[Federal Register Volume 74, Number 211 (Tuesday, November 3, 2009)]
[Notices]
[Pages 56923-56924]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-26441]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Proposed 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 January 4, 2010.

ADDRESSES: Communications Division, Office of the Comptroller of the 
Currency, Mailstop 2-3, Attention: 1557-0216, 250 E Street, SW., 
Washington, DC 20219. In addition, comments may be sent by fax to (202) 
874-5274, or by electronic mail to [email protected]. You may 
personally inspect and photocopy the comments at the OCC, 250 E Street, 
SW., Washington, DC 20219. For security reasons, the OCC requires that 
visitors make an appointment to inspect comments. You may do so by 
calling (202) 874-4700. Upon arrival, visitors will be required to 
present valid government-issued photo identification and to submit to 
security screening in order to inspect and photocopy comments.
    Additionally, you should send a copy of your comments by mail to 
OCC Desk Officer, 1557-0216, U.S. Office of Management and Budget, 725, 
17th Street, NW., 10235, Washington, DC 20503, or by fax to 
(202) 395-6974.

FOR FURTHER INFORMATION CONTACT: You can request additional information 
or a copy of the collection from Mary H. Gottlieb, 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.

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 Control No.: 1557-0216.
    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 approve its revised 
estimates.
    The information collection requirements in part 40 are as follows:
    Sec.  40.4(a)--Disclosure (institution)--Initial privacy notice to 
consumers requirement--A bank must provide a clear and conspicuous 
notice that accurately reflects its privacy policies and practices to 
customers and consumers.
    Sec.  40.5(a)--Disclosure (institution)--Annual privacy notice to 
customers requirement--A bank must provide a clear and conspicuous 
notice to customers that accurately reflects its privacy policies and 
practices not less than annually during the continuation of the 
customer relationship.
    Sec.  40.8--Disclosure (institution)--Revised privacy notices--If a 
bank wishes to disclose information in a way that is inconsistent with 
the notices previously given to a consumer, the bank must provide 
consumers with a clear and conspicuous revised notice of the bank's 
policies and procedures and a new opt out notice.
    Sec.  40.7(a)--Disclosure (institution)--Form of opt out notice to 
consumers; opt out methods--Form of opt out notice--If a bank is 
required to provide an opt-out notice under Sec.  40.10(a), it must 
provide a clear and conspicuous notice to each of its consumers that 
accurately explains the right to opt out under that section. The notice 
must state:
     That the bank discloses or reserves the right to disclose 
nonpublic personal information about its consumer 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.
    A bank provides a reasonable means to exercise an opt out right if 
it:

[[Page 56924]]

     Designates check-off boxes on the relevant forms with the 
opt out notice;
     Includes a reply form with the opt out notice;
     Provides electronic means to opt out; or
     Provides a toll-free number to opt out.
    Sec. Sec.  40.10(a)(2) and 40.10(c)--Consumers must take 
affirmative actions to exercise their rights to prevent financial 
institutions from sharing their information with nonaffiliated parties-
     Opt out--Consumers may direct that the bank not disclose 
nonpublic personal information about them to a nonaffiliated third 
party, other than permitted by Sec. Sec.  40.13-40.15.
     Partial opt out--Consumer may also exercise partial opt 
out rights by selecting certain nonpublic personal information or 
certain nonaffiliated third parties with respect to which the consumer 
wishes to opt out.
    Sec. Sec.  40.7(f) and (g)--Reporting (consumer)--Consumers may 
exercise continuing right to opt out--Consumer may opt out at any 
time--A consumer may exercise the right to opt out at any time. A 
consumer's direction to opt out is effective until the consumer revokes 
it in writing or, if the consumer agrees, electronically. When a 
customer relationship terminates, the customer's opt out direction 
continues to apply.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for-profit; individuals.
    Estimated Annual Number of Institution Respondents: Initial Notice, 
11; Annual Notice and Change in Terms, 1,625; Opt-out Notice, 813.
    Estimated Average Time Per Response Per Institution: Initial 
Notice, 80 hours; Annual Notice and Change in Terms, 8 hours; Opt-out 
Notice, 8 hours.
    Estimated Subtotal Annual Burden Hours for Institutions: 20,384 
hours.
    Estimated Annual Number of Consumer Respondents: 15,028,802.
    Estimated Average Time Per Consumer Response: 0.25 hours.
    Estimated Subtotal Annual Burden Hours for Consumers: 3,757,200.5 
hours.
    Estimated Total Annual Burden Hours: 3,777,584.5 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 start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: October 27, 2009.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. E9-26441 Filed 11-2-09; 8:45 am]
BILLING CODE 4810-33-P