Agency Information Collection Requirements: Information Collection Renewal; Submission for OMB Review; Debt Cancellation Contracts and Debt Suspension Agreements, 78948-78950 [2014-30397]

Download as PDF 78948 Federal Register / Vol. 79, No. 250 / Wednesday, December 31, 2014 / Notices Provided no formal expression of intent to file an offer of financial assistance (OFA) to subsidize continued rail service has been received, this exemption will become effective on January 31, 2015, unless stayed pending reconsideration. Petitions to stay that do not involve environmental issues and formal expressions of intent to file an OFA to subsidize continued rail service under 49 CFR 1152.27(c)(2),1 must be filed by January 12, 2015.2 Petitions to reopen must be filed by January 20, 2015, with the Surface Transportation Board, 395 E Street SW., Washington, DC 20423–0001. A copy of any petition filed with the Board should be sent to ST’s representative: Robert B. Burns, Pan Am Railways, Iron Horse Park, Billerica, MA 01862. If the verified notice contains false or misleading information, the exemption is void ab initio. Board decisions and notices are available on our Web site at WWW.STB.DOT.GOV. Decided: December 19, 2014. By the Board, Rachel D. Campbell, Director, Office of Proceedings. Jeffrey Herzig, Clearance Clerk. [FR Doc. 2014–30610 Filed 12–30–14; 8:45 am] BILLING CODE 4915–01–P DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request mstockstill on DSK4VPTVN1PROD with NOTICES The Department of the Treasury will submit the following information collection request to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, Public Law 104–13, on or after the date of publication of this notice. DATES: Comments should be received on or before January 30, 2015 to be assured of consideration. ADDRESSES: Send comments regarding the burden estimate, or any other aspect 1 Each OFA must be accompanied by the filing fee, which is currently set at $1,600. See 49 CFR 1002.2(f)(25). 2 Because this is a discontinuance proceeding and not an abandonment, trail use/rail banking and public use conditions are not appropriate. Likewise, no environmental or historic documentation is required here under 49 CFR 1105.6(c) and 49 CFR 1105.8(b), respectively. 22:02 Dec 30, 2014 Jkt 235001 Departmental Offices OMB Number: 1505–0228. Type of Review: Revision of a currently approved collection. Title: Small Business Lending Fund (SBLF) Supplemental Reports. Form: TD F 102.3A, TD F 102.4. Abstract: Once accepted into the SBLF program, the participating bank is required to submit a Supplemental Report each quarter. The Supplemental Report is used to determine the institution’s small business lending baseline and allows Treasury to assess the change in the small business lending for the previous quarter. Affected Public: Businesses or other for-profits. Estimated Annual Burden Hours: 4,032. [FR Doc. 2014–30571 Filed 12–30–14; 8:45 am] BILLING CODE 4810–25–P Submission for OMB Review; Comment Request December 24, 2014. The Department of the Treasury will submit the following information collection request to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, Public Law 104–13, on or after the date of publication of this notice. DATES: Comments should be received on or before January 30, 2015 to be assured of consideration. ADDRESSES: Send comments regarding the burden estimate, or any other aspect Frm 00170 Fmt 4703 Departmental Offices OMB Number: 1505–0152. Type of Review: Revision of a currently approved collection. Title: Request for Transfer of Property Seized/Forfeited by a Treasury Agency. Form: TD F 92–22.46. Abstract: Form TD F 92–22.46 is necessary for the application for receipt of seized assets by State and Local Law Enforcement agencies. Affected Public: State, Local, and Tribal Governments. Estimated Annual Burden Hours: 3,500. Brenda Simms, Treasury PRA Clearance Officer. [FR Doc. 2014–30611 Filed 12–30–14; 8:45 am] DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency DEPARTMENT OF THE TREASURY PO 00000 of the information collection, including suggestions for reducing the burden, to (1) Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Treasury, New Executive Office Building, Room 10235, Washington, DC 20503, or email at OIRA_Submission@ OMB.EOP.gov and (2) Treasury PRA Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8141, Washington, DC 20220, or email at PRA@treasury.gov. FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be obtained by emailing PRA@treasury.gov, calling (202) 622–1295, or viewing the entire information collection request at www.reginfo.gov. BILLING CODE 4810–25–P Brenda Simms, Treasury PRA Clearance Officer. December 23, 2014. VerDate Sep<11>2014 of the information collection, including suggestions for reducing the burden, to (1) Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Treasury, New Executive Office Building, Room 10235, Washington, DC 20503, or email at OIRA_Submission@OMB.EOP.gov and (2) Treasury PRA Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8141, Washington, DC 20220, or email at PRA@treasury.gov. FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be obtained by emailing PRA@treasury.gov, calling (202) 622–1295, or viewing the entire information collection request at www.reginfo.gov. Sfmt 4703 Agency Information Collection Requirements: Information Collection Renewal; Submission for OMB Review; Debt Cancellation Contracts and Debt Suspension Agreements Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. AGENCY: 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). SUMMARY: E:\FR\FM\31DEN1.SGM 31DEN1 mstockstill on DSK4VPTVN1PROD with NOTICES Federal Register / Vol. 79, No. 250 / Wednesday, December 31, 2014 / Notices 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. Currently, the OCC is soliciting comment concerning its renewal of an information collection titled ‘‘Debt Cancellation Contracts and Debt Suspension Agreements.’’ The OCC is also giving notice that it has sent the collection to OMB for review. DATES: You should submit written comments by: January 30, 2015. 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: 1557–0224, 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 regs.comments@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. Upon arrival, visitors will be required to present valid government-issued photo identification and to 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 enclose 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, 1557–0224, 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: Johnny Vilela or Mary H. Gottlieb, OCC Clearance Officers, (202) 649–5490, 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: Under the PRA (44 U.S.C. 3501–3520), Federal agencies must obtain approval from VerDate Sep<11>2014 22:02 Dec 30, 2014 Jkt 235001 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 is proposing to extend OMB approval of the following information collection: Title: Debt Cancellation Contracts and Debt Suspension Agreements. OMB Control No.: 1557–0224. Description: This submission covers an existing regulation, 12 CFR 37, and involves no change to the regulation or the information collection. The OCC requests that OMB approve its revised estimates and renew its approval of the information collection. The estimates have been revised to reflect the current number of national banks. Twelve U.S.C. 24(Seventh) authorizes national banks to enter into Debt Cancellation Contracts (DCCs) and Debt Suspension Agreements (DSAs). Part 37 requires national banks and Federal branches and agencies of foreign banks (banks) to disclose information about a DCC or a DSA using either a short or long form disclosure. The short form disclosure usually is made orally and issued at the time the bank firsts solicits the purchase of a contract. The long form disclosure usually is made in writing and issued before the customer completes the purchase of the contract. There are special rules for transactions by telephone, solicitations using written mail inserts or ‘‘take one’’ applications, and electronic transactions. Part 37 provides two forms of disclosure that serve as models for satisfying the requirements of the rule. Use of the forms is not mandatory, however, and a bank may adjust the form and wording of its disclosures so long as it meets the requirements of the regulation. The requirements of part 37 enhance consumer protections for customers who purchase DCCs and DSAs from banks and ensure that banks offer these products in a safe and sound manner by requiring them to effectively manage their risk exposure. Section 37.6 Section 37.6 requires the form of the disclosures to be readily understandable and meaningful. The content of the short and long form may vary, depending on whether a bank elects to provide a summary of the conditions and exclusions in the long form disclosures or refer the customer to the pertinent paragraphs in the contract. For example, the short form disclosure requires a bank to instruct the customer PO 00000 Frm 00171 Fmt 4703 Sfmt 4703 78949 to read carefully both the long form disclosures and the contract for a full explanation of the contract terms, while the long form gives a bank the option of either summarizing the limitations or advising the customer that a complete explanation of the eligibility requirements, conditions, and exclusions is available in the contract and identifying the paragraphs where a customer may find that information. Section 37.6 and Appendices A and B to part 37 require a bank to provide the following disclosures (summarized below), as appropriate: • Optional (anti-tying)—A bank must inform the customer that purchase of the product is optional and neither its decision whether to approve the loan nor the terms and conditions of the loan are conditioned on the purchase of a DCC or DSA (short and long form). • Explanation of debt suspension agreement—A bank must disclose that if a customer activates the agreement, the customer’s duty to pay the loan principal and interest is only suspended and the customer must fully repay the loan after the period of suspension has expired (long form). • Amount of the fee—A bank must make disclosures regarding the amount of the fee. The content of the disclosure depends on whether the credit is openend or closed-end. In the case of closedend credit, the bank must disclose the total fee. In the case of open-end credit, the bank must either disclose that the periodic fee is based on the account balance multiplied by a unit cost and provide the unit cost or disclose the formula used to compute the fee (long form). • Lump sum payment of fee—A bank must disclose, where appropriate, that a customer has the option to pay the fee in a single payment or in periodic payments. This disclosure is not appropriate in the case of a DCC or DSA provided in connection with a home mortgage loan because the option to pay the fee in a single payment is not available in that case. Banks must also disclose that adding the fee to the amount borrowed will increase the cost of the contract (short and long form). • Lump sum payment of fee with no refund—A bank must disclose that the customer has the option to choose a contract with or without a refund provision. This disclosure also states that prices of refund and no-refund products are likely to differ (short and long form). • Refund of fee paid in lump sum— If a bank permits a customer to pay the fee in a single payment and to add the fee to the amount borrowed, the bank must disclose its cancellation policy. E:\FR\FM\31DEN1.SGM 31DEN1 78950 Federal Register / Vol. 79, No. 250 / Wednesday, December 31, 2014 / Notices The disclosure informs the customer of the bank’s refund policy, as applicable, i.e., that the DCC or DSA may be: (i) Canceled at any time for a refund; (ii) cancelled within a specified number of days for a full refund; or (iii) cancelled at any time with no refund (short and long form). • Whether use of credit line is restricted—A bank must inform a customer if the customer’s activation of the contract would prohibit the customer from incurring additional charges or using the credit line (long form). • Termination of a DCC or DSA— If termination is permitted during the life of the loan, a bank must explain the circumstances under which a customer or the bank may terminate the contract (long form). • Additional disclosures—A bank must inform consumers that it will provide additional information before the customer is required to pay for the product (short form). • Eligibility requirements, conditions, and exclusions—A bank must describe any material limitations relating to the DCC or DSA (short and long form). Section 37.7 mstockstill on DSK4VPTVN1PROD with NOTICES Section 37.7 requires a bank to obtain a customer’s written affirmative election to purchase a contract and written acknowledgment of receipt of the disclosures required by § 37.6. The section further provides that the election and acknowledgment must be conspicuous, simple, direct, readily understandable, and designed to call attention to their significance. Pursuant to § 37.7(b), if the sale of the contract occurs by telephone, the customer’s affirmative election to purchase and acknowledgment of receipt of the required short form may be made orally, provided the bank: (i) Maintains sufficient documentation to show that the customer received the short form disclosures and then affirmatively elected to purchase the contract; (ii) mails the affirmative written election and written acknowledgment, together with the long form disclosures required by § 37.6, to the customer within 3 business days after the telephone solicitation and maintains sufficient VerDate Sep<11>2014 22:02 Dec 30, 2014 Jkt 235001 documentation to show it made reasonable efforts to obtain the documents from the customer; and (iii) permits the customer to cancel the purchase of the contract without penalty within 30 days after the bank has mailed the long form disclosures to the customer. Pursuant to § 37.7(c), if the DCC or DSA is solicited through written materials such as mail inserts or ‘‘take one’’ applications and the bank provides only the short form disclosures in the written materials, then the bank shall mail the acknowledgment, together with the long form disclosures, to the customer. The bank may not obligate the customer to pay for the contract until after the bank has received the customer’s written acknowledgment of receipt of disclosures, unless the bank takes certain steps, maintains certain documentation, and permits the customer to cancel the purchase within 30 days after mailing the long form disclosures to the customer. Section 37.6(d) permits the affirmative election and acknowledgment to be made electronically. Type of Review: Regular. Affected Public: Businesses or other for-profit. Number of Respondents: 1,219. Total Annual Responses: 1,219. Frequency of Response: On occasion. Total Annual Burden Hours: 29,256 hours. On October 20, 2014, the OCC issued a notice for 60 days of comment regarding this collection. 79 FR 62710. 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 shall have practical utility; (b) The accuracy of the OCC’s estimate of the burden of the collection of information; (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 PO 00000 Frm 00172 Fmt 4703 Sfmt 4703 (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Dated: December 22, 2014. Stuart E. Feldstein, Director, Legislative & Regulatory Activities Division. [FR Doc. 2014–30397 Filed 12–30–14; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Fiscal Service Prompt Payment Interest Rate; Contract Disputes Act Bureau of the Fiscal Service, Treasury. ACTION: Notice. AGENCY: For the period beginning January 1, 2015, and ending on June 30, 2015, the prompt payment interest rate is 21⁄8 per centum per annum. ADDRESSES: Comments or inquiries may be mailed to: E-Commerce Division, Bureau of the Fiscal Service, 401 14th Street SW., Room 306F, Washington, DC 20227. Comments or inquiries may also be emailed to PromptPayment@ fiscal.treasury.gov. A copy of this notice is available at http://www.fms.treas.gov/ prompt/index.html. DATES: Effective January 1, 2015, to June 30, 2015. FOR FURTHER INFORMATION CONTACT: Thomas M. Burnum, E-Commerce Division, (202) 874–6430; or Thomas Kearns, Attorney-Advisor, Office of the Chief Counsel, (202) 874–7036. SUPPLEMENTARY INFORMATION: An agency that has acquired property or service from a business concern and has failed to pay for the complete delivery of property or service by the required payment date shall pay the business concern an interest penalty. 31 U.S.C. 3902(a). The Contract Disputes Act of 1978, Sec. 12, Public Law 95–563, 92 Stat. 2389, and the Prompt Payment Act, 31 U.S.C. 3902(a), provide for the calculation of interest due on claims at the rate established by the Secretary of the Treasury. SUMMARY: E:\FR\FM\31DEN1.SGM 31DEN1

Agencies

[Federal Register Volume 79, Number 250 (Wednesday, December 31, 2014)]
[Notices]
[Pages 78948-78950]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-30397]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Requirements: Information 
Collection Renewal; Submission for OMB Review; Debt Cancellation 
Contracts and Debt Suspension Agreements

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

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).

[[Page 78949]]

    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.
    Currently, the OCC is soliciting comment concerning its renewal of 
an information collection titled ``Debt Cancellation Contracts and Debt 
Suspension Agreements.'' The OCC is also giving notice that it has sent 
the collection to OMB for review.

DATES: You should submit written comments by: January 30, 2015. 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: 1557-0224, 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 regs.comments@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. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
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 enclose 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, 1557-0224, 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: Johnny Vilela or Mary H. Gottlieb, OCC 
Clearance Officers, (202) 649-5490, 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: 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 is proposing to extend OMB approval of the following 
information collection:
    Title: Debt Cancellation Contracts and Debt Suspension Agreements.
    OMB Control No.: 1557-0224.
    Description: This submission covers an existing regulation, 12 CFR 
37, and involves no change to the regulation or the information 
collection. The OCC requests that OMB approve its revised estimates and 
renew its approval of the information collection. The estimates have 
been revised to reflect the current number of national banks.
    Twelve U.S.C. 24(Seventh) authorizes national banks to enter into 
Debt Cancellation Contracts (DCCs) and Debt Suspension Agreements 
(DSAs). Part 37 requires national banks and Federal branches and 
agencies of foreign banks (banks) to disclose information about a DCC 
or a DSA using either a short or long form disclosure. The short form 
disclosure usually is made orally and issued at the time the bank 
firsts solicits the purchase of a contract. The long form disclosure 
usually is made in writing and issued before the customer completes the 
purchase of the contract. There are special rules for transactions by 
telephone, solicitations using written mail inserts or ``take one'' 
applications, and electronic transactions. Part 37 provides two forms 
of disclosure that serve as models for satisfying the requirements of 
the rule. Use of the forms is not mandatory, however, and a bank may 
adjust the form and wording of its disclosures so long as it meets the 
requirements of the regulation. The requirements of part 37 enhance 
consumer protections for customers who purchase DCCs and DSAs from 
banks and ensure that banks offer these products in a safe and sound 
manner by requiring them to effectively manage their risk exposure.

Section 37.6

    Section 37.6 requires the form of the disclosures to be readily 
understandable and meaningful. The content of the short and long form 
may vary, depending on whether a bank elects to provide a summary of 
the conditions and exclusions in the long form disclosures or refer the 
customer to the pertinent paragraphs in the contract. For example, the 
short form disclosure requires a bank to instruct the customer to read 
carefully both the long form disclosures and the contract for a full 
explanation of the contract terms, while the long form gives a bank the 
option of either summarizing the limitations or advising the customer 
that a complete explanation of the eligibility requirements, 
conditions, and exclusions is available in the contract and identifying 
the paragraphs where a customer may find that information.
    Section 37.6 and Appendices A and B to part 37 require a bank to 
provide the following disclosures (summarized below), as appropriate:
     Optional (anti-tying)--A bank must inform the customer 
that purchase of the product is optional and neither its decision 
whether to approve the loan nor the terms and conditions of the loan 
are conditioned on the purchase of a DCC or DSA (short and long form).
     Explanation of debt suspension agreement--A bank must 
disclose that if a customer activates the agreement, the customer's 
duty to pay the loan principal and interest is only suspended and the 
customer must fully repay the loan after the period of suspension has 
expired (long form).
     Amount of the fee--A bank must make disclosures regarding 
the amount of the fee. The content of the disclosure depends on whether 
the credit is open-end or closed-end. In the case of closed-end credit, 
the bank must disclose the total fee. In the case of open-end credit, 
the bank must either disclose that the periodic fee is based on the 
account balance multiplied by a unit cost and provide the unit cost or 
disclose the formula used to compute the fee (long form).
     Lump sum payment of fee--A bank must disclose, where 
appropriate, that a customer has the option to pay the fee in a single 
payment or in periodic payments. This disclosure is not appropriate in 
the case of a DCC or DSA provided in connection with a home mortgage 
loan because the option to pay the fee in a single payment is not 
available in that case. Banks must also disclose that adding the fee to 
the amount borrowed will increase the cost of the contract (short and 
long form).
     Lump sum payment of fee with no refund--A bank must 
disclose that the customer has the option to choose a contract with or 
without a refund provision. This disclosure also states that prices of 
refund and no-refund products are likely to differ (short and long 
form).
     Refund of fee paid in lump sum--If a bank permits a 
customer to pay the fee in a single payment and to add the fee to the 
amount borrowed, the bank must disclose its cancellation policy.

[[Page 78950]]

The disclosure informs the customer of the bank's refund policy, as 
applicable, i.e., that the DCC or DSA may be: (i) Canceled at any time 
for a refund; (ii) cancelled within a specified number of days for a 
full refund; or (iii) cancelled at any time with no refund (short and 
long form).
     Whether use of credit line is restricted--A bank must 
inform a customer if the customer's activation of the contract would 
prohibit the customer from incurring additional charges or using the 
credit line (long form).
     Termination of a DCC or DSA-- If termination is permitted 
during the life of the loan, a bank must explain the circumstances 
under which a customer or the bank may terminate the contract (long 
form).
     Additional disclosures--A bank must inform consumers that 
it will provide additional information before the customer is required 
to pay for the product (short form).
     Eligibility requirements, conditions, and exclusions--A 
bank must describe any material limitations relating to the DCC or DSA 
(short and long form).

Section 37.7

    Section 37.7 requires a bank to obtain a customer's written 
affirmative election to purchase a contract and written acknowledgment 
of receipt of the disclosures required by Sec.  37.6. The section 
further provides that the election and acknowledgment must be 
conspicuous, simple, direct, readily understandable, and designed to 
call attention to their significance. Pursuant to Sec.  37.7(b), if the 
sale of the contract occurs by telephone, the customer's affirmative 
election to purchase and acknowledgment of receipt of the required 
short form may be made orally, provided the bank: (i) Maintains 
sufficient documentation to show that the customer received the short 
form disclosures and then affirmatively elected to purchase the 
contract; (ii) mails the affirmative written election and written 
acknowledgment, together with the long form disclosures required by 
Sec.  37.6, to the customer within 3 business days after the telephone 
solicitation and maintains sufficient documentation to show it made 
reasonable efforts to obtain the documents from the customer; and (iii) 
permits the customer to cancel the purchase of the contract without 
penalty within 30 days after the bank has mailed the long form 
disclosures to the customer.
    Pursuant to Sec.  37.7(c), if the DCC or DSA is solicited through 
written materials such as mail inserts or ``take one'' applications and 
the bank provides only the short form disclosures in the written 
materials, then the bank shall mail the acknowledgment, together with 
the long form disclosures, to the customer. The bank may not obligate 
the customer to pay for the contract until after the bank has received 
the customer's written acknowledgment of receipt of disclosures, unless 
the bank takes certain steps, maintains certain documentation, and 
permits the customer to cancel the purchase within 30 days after 
mailing the long form disclosures to the customer. Section 37.6(d) 
permits the affirmative election and acknowledgment to be made 
electronically.
    Type of Review: Regular.
    Affected Public: Businesses or other for-profit.
    Number of Respondents: 1,219.
    Total Annual Responses: 1,219.
    Frequency of Response: On occasion.
    Total Annual Burden Hours: 29,256 hours.
    On October 20, 2014, the OCC issued a notice for 60 days of comment 
regarding this collection. 79 FR 62710. 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 shall have practical utility;
    (b) The accuracy of the OCC's estimate of the burden of the 
collection of information;
    (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 services to provide information.

    Dated: December 22, 2014.
Stuart E. Feldstein,
Director, Legislative & Regulatory Activities Division.
[FR Doc. 2014-30397 Filed 12-30-14; 8:45 am]
BILLING CODE 4810-33-P