Notice2022-12203
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Consumer Protections for Depository Institution Sales of Insurance
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
June 7, 2022
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and respondents are not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning renewal of its information collection titled "Consumer Protections for Depository Institution Sales of Insurance." The OCC also is giving notice that it has sent the collection to OMB for review.
Full Text
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<title>Federal Register, Volume 87 Issue 109 (Tuesday, June 7, 2022)</title>
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[Federal Register Volume 87, Number 109 (Tuesday, June 7, 2022)]
[Notices]
[Pages 34755-34756]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-12203]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Consumer Protections for Depository
Institution Sales of Insurance
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to take this opportunity to comment on a continuing
information collection as required by the Paperwork Reduction Act of
1995 (PRA). In accordance with the requirements of the PRA, the OCC may
not conduct or sponsor, and respondents are not required to respond to,
an information collection unless it displays a currently valid Office
of Management and Budget (OMB) control number. The OCC is soliciting
comment concerning renewal of its information collection titled
``Consumer Protections for Depository Institution Sales of Insurance.''
The OCC also is giving notice that it has sent the collection to OMB
for review.
DATES: Comments must be received by July 7, 2022.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#48383a2921262e2708272b2b663c3a2d293b662f273e"><span class="__cf_email__" data-cfemail="364644575f5850597659555518424453574518515940">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0220, Office of the Comptroller of the Currency, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0220'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
[[Page 34756]]
Written comments and recommendations for the proposed information
collection should also be sent within 30 days of publication of this
notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
On March 8, 2022, the OCC published a 60-day notice for this
information collection, 87 FR 13040. You may review comments and other
related materials that pertain to this information collection following
the close of the 30-day comment period for this notice by the method
set forth in the next bullet.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' drop-down menu. From the ``Currently
under Review'' drop-down menu, select ``Department of Treasury'' and
then click ``submit.'' This information collection can be located by
searching by OMB control number ``1557-0220'' or ``Consumer Protections
for Depository Institution Sales of Insurance.'' Upon finding the
appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490 or, for persons who are deaf or hearing impaired, TTY,
(202) 649-5597, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219. If
you are deaf, hard of hearing, or have a speech disability, please dial
7-1-1 to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal
agencies must obtain approval from OMB for each collection of
information they conduct or sponsor. ``Collection of information'' is
defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests or requirements that members of the public submit reports,
keep records, or provide information to a third party. The OCC asks
that OMB extend its approval of the collection in this notice.
Title: Consumer Protections for Depository Institution Sales of
Insurance.
OMB Control No.: 1557-0220.
Type of Review: Extension, without revision, of a currently
approved collection.
Description: This information collection is required under section
305 of the Gramm-Leach-Bliley Act (GLB Act), 12 U.S.C. 1831x. Section
305 of the GLB Act requires the OCC, the Board of Governors of the
Federal Reserve System, and the Federal Deposit Insurance Corporation
(collectively, the Agencies) to prescribe joint consumer protection
regulations that apply to retail sales practices, solicitations,
advertising, and offers of any insurance product by a depository
institution or by other persons performing these activities at an
office of the institution or on behalf of the institution (other
covered persons). Section 305 also requires those performing such
activities to disclose certain information to consumers (e.g., that
insurance products and annuities are not FDIC-insured).
This information collection requires national banks, Federal
savings associations, and other covered persons involved in insurance
sales, as defined in 12 CFR 14.20(f), to make two separate disclosures
to consumers. Under 12 CFR 14.40, a national bank, Federal savings
association, or other covered person must prepare and provide orally
and in writing: (1) certain insurance disclosures to consumers before
the completion of the initial sale of an insurance product or annuity
to a consumer and (2) certain credit disclosures at the time of
application for the extension of credit (if insurance products or
annuities are sold, solicited, advertised, or offered in connection
with an extension of credit). The insurance disclosures are required in
advertisements and promotional material for insurance products or
annuities unless the advertisements and promotional materials are of a
general nature describing or listing the services or products offered
by the national bank or Federal savings association.
Consumers use the disclosures to understand the risks associated
with insurance products and annuities and to understand that they are
not required to purchase, and may refrain from purchasing, certain
insurance products or annuities in order to qualify for an extension of
credit.
Affected Public: Businesses or other for-profit.
Frequency: On occasion.
Estimated Burden:
Estimated Number of Respondents: 401.
Total Estimated Burden Hours: 2,005.
On March 8, 2022, the OCC published a 60-day notice for this
information collection, 87 FR 13040. No comments were received.
Comments continue to be solicited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the information
collection burden;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or start-up costs and costs of the
operation, maintenance, and purchase of services necessary to provide
the required information.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-12203 Filed 6-6-22; 8:45 am]
BILLING CODE 4810-33-P
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