Notice2022-16874
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Privacy of Consumer Financial Information
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
August 8, 2022
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites 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 the renewal of its information collection titled, "Privacy of Consumer Financial Information." 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 151 (Monday, August 8, 2022)</title>
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[Federal Register Volume 87, Number 151 (Monday, August 8, 2022)]
[Notices]
[Pages 48226-48227]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-16874]
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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; Privacy of Consumer Financial
Information
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 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 the renewal of its information collection titled, ``Privacy
of Consumer Financial Information.'' The OCC also is giving notice that
it has sent the collection to OMB for review.
DATES: Comments must be received on or before September 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#38484a5951565e5778575b5b164c4a5d594b165f574e"><span class="__cf_email__" data-cfemail="18686a7971767e7758777b7b366c6a7d796b367f776e">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0216, 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
``1557-0216'' 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.
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 May 31, 2022, the OCC published a 60-day notice for this
information collection, 87 FR 32496. 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'' from the 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 ``1557-0216'' or
``Privacy of Consumer Financial Information.'' 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, 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, Federal agencies must obtain
approval from the OMB for each collection of information that 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 document.
Title: Privacy of Consumer Financial Information.
OMB Control No.: 1557-0216.
Description: The Gramm-Leach-Bliley Act (Act) (Pub. L. 106-102)
requires this information collection. Regulation P (12 CFR part 1016),
a regulation promulgated by the Consumer Financial Protection Board
(CFPB), implements the Act's notice requirements and restrictions on a
financial institution's ability to disclose nonpublic personal
information about consumers to nonaffiliated third parties.
The information collection requirements in 12 CFR part 1016 are as
follows:
Sec. 1016.4(a) Initial privacy notice to consumers requirement--A
national bank or Federal savings association must provide a clear and
conspicuous notice to customers and consumers that accurately reflects
its privacy policies and practices.
Sec. 1016.5(a)(1) Annual privacy notice to customers requirement--
A national bank or Federal savings association must provide a clear and
conspicuous notice to customers that accurately reflects its privacy
policies and practices not less than annually during the continuation
of the customer relationship.
Sec. 1016.8 Revised privacy notices--A national bank or Federal
savings association must not disclose any nonpublic personal
information to a nonaffiliated third party in a way that is
inconsistent with the notices previously given to a consumer unless the
institution has provided the consumer with a clear and conspicuous
revised notice of the institution's policies and practices, the
institution has provided the consumer with a new opt out notice, the
institution has given the consumer a reasonable opportunity to opt out
of the disclosure, and the consumer has not opted out.
Sec. 1016.7(a) Form of opt out notice to consumers; opt out
methods--Form of opt out notice If a national bank or Federal savings
association is required to provide an opt out notice under Sec.
1016.10(a), it must provide to each of its consumers a clear and
conspicuous notice that accurately explains the right to opt out under
that section. The notice must state:
<bullet> That the national bank or Federal savings association
discloses or reserves the right to disclose nonpublic personal
information about its consumer to a nonaffiliated third party;
<bullet> That the consumer has the right to opt out of that
disclosure; and
<bullet> A reasonable means by which the consumer may exercise the
opt out right.
A national bank or Federal savings association provides a
reasonable means to exercise an opt out right if it:
[[Page 48227]]
<bullet> Designates check-off boxes on the relevant forms with the
opt out notice;
<bullet> Includes a reply form with the opt out notice;
<bullet> Provides an electronic means to opt out; or
<bullet> Provides a toll-free number that consumers may call to opt
out.
Sec. Sec. 1016.10(a)(1) and (2) and 1016.10(c)--Limits on
disclosure of nonpublic personal information to nonaffiliated parties--
A national bank or Federal savings association may not disclose any
nonpublic personal information about a consumer to a nonaffiliated
third party unless the institution has provided the consumer with an
initial notice under Sec. 1016.4, the institution has provided the
consumer with a opt out notice, the institution has given the consumer
a reasonable opportunity to opt out of the disclosure, and the consumer
has not opted out. A customer may direct one of the following forms of
opt out:
<bullet> Opt out--Consumers may direct that the national bank or
Federal savings association not disclose nonpublic personal information
about them to a nonaffiliated third party, other than permitted by
Sec. Sec. 1016.13-1016.15.
<bullet> Partial opt out--Consumers may exercise partial opt out
rights by selecting certain nonpublic personal information or certain
nonaffiliated third parties with respect to which the consumer wishes
to opt out.
Sec. Sec. 1016.7(h) and 1016.7(i) Continuing right to opt out and
Duration of right to opt out--A consumer may exercise the right to opt
out at any time. A consumer's direction to opt out is effective until
the consumer revokes it in writing or, if the consumer agrees,
electronically. When a customer relationship terminates, the customer's
opt out direction continues to apply to the nonpublic personal
information collected during or related to that relationship. If the
consumer subsequently establishes a new customer relationship with the
institution, the opt out direction that applied to the former
relationship does not apply to the new relationship.
Type of Review: Regular.
Affected Public: Businesses or other for-profit; individuals.
Frequency of Response: On occasion. Estimated Annual Number of
Respondents: 2,451,659.
Estimated Total Annual Burden Hours: 626,011.25 hours.
On May 31, 2022, the OCC published a 60-day notice for this
information collection, 87 FR 32496. 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 burden of the
collection of information;
(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 operation,
maintenance, and purchase of services to provide information.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-16874 Filed 8-5-22; 8:45 am]
BILLING CODE 4810-33-P
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</html>Indexed from Federal Register on August 8, 2022.
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