[Federal Register Volume 84, Number 101 (Friday, May 24, 2019)]
[Notices]
[Pages 24199-24201]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-10831]


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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; Consumer Protections for Depository 
Institution Sales of Insurance

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 (PRA).
    In accordance with the requirements of the PRA, the OCC may not 
conduct or sponsor, and respondents are not required to respond to, an 
information collection unless it displays a currently valid Office of 
Management and Budget (OMB) control number.
    The OCC is soliciting comment concerning renewal of its information 
collection titled ``Consumer Protections for Depository Institution 
Sales of

[[Page 24200]]

Insurance.'' The OCC also is giving notice that it has sent the 
collection to OMB for review.

DATES: Comments must be received by June 24, 2019.

ADDRESSES:  Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
     Email: [email protected].
     Mail: Chief Counsel's Office, Attention: Comment 
Processing, 1557-0220, Office of the Comptroller of the Currency, 400 
7th Street SW, Suite 3E-218, Washington, DC 20219.
     Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219.
     Fax: (571) 465-4326.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-0220'' in your comment. In general, the OCC will publish 
comments on www.reginfo.gov without change, including any business or 
personal information provided, such as name and address information, 
email addresses, or phone numbers. Comments received, including 
attachments and other supporting materials, are part of the public 
record and subject to public disclosure. Do not include 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, 1557-0220, U.S. Office of Management and Budget, 725 17th 
Street NW, #10235, Washington, DC 20503 or by email to 
[email protected].
    You may review comments and other related materials that pertain to 
this information collection \1\ following the close of the 30-day 
comment period for this notice by any of the following methods:
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    \1\ On November 9, 2018, the OCC published a 60-day notice for 
this information collection, 83 FR 56150.
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     Viewing Comments Electronically: Go to www.reginfo.gov. 
Click on the ``Information Collection Review'' tab. Underneath the 
``Currently under Review'' section heading, from the drop-down menu, 
select ``Department of Treasury'' and then click ``submit.'' This 
information collection can be located by searching by OMB control 
number ``1557-0220'' or ``Consumer Protections for Depository 
Institution Sales of Insurance.'' Upon finding the appropriate 
information collection, click on the related ``ICR Reference Number.'' 
On the next screen, select ``View Supporting Statement and Other 
Documents'' and then click on the link to any comment listed at the 
bottom of the screen.
     For assistance in navigating www.reginfo.gov, please 
contact the Regulatory Information Service Center at (202) 482-7340.
     Viewing Comments Personally: You may personally inspect 
comments at the OCC, 400 7th Street SW, Washington, DC. For security 
reasons, the OCC requires that visitors make an appointment to inspect 
comments. You may do so by calling (202) 649-6700 or, for persons who 
are deaf or hearing impaired, TTY, (202) 649-5597. Upon arrival, 
visitors will be required to present valid government-issued photo 
identification and submit to security screening in order to inspect 
comments.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer, 
(202) 649-5490 or, for persons who are deaf or hearing impaired, TTY, 
(202) 649-5597, Chief Counsel's Office, Office of the Comptroller of 
the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.), 
federal agencies must obtain approval from OMB for each collection of 
information that they conduct or sponsor. ``Collection of information'' 
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency 
requests or requirements that members of the public submit reports, 
keep records, or provide information to a third party. The OCC requests 
that OMB extend its approval of the following collection.
    Title: Consumer Protections for Depository Institution Sales of 
Insurance.
    OMB Control No.: 1557-0220.
    Type of Review: Extension, without revision, of a currently 
approved collection.
    Description: This information collection is required under section 
305 of the Gramm-Leach-Bliley Act (GLB Act), 12 U.S.C. 1831x. Section 
305 of the GLB Act requires the OCC, the Board of Governors of the 
Federal Reserve System, and the Federal Deposit Insurance Corporation 
(collectively, the Agencies) to prescribe joint consumer protection 
regulations that apply to retail sales practices, solicitations, 
advertising, and offers of any insurance product by a depository 
institution or by other persons performing these activities at an 
office of the institution or on behalf of the institution (other 
covered persons). Section 305 also requires those performing such 
activities to disclose certain information to consumers (e.g., that 
insurance products and annuities are not FDIC-insured).
    This information collection requires national banks, federal 
savings associations, and other covered persons involved in insurance 
sales, as defined in 12 CFR 14.20(f), to make two separate disclosures 
to consumers. Under 12 CFR 14.40, a national bank, federal savings 
association, or other covered person must prepare and provide orally 
and in writing: (1) Certain insurance disclosures to consumers before 
the completion of the initial sale of an insurance product or annuity 
to a consumer and (2) certain credit disclosures at the time of 
application for the extension of credit (if insurance products or 
annuities are sold, solicited, advertised, or offered in connection 
with an extension of credit).
    Consumers use the disclosures to understand the risks associated 
with insurance products and annuities and to understand that they are 
not required to purchase, and may refrain from purchasing, certain 
insurance products or annuities in order to qualify for an extension of 
credit.
    Affected Public: Businesses or other for-profit.
    Frequency: On occasion.
    Estimated Burden:
    Estimated Number of Respondents: 527.
    Total Estimated Burden Hours: 10,189 hours. This estimate was 
increased from 2,635. As the OCC does not track the number of 
disclosures under part 14, the number of similar disclosures under 
Regulation Z (12 CFR part 1026) was used as a proxy.
    Comments: The OCC issued a notice for 60 days of comment concerning 
this collection on November 9, 2018, 83 FR 56150. 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 the 
operation, maintenance, and purchase of services necessary to provide 
the required information.


[[Page 24201]]


    Dated: May 17, 2019.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2019-10831 Filed 5-23-19; 8:45 am]
 BILLING CODE 4810-33-P