Federal Register: November 3, 2009 (Volume 74, Number 211)
DOCID: fr03no09-114 FR Doc E9-26441
DEPARTMENT OF THE TREASURY
Comptroller of the Currency
NOTICE: NOTICES
DOCID: fr03no09-114
DOCUMENT ACTION: Notice and request for comment.
SUBJECT CATEGORY:
Agency Information Collection Activities: Proposed Information Collection; Comment Request
DATES: You should submit written comments by January 4, 2010.
DOCUMENT 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).''
SUMMARY:
Agency Information Collection Activities; Proposals, Submissions, and Approvals
SUPPLEMENTAL 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 Control No.: 15570216.
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 approve its revised estimates.
The information collection requirements in part 40 are as follows:
Sec. 40.4(a)Disclosure (institution)Initial privacy notice to consumers requirementA bank must provide a clear and conspicuous notice that accurately reflects its privacy policies and practices to customers and consumers.
Sec. 40.5(a)Disclosure (institution)Annual privacy notice to customers requirementA bank must provide a clear and conspicuous notice to customers that accurately reflects its privacy policies and practices not less than annually during the continuation of the customer relationship.
Sec. 40.8Disclosure (institution)Revised privacy noticesIf a bank wishes to disclose information in a way that is inconsistent with the notices previously given to a consumer, the bank must provide consumers with a clear and conspicuous revised notice of the bank's policies and procedures and a new opt out notice.
Sec. 40.7(a)Disclosure (institution)Form of opt out notice to
consumers; opt out methodsForm of opt out noticeIf a bank is
required to provide an optout notice under Sec. 40.10(a), it must
provide a clear and conspicuous notice to each of its consumers that
accurately explains the right to opt out under that section. The notice must state:
A bank provides a reasonable means to exercise an opt out right if it:
[[Page 56924]]
Sec. Sec. 40.10(a)(2) and 40.10(c)Consumers must take affirmative actions to exercise their rights to prevent financial institutions from sharing their information with nonaffiliated parties
Sec. Sec. 40.7(f) and (g)Reporting (consumer)Consumers may exercise continuing right to opt outConsumer may opt out at any timeA consumer may exercise the right to opt out at any time. A consumer's direction to opt out is effective until the consumer revokes it in writing or, if the consumer agrees, electronically. When a customer relationship terminates, the customer's opt out direction continues to apply.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or other forprofit; individuals.
Estimated Annual Number of Institution Respondents: Initial Notice, 11; Annual Notice and Change in Terms, 1,625; Optout Notice, 813.
Estimated Average Time Per Response Per Institution: Initial Notice, 80 hours; Annual Notice and Change in Terms, 8 hours; Optout Notice, 8 hours.
Estimated Subtotal Annual Burden Hours for Institutions: 20,384 hours.
Estimated Annual Number of Consumer Respondents: 15,028,802.
Estimated Average Time Per Consumer Response: 0.25 hours.
Estimated Subtotal Annual Burden Hours for Consumers: 3,757,200.5 hours.
Estimated Total Annual Burden Hours: 3,777,584.5 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: October 27, 2009.
Michele Meyer,
Assistant Director, Legislative and Regulatory Activities Division. [FR Doc. E926441 Filed 11209; 8:45 am]
BILLING CODE 481033P
FOR FURTHER INFORMATION CONTACT
You can request additional information or a copy of the collection from Mary H. Gottlieb, OCC Clearance Officer, (202) 8745090, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 250 E Street, SW., Washington, DC 20219.