[Federal Register: November 12, 2003 (Volume 68, Number 218)]
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE CORPORATION
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
Agency Information Collection Activities: Proposed Extension of
Information Collection; Comment Request
AGENCIES: Office of the Comptroller of the Currency (OCC), Treasury;
Board of Governors of the Federal Reserve System (Board); Federal
Deposit Insurance Corporation (FDIC); and Office of Thrift Supervision
ACTION: Joint notice and request for comment.
SUMMARY: The OCC, Board, FDIC, and OTS (collectively, the Agencies), as
part of their continuing effort to reduce paperwork and respondent
burden, invite the general public and other Federal agencies to comment
on the proposed extension, without revision, of their continuing
information collections, as required by the Paperwork Reduction Act of
1995. The Agencies may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless it displays a
currently valid Office of Management and Budget (OMB) control number.
Currently, the Agencies are soliciting comment concerning the proposed
extension of OMB approval of the information collections contained in
their respective Consumer Protections for Depository Institution Sales
of Insurance regulations.
DATES: Comments should be submitted by January 12, 2004.
ADDRESSES: Comments should be directed to the Agencies and the OMB Desk
Officer for the Agencies as follows:
OCC: Office of the Comptroller of the Currency, Public Information
Room, Mail Stop 1-5, Attention: 1557-0220, 250 E Street, SW.,
Washington, DC 20219. Due to delays in delivery of paper mail in the
Washington area, commenters are encouraged to submit comments by fax or
electronic mail. Comments may be sent by fax to (202) 874-4448, or by electronic mail to
You can inspect and photocopy comments at the OCC's Public Information Room, 250 E Street,
SW., Washington, DC 20219. You can make an appointment to inspect the
comments by calling (202) 874-5043.
Board: Written comments may be mailed to Jennifer J. Johnson,
Secretary, Board of Governors of the Federal Reserve System, 20th
Street and Constitution Avenue, NW, Washington, DC 20551. However,
because paper mail in the Washington area and at the Board of Governors
is subject to delay, please consider submitting your comments by electronic mail to
firstname.lastname@example.org, or faxing them to the Office of the Secretary at
(202) 452-3819 or (202) 452-3102.
Members of the public may inspect comments in Room M-P-500 between 9:00
a.m. and 5:00 p.m. on weekdays pursuant to 261.12, except as provided
in 261.14, of the Board's Rules Regarding Availability of Information,
12 CFR 261.12 and 261.14.
FDIC: Steven F. Hanft, Paperwork Clearance Officer, Legal Division,
Room MB-3064, Attention: Comments/Legal Division, Federal Deposit
Insurance Corporation, 550 17th Street, NW, Washington, DC 20429. All
comments should refer to ``Community Reinvestment Act Regulation, 3064-
0092.'' Comments may be hand-delivered to the guard station at the rear
of the 550 17th Street Building (located on F Street), on business days
between 7:00 a.m. and 5:00 p.m. Comments also may be sent by fax to (202) 898-3838, or
by electronic mail to email@example.com. Comments
may be inspected and photocopied in the FDIC Public Information Center,
Room 100, 801 17th Street, NW, Washington, DC between 9:00 a.m. and
4:30 p.m. on business days.
OTS: Information Collection Comments, Chief Counsel's Office,
Office of Thrift Supervision, 1700 G Street, NW, Washington, DC 20552,
Attention: 1550-0106, Fax number (202) 906-6518, or e-mail to firstname.lastname@example.org.
OTS will post comments and the
related index on the OTS Internet Site at http://www.ots.treas.gov. In
addition, interested persons may inspect comments at the Public Reading
Room, 1700 G Street, NW, by appointment. To make an appointment, call (202) 906-5922,
send an e-mail to email@example.com, or send a
facsimile transmission to (202) 906-7755.
OMB Desk Officer for the Agencies: Joseph F. Lackey, Jr., Office of
Information and Regulatory Affairs, Office of Management and Budget,
New Executive Office Building, Room 10235, Washington, DC 20503, or e-mail to firstname.lastname@example.org.
FOR FURTHER INFORMATION CONTACT: You may request additional information
OCC: Patrick Tierney, Attorney, Acting OCC Clearance Officer, (202)
874-5090, Legislative and Regulatory Activities Division, Office of the
Comptroller of the Currency, 250 E Street, SW, Washington, DC 20219.
Board: Cynthia Ayouch, Federal Reserve Board Clearance Officer,
(202) 452-3829, Division of Research and Statistics, Board of Governors
of the Federal Reserve System, 20th and C Streets, NW, M/S 41,
Washington, DC 20551.
FDIC: Steven F. Hanft, Paperwork Clearance Officer, (202) 898-3907,
Legal Division, Federal Deposit Insurance Corporation, 550 17th Street,
NW, Washington, DC 20429.
OTS: Marilyn K. Burton, OTS Clearance Officer, (202) 906-6467,
Office of Thrift Supervision, 1700 G Street, NW, Washington, DC 20552.
SUPPLEMENTARY INFORMATION: Titles:
OCC: Consumer Protection in Sales of Insurance - 12 CFR 14.
Board: Disclosure Requirements in Connection With Regulation H
(Consumer Protections in Sales of Insurance).
FDIC: Insurance Sales Consumer Protections.
OTS: Consumer Protections for Depository Institutions Sales of
OMB Control Numbers:
Type of Review: Extension, without revision, of a currently
Form Number: None.
Abstract: This submission covers an extension of the Agencies'
currently approved information collections in their regulations (12 CFR
part 14 (OCC); 12 CFR part 208 (Board); 12 CFR part 343 (FDIC); and 12
CFR part 536 (OTS)). The submission involves no change to the
regulations or to the information collection requirements.
The information collection requirements contained in the
regulations are as follows:
Covered persons are required to make insurance disclosures before
the completion of the initial sale of an insurance product or annuity
to a consumer. The disclosure must be made orally and in writing to the
consumer that: 1) the insurance product or annuity is not a deposit or
other obligation of,
or guaranteed by, the financial institution or an affiliate of the
financial institution; 2) the insurance product or annuity is not
insured by the FDIC or any other agency of the United States, the
financial institution, or (if applicable) an affiliate of the financial
institution; and 3) in the case of an insurance product or annuity that
involves an investment risk, there is investment risk associated with
the product, including the possible loss of value. Sections --.40(a)
(OCC); --.84(a) (Board); --.40(a)(FDIC); --.40(a)(OTS).
Covered persons are required to make a credit disclosure 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.
The disclosure must be made orally and in writing that the financial
institution may not condition an extension of credit on either: 1) the
consumer's purchase of an insurance product or annuity from the
financial institution or any of its affiliates; or 2) the consumer's
agreement not to obtain, or a prohibition on the consumer from
obtaining, an insurance product or annuity from an unaffiliated entity.
Section --.40(b)(OCC); )--.84(b)(Board); --.40(b)(FDIC); --.40(b)(OTS).
Affected Public: Businesses or other for-profit.
In 2000, the Agencies jointly published a notice in the Federal
Register that contained the Agencies' burden estimates for their
information collections. The Board, FDIC, and OTS used the same
methodology for calculating the paperwork burden on their respondents;
however, the OCC used a different methodology.
In 2003, an interagency working group\1\ agreed to jointly review
the paperwork burden of their sale of insurance regulations. To avoid
expiration of the authority for the information collections while the
review is being completed, the group agreed to publish for comment
estimates based on year 2000 assumptions. After the Agencies' public
comment has closed, they will jointly review all comments received and
determine the best method for calculating the burden. The Agencies will
revise their estimates and publish a joint final notice when they
submit their information collections to OMB for review.
\1\ The working group consists of staff from the OCC, Board,
FDIC, and OTS.
Estimated Number of Respondents:
Estimated Number of Responses:
Estimated Annual Burden Hours:
OCC: 19,490 hours
Board: 46,123 hours
FDIC: 76,667 hours
OTS: 47,286 hours
Frequency of Response: On occasion.
Comments submitted in response to this notice will be summarized in
the request for OMB approval. All comments will become a matter of
public record. Comments are invited on:
(a) Whether the collection is necessary for the proper performance
of the functions of the agency, including whether the information has
(b) The accuracy of the agency'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.
Dated: October 28, 2003.
Mark J. Tenhundfeld,
Assistant Director, Legislative and Regulatory Activities
Division,Office of the Comptroller of the Currency.
By order of the Board of Governors of the Federal Reserve
System, November 5, 2003.
Jennifer J. Johnson,
Secretary of the Board.
Dated at Washington, D.C., this 27th day of November, 2003.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Dated: November 4, 2003.
James E. Gilleran,
Deputy Chief Counsel, RegulationsDirector and Legislation
Division,Office of Thrift Supervision.
[FR Doc. 03-28344 Filed 11-10-03; 8:45 am]
BILLING CODES 4810-33-P; 6210-01-P; 6714-01-P; 6720-01-P