Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Consumer Protections for Depository Institution Sales of Insurance, 32008-32009 [2016-11919]

Agencies

• Office of the Comptroller of the Currency
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 81, Number 98 (Friday, May 20, 2016)]
[Notices]
[Pages 32008-32009]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-11919]


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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 the respondent is 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 the 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 June 20, 2016.

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: 1557-0220, 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 prainfo@occ.treas.gov. 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 or, for persons who are deaf or hard of hearing, 
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 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 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: 
oira_submission@omb.eop.gov.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer, 
(202) 649-5490 or, for persons who are deaf or hard of hearing, TTY, 
(202) 649-5597, 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:
    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), Public Law 106-102. 
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, as defined in 12 CFR 
14.20(f) and 136.20, involved in insurance sales to make two separate 
disclosures to consumers. Under Sec. Sec.  14.40 and 136.40, 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

[[Page 32009]]

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: 663.
    Total Estimated Burden Hours: 3,315 hours.
    Comments: On February 2, 2016, the OCC published a notice 
concerning the collection for 60 days of comment. 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 the services necessary to provide the 
required information.

    Dated: May 16, 2016.
Mary Hoyle Gottlieb,
Regulatory Specialist, Legislative and Regulatory Activities Division.
[FR Doc. 2016-11919 Filed 5-19-16; 8:45 am]
 BILLING CODE 4810-33-P