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FDIC Federal Register Citations

[Federal Register: January 2, 2003 (Volume 68, Number 1)]
[Page 121-122]
From the Federal Register Online via GPO Access []



Agency Information Collection Activities: Proposed Extension of 
Information Collection; Comment Request

AGENCY: Federal Deposit Insurance Corporation.

ACTION: Notice and request for comment.


SUMMARY: The FDIC, 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. An agency may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection unless it displays a 
currently valid OMB control number. The FDIC is soliciting comment 
concerning its information collection titled, ``Privacy of Consumer 
Financial Information (12 CFR 332).''

DATES: You should submit written comments by March 3, 2003.

ADDRESSES: You should direct comments and requests for further 
information to Steven F. Hanfit, (202) 898-3907, Legal Division 
(Consumer and Compliance Unit), Room MB-3064, Federal Deposit Insurance 
Corporation, 550 17th Street NW., Washington, DC 20429. All comments 
should refer to the OMB control number 3064-0136. Comments may be hand-
delivered to the guard station at the rear of the 17th Street Building 
(located on F Street), on business days between 7 a.m. to 5 p.m.
    A copy of the comments should also be sent to the OMB Desk Officer 
for the FDIC: 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 by e-mail to

SUPPLEMENTARY INFORMATION: The FDIC is proposing to extend OMB approval 
of the following information collection:
    Title: Privacy of Consumer Financial Information (12 CFR 332).
    OMB Control Number: 3064-0136.
    Description: This submission covers a collection for an existing 
    The Gramm-Leach-Bliley Act (Pub. L. 106-102) requires the 
information collection, and mandates that the federal banking agencies 
issue regulations as necessary to implement 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 part 332 are as follows:
    Section 332.4(a) requires a bank to provide an initial notice to 
consumers that accurately reflects its privacy policies and practices.
    Section 332.5(a) requires a bank to provide a notice annually to 
customers during the continuation of the customer relationship that 
accurately reflects the bank's privacy policies and practices.
    Section 332.7(a)(1) requires a bank to provide a clear and 
conspicuous notice to each of its consumers that accurately explains 
the right to opt out. The notice must state that the bank discloses or 
reserves the right to disclose nonpublic personal information to 
certain categories of nonaffiliated third parties; that the consumer 
has the right to opt out of that disclosure; and a reasonable means by 
which the consumer may exercise the opt out right. Section 332.10(c) 
states that a bank may allow a consumer to select certain nonpublic 
personal information or certain nonaffiliated third parties with 
respect to which the consumer wishes to opt out (partial opt-out).
    Section 332.8(a) requires a bank to provide consumers with a 
revised notice of the bank's policies and procedures and a new opt out 
notice, if the bank wishes to disclose information in a way that is 
inconsistent with the notices previously given to a consumer.
    Part 332 also contains affirmative actions that consumers must take 
to exercise their rights. In order for consumers to prevent banks from 
sharing their information with nonaffiliated parties, they must opt out 
(Sec. Sec.  332.7(a)(2)(ii), 332.10(a)(2) and 332.10(c)).
    Consumers also have the right at any time during their continued 
relationship with the bank to change or update their opt out status 
with the bank (Sec. Sec.  332.7(f) and (g)).
    These information collection requirements ensure bank compliance 
with applicable Federal law.
    The most recently published (65 FR 8783) estimation of the number 
of the paperwork burden associated with this collection follows:
    Estimated Number of Respondents: 5,764.
    Estimated Total Annual Responses: 5,764.
    Estimated Time Per Response: 43 hours (disclosure burden, includes 
initial notice).
    Estimated Burden Hours Per Response: 2 Hours (reporting burden)
    Frequency of Response: Annually.
    Estimated Total Annual Burden: 259,380 hours.
    Comments submitted in response to this notice will be summarized 
and included in the request for OMB approval. All comments will become 
a matter of public record. Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information has practical utility;

[[Page 122]]

    (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 startup costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated at Washington, DC this 24th day of December, 2002.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 02-33044 Filed 12-31-02; 8:45 am]

Last Updated 01/02/2003

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