Agency Information Collection Activities: Submission for OMB
Review; 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: Submission for OMB review; comment request.
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 a continuing information collection, as required by the Paperwork
Reduction Act of 1995 (PRA). 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 OCC, FDIC, and OTS are
soliciting comment concerning an extension of OMB approval of the
information collections contained in their respective Consumer
Protections for Depository Institution Sales of Insurance regulations.
The Board has approved this information collection under its delegated
authority from OMB.
DATES: Comments should be submitted by May 10, 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, 250 E Street, SW., Mail Stop 1-5, Attention: 1557-0220,
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 firstname.lastname@example.org. You can inspect and
photocopy comments at the OCC's Public Information Room. 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 email@example.com, 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
a.m. and 5 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, 550 17th Street, NW., Washington, DC 20429. All comments
should refer to ``Insurance Sales Consumer Protections, 3064-0140.''
You may also hand-deliver comments to the guard station at the rear of
the 550 17th Street Building (located on F Street), on business days
between 7 a.m. and 5 p.m., or fax comments to (202) 898-3838.
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: Mark Menchik, Office of
Information and Regulatory Affairs, Office of Management and Budget,
New Executive Office Building, Washington, DC 20503, or e-mail to firstname.lastname@example.org.
FOR FURTHER INFORMATION CONTACT: You may request additional information
or a copy of the collection and supporting documentation submitted to
OMB by contacting:
OCC: John Ference or Camille Dixon, (202) 874-5090, Legislative and
Regulatory Activities Division, Office of the Comptroller of the
Currency, 250 E Street, SW., Washington, DC 20219.
Board: Michelle Long, Acting 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: The agencies are proposing to extend OMB
approval of the following information collections:
OCC: Consumer Protections for Depository Institution 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 Sales of Insurance.
OMB Control Numbers:
Type of Review: Extension, without revision, of a currently
Form Number: None.
Description: 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)). This submission involves no change to the
regulations or to the information collections embodied in the
The information collections contained in the regulations are as
Covered persons must 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
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), and
Covered persons must 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.
Sections --.40(b) (OCC), --.84(b) (Board), --.40(b) (FDIC), and
Affected Public: Businesses or other for-profit.
Burden Estimates: The agencies received no comments in response to
their initial PRA renewal notice published in the Federal Register on
November 12, 2003 (68 FR 64192). Nevertheless, as part of this renewal,
an interagency working group reviewed the estimates of the paperwork
burden in the underlying regulations. Although there is no change to
the underlying regulations, the agencies have adjusted the estimated
burden to improve the accuracy of their estimates. The agencies' new
burden estimates follow.
Estimated Number of Respondents:
Estimated Number of Responses:
Estimated Annual Burden Hours:
OCC: 7,815 hours.
Board: 15,041 hours.
FDIC: 13,350 hours.
OTS: 15,034 hours.
Frequency of Response: On occasion.
Comments: The Agencies have a continuing interest in the public's
opinion regarding collections of information. Members of the public may
submit comments regarding any aspect of these collections of
information. All comments become a matter of public record.
Dated: April 5, 2004.
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, March 18, 2004.
Jennifer J. Johnson,
Secretary of the Board.
Dated in Washington, DC., this 30th day of March, 2004.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Dated: March 30, 2004.
By the Office of Thrift Supervision.
Richard M. Riccobono,
[FR Doc. 04-8035 Filed 4-8-04; 8:45 am]
BILLING CODE 4810-33; 6210-01; 6714-01; 6720-01-P