Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB, 3809 [2022-01416]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 87, Number 16 (Tuesday, January 25, 2022)]
[Notices]
[Page 3809]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-01416]


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

FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, with revision the 
Disclosure Requirements of Subpart H of Regulation H (Consumer 
Protection in Sales of Insurance) (FR H-7; OMB No. 7100-0298).

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551, (202) 
452-3829.
    Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 10235, 725 
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information conducted or 
sponsored by the Board. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements, and approved collection of 
information instrument(s) are available at https://www.reginfo.gov/public/do/PRAMain. These documents are also available on the Federal 
Reserve Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance 
officer, whose name appears above.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Information Collection

    Report title: Disclosure Requirements of Subpart H of Regulation H 
(Consumer Protection in Sales of Insurance).
    Agency form number: FR H-7.
    OMB control number: 7100-0298.
    Effective Date: January 25, 2022.
    Frequency: On occasion.
    Respondents: State member banks or any other person at an office of 
a bank or on behalf of a bank (collectively, Covered Persons).
    Estimated number of respondents: Insurance and extension of credit, 
341; advertisements, 341.
    Estimated average hours per response: Insurance and extension of 
credit, 1.5 minutes; advertisements, 25 minutes.
    Estimated annual burden hours: Insurance and extension of credit, 
5,371; advertisements, 142.
    General description of report: The insurance consumer protection 
rules in Regulation H require depository institutions to prepare and 
provide certain disclosures to consumers. The disclosure requirements 
are codified at 12 CFR 208.81 et seq. and require Covered Persons to 
make certain disclosures: Before the completion of the initial purchase 
of an insurance product or annuity by a consumer; at the time a 
consumer applies for an extension of credit in connection with which an 
insurance product or annuity is solicited, offered, or sold; and in 
advertisements and promotional materials for insurance products or 
annuities.
    Legal authorization and confidentiality: The Disclosure 
Requirements of Subpart H of Regulation H are authorized by section 305 
of the Gramm-Leach-Bliley Act of 1999, which requires that the Board 
issue regulations, including disclosure requirements, applicable to 
retail sales practices, solicitations, advertising, or offers of 
insurance by depository institutions.\1\ The disclosures required under 
Subpart H of Regulation H are mandatory.
---------------------------------------------------------------------------

    \1\ 12 U.S.C. 1831x. The Board also has the authority to require 
reports from state member banks. 12 U.S.C. 248(a) and 324.
---------------------------------------------------------------------------

    Because the FR H-7 disclosures are provided by state member banks 
to customers, confidentiality issues should generally not arise. In the 
event the records are obtained by the Board as part of the examination 
or supervision of a financial institution, this information may be 
considered confidential pursuant to exemption 8 of the Freedom of 
Information Act, which protects information contained in ``examination, 
operating, or condition reports'' obtained in the bank supervisory 
process.\2\
---------------------------------------------------------------------------

    \2\ 5 U.S.C. 552(b)(8).
---------------------------------------------------------------------------

    Current actions: On October 5, 2021, the Board published a notice 
in the Federal Register (86 FR 54978) requesting public comment for 60 
days on the extension, with revision, of the Disclosure Requirements of 
Subpart H of Regulation H (Consumer Protection in Sales of Insurance). 
The Board revised the FR H-7 collection to account for one existing 
disclosure requirement in Regulation H that was not previously cleared 
by the Board under the PRA. The revision of the FR H-7 information 
collection accounts for this disclosure provision. This revision does 
not amend Regulation H or add any new information collection 
requirements. The comment period for this notice expired on December 6, 
2021. The Board did not receive any comments. The revisions will be 
implemented as proposed.

    Board of Governors of the Federal Reserve System, January 19, 
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-01416 Filed 1-24-22; 8:45 am]
BILLING CODE 6210-01-P