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Notice

Proposed Agency Information Collection Activities; Comment Request-Consumer Protections for Depository Sales of Insurance

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Information about this document as published in the Federal Register.

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AGENCY:

Office of Thrift Supervision (OTS), Treasury.

ACTION:

Notice and request for comment.

SUMMARY:

The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on proposed and continuing information collections, as required by the Paperwork Reduction Act of 1995, 44 U.S.C. 3507. The Office of Thrift Supervision within the Department of the Treasury will submit the proposed information collection requirement described below to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. Today, OTS is soliciting public comments on its proposal to extend this information collection.

DATES:

Submit written comments on or before June 18, 2007.

ADDRESSES:

Send comments, referring to the collection by title of the proposal or by OMB approval number, to Information Collection Comments, Chief Counsel's Office, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552; send a facsimile transmission to (202) 906-6518; or send an e-mail to infocollection.comments@ots.treas.gov. OTS will post comments and the related index on the OTS Internet Site at http://www.ots.treas.gov.   In addition, interested persons may inspect comments at the Public Reading Room, 1700 G Street, NW., by appointment. To make an appointment, call (202) 906-5922, send an e-mail to public.info@ots.treas.gov, or send a facsimile transmission to (202) 906-7755.

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FOR FURTHER INFORMATION CONTACT:

You can request additional information about this proposed information collection from Judi McCormick, Director, Consumer Protection & Specialty Programs, (202) 906-5636, Start Printed Page 19231Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552.

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SUPPLEMENTARY INFORMATION:

OTS may not conduct or sponsor an information collection, and respondents are not required to respond to an information collection, unless the information collection displays a currently valid OMB control number. As part of the approval process, we invite comments on the following information collection.

Comments should address one or more of the following points:

a. Whether the proposed collection of information is necessary for the proper performance of the functions of OTS;

b. The accuracy of OTS's estimate of the burden of the proposed information collection;

c. Ways to enhance the quality, utility, and clarity of the information to be collected;

d. Ways to minimize the burden of the information collection on respondents, including through the use of information technology.

We will summarize the comments that we receive and include them in the OTS request for OMB approval. All comments will become a matter of public record. In this notice, OTS is soliciting comments concerning the following information collection.

Title of Proposal: Consumer Protections for Depository Sales of Insurance.

OMB Number: 1550-0106.

Form Number: N/A.

Regulation requirement: 12 CFR part 536.

Description: This submission covers an extension of OTS's currently approved information collection in its regulation found at 12 CFR part 536. This submission involves no change to the regulations or to the information collections embodied in the regulations.

The information collections contained in the regulations are as follows:

12 CFR 536.40(a). Savings associations must make insurance disclosures in connection with the initial purchase of an insurance product. The disclosure must be made orally and in writing to the consumer that: (1) The insurance product or annuity is not a deposit or other obligation of, or guaranteed by, a savings association or an affiliate of a savings association; (2) the insurance product or annuity is not insured by the FDIC or any other agency of the United States, a savings association, or (if applicable) an affiliate of a savings association; and (3) in the case of an insurance product or annuity that involves an investment risk, there is investment risk associated with the product, including the possible loss of value.

12 CFR 536.40(b). Savings associations must make a disclosure 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. The disclosure must be made orally and in writing that a savings association may not condition an extension of credit on either: (1) the consumer's purchase of an insurance product or annuity from a savings association or any of its affiliates; or (2) the consumer's agreement not to obtain, or a prohibition on the consumer from obtaining, an insurance product or annuity from an unaffiliated entity.

Type of Review: Renewal.

Affected Public: Businesses or other for-profit; individuals.

Estimated Number of Respondents: 845.

Estimated Number of Responses: 841,826.

Estimated Frequency of Response: On occasion.

Estimated Total Burden: 21,046 hours.

Clearance Officer: Marilyn K. Burton, (202) 906-6467, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552.

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Dated: April 12, 2007.

Deborah Dakin,

Senior Deputy Chief Counsel, Regulations and Legislation Division.

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[FR Doc. E7-7260 Filed 4-16-07; 8:45 am]

BILLING CODE 6720-01-P