Submission for OMB Review; Comment Request-Privacy of Consumer Financial Information, 62048-62049 [E6-17532]

Agencies

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

[Federal Register Volume 71, Number 203 (Friday, October 20, 2006)]
[Notices]
[Pages 62048-62049]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-17532]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision


Submission for OMB Review; 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 proposed information collection requirement described 
below has been submitted to the Office of Management and Budget (OMB) 
for review and approval, as required by the Paperwork Reduction Act of 
1995. OTS is soliciting public comments on the proposal.

DATES: Submit written comments on or before November 20, 2006.

ADDRESSES: Send comments, referring to the collection by title of the 
proposal or by OMB approval number, to OMB and OTS at these addresses: 
Office of Information and Regulatory Affairs, Attention: Desk Officer 
for OTS, U.S. Office of Management and Budget, 725-17th Street, NW., 
Room 10235, Washington, DC 20503, or by fax to (202) 395-6974; and 
Information Collection Comments, Chief Counsel's Office, Office of 
Thrift Supervision, 1700 G Street, NW., Washington, DC 20552, by fax to 
(202) 906-6518, or by 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: For further information or to obtain a 
copy of the submission to OMB, please contact Marilyn K. Burton at 
marilyn.burton@ots.treas.gov, (202) 906-6467, or facsimile number (202) 
906-6518, Litigation Division, Chief Counsel's Office, 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.

[[Page 62049]]

    Title of Proposal: Privacy of Consumer Financial Information.
    OMB Number: 1550-0103.
    Form Number: N/A.
    Regulation requirement: 12 CFR part 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 part 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, 854; opt-out notice, 165.
    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: 9,192 
hours.
    Estimated annual number of consumer respondent: 65,975.
    Estimated average time per consumer response: 30 minutes.
    Estimated subtotal annual burden hours for consumers: 32,988 hours.
    Estimated total annual burden hours: 42,180 hours.
    Clearance Officer: Marilyn K. Burton, (202) 906-6467, Office of 
Thrift Supervision, 1700 G Street, NW., Washington, DC 20552.
    OMB Reviewer: Desk Officer for OTS, Fax: (202) 395-6974, U.S. 
Office of Management and Budget, 725-17th Street, NW., Room 10235, 
Washington, DC 20503.

    Dated: October 13, 2006.
Deborah Dakin,
Senior Deputy Chief Counsel, Regulations and Legislation Division.
[FR Doc. E6-17532 Filed 10-19-06; 8:45 am]
BILLING CODE 6720-01-P