments. The revisions will be
implemented as proposed.
Board of Governors of the Federal Reserve System, January 19,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-01416 Filed 1-24-22; 8:45 am]
BILLING CODE 6210-01-P
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