Office of the Comptroller of the Currency (OCC), Treasury.
Notice and request for comment.
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).
You should submit written comments by February 24, 2003.
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 email@example.com. 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 firstname.lastname@example.org.Start Further Info
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.End Further Info End Preamble Start 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 Number: 1557-0216.Start Printed 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 (§§ 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 (§§ 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.Start Signature
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