[Federal Register Volume 67, Number 248 (Thursday, December 26, 2002)]
[Notices]
[Pages 78869-78870]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-32463]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


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

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. 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 OCC is soliciting comment 
concerning its information collection titled, Privacy of Consumer 
Financial Information (12 CFR part 40).

DATES: You should submit written comments by February 24, 2003.

ADDRESSES: You should direct comments to the Communications Division, 
Office of the Comptroller of the Currency, Public Information Room, 
Mailstop 1-5, Attention: 1557-0216, 250 E Street, SW., Washington, DC 
20219. Due to delays in paper mail in the Washington area, commenters 
are encouraged to submit comments by fax or e-mail. Comments may be 
sent by fax to (202) 874-4448, or by e-mail to 
[email protected]. You can inspect and photocopy the 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.
    A copy of the comments should also be sent to the OMB Desk Officer 
for the OCC: 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 
[email protected].

FOR FURTHER INFORMATION CONTACT: You can request additional information 
from Jessie Dunaway, OCC Clearance Officer, 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.

SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval 
of the following information collection:
    Title: Privacy of Consumer Financial Information (12 CFR part 40).
    OMB Number: 1557-0216.

[[Page 78870]]

    Description: This submission covers an existing regulation and 
involves no change to the regulation or to the information collection 
requirements. The OCC requests only that OMB extend its approval of the 
information collection.
    These information collection requirements are required under the 
Gramm-Leach-Bliley Act (Pub. L. 106-102) which required the OCC to 
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 40 are as follows:
    Section 40.4(a) requires a bank to provide an initial notice to 
consumers that accurately reflects its privacy policies and practices.
    Section 40.5(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 40.7(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 a 
nonaffiliated third party; 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 40.10(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 40.8(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 40 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.  40.7(a)(2)(ii), 40.10(a)(2) and 40.10(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.  40.7(f) and (g)).
    These information collection requirements ensure bank compliance 
with applicable Federal law. The requirements also inform banks of 
consumers' preference regarding disclosure of their personal 
information and allow consumers to determine whether they want their 
personal information disclosed to nonaffiliated parties.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit; individuals.
    Estimated Number of Respondents: 2,400.
    Estimated Total Annual Responses: 2,400.
    Estimated Burden Hours 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: 108,000 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;
    (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: December 18, 2002.
Mark J. Tenhundfeld,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 02-32463 Filed 12-24-02; 8:45 am]
BILLING CODE 4810-33-P