[Federal Register Volume 78, Number 56 (Friday, March 22, 2013)]
[Notices]
[Pages 17765-17766]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-06585]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities; Information Collection 
Renewal; Submission for OMB Review: Privacy of Consumer Financial 
Information

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 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 (Regulation P).'' The OCC is also giving notice that it has 
sent the collection to OMB for review.

DATES: You should submit written comments by April 22, 2013.

ADDRESSES: Because paper mail in the Washington, DC area and at the OCC 
is subject to delay, commenters are encouraged to submit comments by 
email if possible. Comments may be sent to: Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 
Attention: 1557-0216, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to 
(571) 465-4326 or by electronic mail to [email protected]. 
You may personally inspect and photocopy comments at the OCC, 400 7th 
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) 649-6700. 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.
    All comments received, including attachments and other supporting 
materials, are part of the public record and subject to public 
disclosure. Do not enclose any information in your comment or 
supporting materials that you consider confidential or inappropriate 
for public disclosure.
    Additionally, please 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 email to: oira 
[email protected].

FOR FURTHER INFORMATION CONTACT: You can request additional information 
or a copy of the collection from Johnny Vilela or Mary H. Gottlieb, OCC 
Clearance Officers, (202) 649-5490, Legislative and Regulatory 
Activities Division, Office of the Comptroller of the Currency, 400 7th 
Street SW., Suite 3E-218, Mail Stop 9W-11, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval 
of the following information collection titled ``Privacy of Consumer 
Financial Information (Regulation P).'' There have been no changes to 
the requirements of the regulations; however, the regulations have been 
transferred to the Bureau of Consumer Financial Protection (CFPB) 
pursuant to title X of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, Public Law 111-203, 124 Stat. 1955, July 21, 2010 
(Dodd-Frank Act) and republished as CFPB regulations (76 FR 79028 
(December 21, 2011)). The burden estimates have been revised to remove 
the burden for national banks and Federal savings associations with 
over $10 billion in total assets and any affiliates thereof, which is 
now carried by CFPB pursuant to section 1025 of the Dodd-Frank Act. The 
OCC retains supervisory and enforcement authority for national banks 
and Federal savings associations with total assets of $10 billion or 
less that are not an affiliate of an insured depository institution 
with over $10 billion in total assets.
    Title: Privacy of Consumer Financial Information (Regulation P) (12 
CFR part 1016).
    OMB Control No.: 1557-0216.
    Description:
    The Gramm-Leach-Bliley Act (Act) (Pub. L. 106-102) requires this 
information collection. The CFPB's regulation implements the Act's 
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 1016 are as 
follows:
    Sec.  1016.4(a)--Disclosure (institution)--Initial privacy notice 
to consumers requirement--A national bank or Federal savings 
association must provide a clear and conspicuous notice that accurately 
reflects its privacy policies and practices to customers and consumers.

[[Page 17766]]

    Sec.  1016.5(a)--Disclosure (institution)--Annual privacy notice to 
customers requirement--A national bank or Federal savings association 
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.  1016.8--Disclosure (institution)--Revised privacy notices--If 
a national bank or Federal savings association wishes to disclose 
information in a way that is inconsistent with the notices previously 
given to a consumer, the national bank or Federal savings association 
must provide consumers with a clear and conspicuous revised notice of 
the national bank's or Federal savings association's policies and 
procedures and a new opt out notice.
    Sec.  1016.7(a)--Disclosure (institution)--Form of opt out notice 
to consumers; opt out methods--Form of opt out notice--If a national 
bank or Federal savings association is required to provide an opt-out 
notice under Sec.  1016.10(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 national bank or Federal savings association 
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 national bank or Federal savings association provides a 
reasonable means to exercise an opt out right if it:
     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.  1016.10(a)(2) and 1016(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 national bank or 
Federal savings association not disclose nonpublic personal information 
about them to a nonaffiliated third party, other than permitted by 
Sec. Sec.  1016.13-1016.15.
     Partial opt out--Consumer also may 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.  1016.7(h) and 1016(i)--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, 
3; Annual Notice and Change in Terms, 1,793; Opt-out Notice, 897.
    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: 21,760 
hours.
    Estimated Annual Number of Consumer Respondents: 2,526,802.
    Estimated Average Time per Consumer Response: 0.25 hours.
    Estimated Subtotal Annual Burden Hours for Consumers: 631,701 
hours.
    Estimated Total Annual Burden Hours: 653,461 hours.
    Comments: The OCC issued a 60-day Federal Register notice on 
January 14, 2013. 78 FR 2720. No comments were received. Comments 
continue to be invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information has practical utility;
    (b) The accuracy of the OCC's estimate of the information 
collection burden;
    (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: March 18, 2013.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 2013-06585 Filed 3-21-13; 8:45 am]
BILLING CODE 4810-33-P