View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1557-0220
ICR Reference No:
201108-1557-007
Status:
Historical Active
Previous ICR Reference No:
201003-1557-004
Agency/Subagency:
TREAS/OCC
Agency Tracking No:
Title:
Consumer Protections for Depository Institution Sales of Insurance
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
09/08/2011
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/07/2011
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2013
06/30/2013
06/30/2013
Responses
630,377
0
717
Time Burden (Hours)
19,327
0
3,585
Cost Burden (Dollars)
0
0
0
Abstract:
These information collections are required under section 305 of the Gramm-Leach-Bliley Act. Section 305 of the Gramm-Leach- Bliley Act (GLB Act) requires the OCC, FRB, FDIC and OTS to prescribe joint consumer protection regulations that apply to retail sales practices, solicit ions, advertising, and offers of any insurance product by a depository institution or by other persons performing these activities at an office on their institution or on behalf of the institution (other covered person).
Authorizing Statute(s):
PL:
Pub.L. 106 - 102 305
Name of Law: Gramm-Leach-Bliley Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 124 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
75 FR 10021
03/04/2010
30-day Notice:
Federal Register Citation:
Citation Date:
75 FR 26844
05/12/2010
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Consumer Protections for Depository Institution Sales of Insurance
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
630,377
717
629,660
0
0
0
Annual Time Burden (Hours)
19,327
3,585
15,742
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
OCC is citing an increase in the burden due to an increase in the number of respondents as a result of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203, 124 Stat.1376 (2010). Consumers use the disclosures to understand the risks of insurance products and annuities and to understand that they are not required to purchase or refrain from purchasing certain insurance products or annuities in order to qualify for an extension of credit.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Rebecca Smith 202 874-4835 rebecca.smith@occ.treas.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
09/07/2011
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