[Federal Register: December 26, 2002 (Volume 67, Number 248)]
[Notices]
[Page 78869-78870]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26de02-139]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Proposed Extension of
Information Collection; Comment Request
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. An agency may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless it displays a
currently valid OMB control number. The OCC is soliciting comment
concerning its information collection titled, Privacy of Consumer
Financial Information (12 CFR part 40).
DATES: You should submit written comments by February 24, 2003.
ADDRESSES: You should direct comments to the Communications Division,
Office of the Comptroller of the Currency, Public Information Room,
Mailstop 1-5, Attention: 1557-0216, 250 E Street, SW., Washington, DC
20219. Due to delays in paper mail in the Washington area, commenters
are encouraged to submit comments by fax or e-mail. Comments may be
sent by fax to (202) 874-4448, or by e-mail to
regs.comments@occ.treas.gov. You can inspect and photocopy the comments
at the OCC's Public Information Room, 250 E Street, SW., Washington, DC
20219. You can make an appointment to inspect the comments by calling
(202) 874-5043.
A copy of the comments should also be sent to the OMB Desk Officer
for the OCC: Joseph F. Lackey, Jr., Office of Information and
Regulatory Affairs, Office of Management and Budget, New Executive
Office Building, Room 10235, Washington, DC 20503, or by e-mail to
jlackeyj@omb.eop.gov.
FOR FURTHER INFORMATION CONTACT: You can request additional information
from Jessie Dunaway, OCC Clearance Officer, or Camille Dixon, (202)
874-5090, Legislative and Regulatory Activities Division, Office of the
Comptroller of the Currency, 250 E Street, SW., Washington, DC 20219.
SUPPLEMENTARY INFORMATION: The OCC is proposing to extend OMB approval
of the following information collection:
Title: Privacy of Consumer Financial Information (12 CFR part 40).
OMB Number: 1557-0216.
[[Page 78870]]
Description: This submission covers an existing regulation and
involves no change to the regulation or to the information collection
requirements. The OCC requests only that OMB extend its approval of the
information collection.
These information collection requirements are required under the
Gramm-Leach-Bliley Act (Pub. L. 106-102) which required the OCC to
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.
The information collection requirements in part 40 are as follows:
Section 40.4(a) requires a bank to provide an initial notice to
consumers that accurately reflects its privacy policies and practices.
Section 40.5(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 40.7(a)(1) requires a bank to provide a clear and
conspicuous notice to each of its consumers 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 a
nonaffiliated third party; 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 40.10(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 40.8(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.
Part 40 also contains 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. 40.7(a)(2)(ii), 40.10(a)(2) and 40.10(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. 40.7(f) and (g)).
These information collection requirements ensure bank compliance
with applicable Federal law. The requirements also inform banks of
consumers' preference regarding disclosure of their personal
information and allow consumers to determine whether they want their
personal information disclosed to nonaffiliated parties.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or other for-profit; individuals.
Estimated Number of Respondents: 2,400.
Estimated Total Annual Responses: 2,400.
Estimated Burden Hours Per Response: 43 hours (disclosure burden,
includes initial notice).
Estimated Burden Hours Per Response: 2 hours (reporting burden).
Frequency of Response: Annually.
Estimated Total Annual Burden: 108,000 hours.
Comments submitted in response to this notice will be summarized
and included in the request for OMB approval. All comments will become
a matter of public record. Comments are invited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the agency, including whether
the information has practical utility;
(b) The accuracy of the agency'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 startup costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: December 18, 2002.
Mark J. Tenhundfeld,
Assistant Director, Legislative and Regulatory Activities Division.
[FR Doc. 02-32463 Filed 12-24-02; 8:45 am]
BILLING CODE 4810-33-P