[Federal Register Volume 87, Number 109 (Tuesday, June 7, 2022)]
[Notices]
[Pages 34755-34756]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-12203]


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

DATES: Comments must be received by July 7, 2022.

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.

[[Page 34756]]

    Written comments and recommendations for the proposed information 
collection should also be sent within 30 days of publication of this 
notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
    On March 8, 2022, the OCC published a 60-day notice for this 
information collection, 87 FR 13040. You may review comments and other 
related materials that pertain to this information collection following 
the close of the 30-day comment period for this notice by the method 
set forth in the next bullet.
     Viewing Comments Electronically: Go to www.reginfo.gov. 
Hover over the ``Information Collection Review'' tab and click on 
``Information Collection Review'' drop-down menu. From the ``Currently 
under Review'' 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.

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. If 
you are deaf, hard of hearing, or have a speech disability, please dial 
7-1-1 to access telecommunications relay services.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal 
agencies must obtain approval from OMB for each collection of 
information 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 asks 
that OMB extend its approval of the collection in this notice.
    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). The insurance disclosures are required in 
advertisements and promotional material for insurance products or 
annuities unless the advertisements and promotional materials are of a 
general nature describing or listing the services or products offered 
by the national bank or Federal savings association.
    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: 401.
    Total Estimated Burden Hours: 2,005.
    On March 8, 2022, the OCC published a 60-day notice for this 
information collection, 87 FR 13040. No comments were received. 
Comments continue to be solicited 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.

Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-12203 Filed 6-6-22; 8:45 am]
BILLING CODE 4810-33-P