[Federal Register Volume 68, Number 218 (Wednesday, November 12, 2003)]
[Notices]
[Pages 64192-64193]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-28344]



[[Page 64192]]

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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 
(OTS), Treasury.

ACTION: Joint notice and request for comment.

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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 [email protected]. 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 [email protected], 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 protected]. 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 
[email protected]. OTS will post comments and the 
related index on the OTS Internet Site at 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 protected], 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 [email protected].

FOR FURTHER INFORMATION CONTACT: You may request additional information 
from:
    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 
Insurance.
    OMB Control Numbers:
    OCC: 1557-0220.
    Board: 7100-0298.
    FDIC: 3064-0140.
    OTS: 1550-0106.
    Type of Review: Extension, without revision, of a currently 
approved collection.
    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,

[[Page 64193]]

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.
    Burden Estimates:
    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.
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    \1\ The working group consists of staff from the OCC, Board, 
FDIC, and OTS.
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    Estimated Number of Respondents:
    OCC: 1,949
    Board: 1,010
    FDIC: 5,800
    OTS: 1,097
    Estimated Number of Responses:
    OCC: 1,949
    Board: 553,480
    FDIC: 920,000
    OTS: 567,432
    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:
    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 
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 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,
Executive Secretary.

    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