Proposed Agency Information Collection Activities; Comment Request-Privacy of Consumer Financial Information, 44780-44781 [E6-12786]

Agencies

• DEPARTMENT OF THE TREASURY
• Office of Thrift Supervision
• Thrift Supervision Office

[Federal Register Volume 71, Number 151 (Monday, August 7, 2006)]
[Notices]
[Pages 44780-44781]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-12786]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision


Proposed Agency Information Collection Activities; Comment 
Request--Privacy of Consumer Financial Information

AGENCY: Office of Thrift Supervision (OTS), Treasury.

ACTION: Notice and request for comment.

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SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to comment on proposed and continuing 
information collections, as required by the Paperwork Reduction Act of 
1995, 44 U.S.C. 3507. The Office of Thrift Supervision within the 
Department of the Treasury will submit the proposed information 
collection requirement described below to the Office of Management and 
Budget (OMB) for review, as required by the Paperwork Reduction Act. 
Today, OTS is soliciting public comments on its proposal to extend this 
information collection.

DATES: Submit written comments on or before October 6, 2006.

ADDRESSES: Send comments, referring to the collection by title of the 
proposal or by OMB approval number, to Information Collection Comments, 
Chief Counsel's Office, Office of Thrift Supervision, 1700 G Street, 
NW., Washington, DC 20552; send a facsimile transmission to (202) 906-
6518; or send an E-mail to infocollection.comments@ots.treas.gov. OTS 
will post comments and the related index on the OTS Internet Site at 
https://www.ots.treas.gov. In addition, interested persons may inspect 
comments at the Public Reading Room, 1700 G Street, NW., by 
appointment. To make an appointment, call (202) 906-5922, send an E-
mail to public.info@ots.treas.gov, or send a facsimile transmission to 
(202) 906-7755.

FOR FURTHER INFORMATION CONTACT: You can request additional information 
about this proposed information collection from Ella Allen, Program 
Analyst (Compliance), Compliance and Consumer Protection, (202) 906-
6924, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 
20552.

SUPPLEMENTARY INFORMATION: OTS may not conduct or sponsor an 
information collection, and respondents are not required to respond to 
an information collection, unless the information collection displays a 
currently valid OMB control number. As part of the approval process, we 
invite comments on the following information collection.
    Comments should address one or more of the following points:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the functions of OTS, including whether the 
information will have practical utility;
    b. The accuracy of OTS's estimate of the burden of the proposed 
information collection, including the validity of the methodology and 
assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected; and
    d. Ways to minimize the burden of the information collection on 
respondents, including through the use of appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology.

[[Page 44781]]

    We will summarize the comments that we receive and include them in 
the OTS request for OMB approval. All comments will become a matter of 
public record. In this notice, OTS is soliciting comments concerning 
the following information collection.
    Title of Proposal: Privacy of Consumer Financial Information.
    OMB Number: 1550-0103.
    Form Number: N/A.
    Regulation requirement: 12 CFR 573.
    Description: The Gramm-Leach-Bliley Act (Pub. L. 106-102) mandates 
that the Federal banking agencies issue regulations as necessary to 
implement notice requirements and restrictions on a financial 
institution's ability to disclose nonpublic personal information about 
consumers to nonaffiliated third parties. OTS's regulation is found at 
12 CFR 573 (OTS). This collection of information is contained in that 
regulation.
    OTS is proposing to extend OMB approval of the information 
collection associated with its privacy regulation. This submission 
involves no change to the regulation or to the information collection 
requirements.
    The information collection requirements are as follows:
    Section 573.4(a) requires a bank to provide an initial notice to 
consumers that accurately reflects its privacy policies and practices.
    Section 573.5(a) requires a bank to provide a notice annually to 
customers during the continuation of the customer relationship that 
accurately reflects the bank's privacy policies and practices.
    Section 573.7(a)(1) requires a bank to provide a clear and 
conspicuous notice that accurately explains the right to opt out. The 
notice must state that the bank discloses or reserves the right to 
disclose nonpublic personal information to nonaffiliated third parties; 
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. 
Section 573.10(c) states that a bank may allow a consumer to select 
certain nonpublic personal information or certain nonaffiliated third 
parties with respect to which the consumer wishes to opt out (partial 
opt-out).
    Section 573.8(a) requires a bank to provide consumers with a 
revised notice of the bank's policies and procedures and a new opt out 
notice, if the bank wishes to disclose information in a way that is 
inconsistent with the notices previously given to a consumer.
    The regulation also identifies affirmative actions that consumers 
must take to exercise their rights. In order for consumers to prevent 
banks from sharing their information with nonaffiliated parties, they 
must opt out (Sec. Sec.  573.7(a)(2)(ii), 573.10(a)(2), and 573.10(c)).
    Consumers also have the right at any time during their continued 
relationship with the bank to change or update their opt out status 
with the bank (Sec. Sec.  573.7(f) and (g)).
    These information collection requirements ensure bank compliance 
with applicable Federal law.
    Type of Review: Renewal.
    Affected Public: Business or other for-profit; individuals.
    Estimated annual number of institution respondents: Initial notice, 
13; annual notice and change in terms, 863; opt-out notice, 166.
    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: 9,272 
hours.
    Estimated annual number of consumer respondents: 66,150.
    Estimated average time per consumer response: 30 minutes.
    Estimated subtotal annual burden hours for consumers: 33,075 hours.
    Estimated total annual burden hours: 42,347 hours.
    Clearance Officer: Marilyn K. Burton, (202) 906-6467, Office of 
Thrift Supervision, 1700 G Street, NW., Washington, DC 20552.

    Dated: August 2, 2006.
Deborah Dakin,
Senior Deputy Chief Counsel, Regulations and Legislation Division.
 [FR Doc. E6-12786 Filed 8-4-06; 8:45 am]
BILLING CODE 6720-01-P