[Federal Register Volume 84, Number 24 (Tuesday, February 5, 2019)]
[Notices]
[Pages 1734-1735]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-00998]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, without revision, the 
Disclosure Requirements of Subpart H of Regulation H (Consumer 
Protections in Sales of Insurance) (Reg H-7; OMB No. 7100-0298).

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551 (202) 
452-3829. Telecommunications Device for the Deaf (TDD) users may 
contact (202) 263-4869, Board of Governors of the Federal Reserve 
System, Washington, DC 20551.
    OMB Desk Officer--Shagufta Ahmed--Office of Information and 
Regulatory Affairs, Office of Management and Budget, New Executive 
Office Building, Room 10235, 725 17th Street NW, Washington, DC 20503 
or by fax to (202) 395-6974.

SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the Paperwork 
Reduction Act (PRA) to approve and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. Copies of the Paperwork Reduction Act 
Submission, supporting statements and approved collection of 
information instrument(s) are placed into OMB's public docket files. 
The Board may not conduct or sponsor, and the respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB control number.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Report title: Disclosure Requirements of Subpart H of Regulation H 
(Consumer Protections in Sales of Insurance).
    Agency form number: Reg H-7.
    OMB control number: 7100-0298.
    Frequency: On occasion.
    Respondents: State member banks and other persons.
    Estimated number of respondents: 822.
    Estimated time per response: 1.5 minutes.
    Estimated annual burden hours: 12,947.
    General description of report: Subpart H of Regulation H was 
adopted by the Board in 2003 pursuant to section 305 of the Gramm-
Leach-Bliley Act of 1999 (GLBA), which required the federal banking 
agencies to issue joint regulations governing retail sales practices, 
solicitations, advertising, and offers of insurance by, on behalf of, 
or at the offices of insured depository institutions. The insurance 
consumer protection rules in Regulation H, which apply to the sale of 
insurance by a state member bank or by any other person at an office of 
the bank or on behalf of the bank (collectively, ``Covered Persons''), 
require Covered Persons to prepare and provide certain disclosures to 
consumers. Covered persons are required to make certain written and 
oral disclosures before the completion of the initial sale of an 
insurance product or annuity to a consumer and 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 (see 12 CFR 
208.84(a)-(d)).
    Legal authorization and confidentiality: Section 305 of the GLBA 
requires that the Board issue regulations, including disclosure 
requirements, applicable to retail sales practices, solicitations, 
advertising, or offers of insurance by depository institutions (12 
U.S.C. 1831x). The disclosure requirements described above are 
contained in Subpart H of the Board's Regulation H. 12 CFR part 208, 
subpart H. The disclosures required under Subpart H are mandatory. 
Because Regulation H-7 disclosures are

[[Page 1735]]

provided by Covered Persons to customers, confidentiality issues should 
generally not arise. However, if the Board obtains any institution-
specific information during an examination of a state member bank, such 
information may be protected under exemption (b)(8) of the Freedom of 
Information Act, which exempts from disclosure materials related to the 
examination of financial institutions (5 U.S.C. 552(b)(8)).
    Current actions: On October 17, 2018, the Board published an 
initial notice in the Federal Register (83 FR 52452) requesting public 
comment for 60 days on the extension, without revision, of the 
Disclosure Requirements of Subpart H of Regulation H (Consumer 
Protections in Sales of Insurance). The comment period for this notice 
expired on December 17, 2018. The Board did not receive any comments.

    Board of Governors of the Federal Reserve System, January 30, 
2019.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2019-00998 Filed 2-4-19; 8:45 am]
 BILLING CODE 6210-01-P