81 FR 6595 - Agency Information Collection Activities: Information Collection Renewal; Comment Request; Privacy of Consumer Financial Information

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency

Federal Register Volume 81, Issue 25 (February 8, 2016)

Page Range		6595-6596
FR Document		2016-02324

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 (44 U.S.C. chapter 35) (PRA). Under the PRA, Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information and to allow 60 days for public comment in response to the notice. In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, ``Privacy of Consumer Financial Information.''

Federal Register, Volume 81 Issue 25 (Monday, February 8, 2016)

[Federal Register Volume 81, Number 25 (Monday, February 8, 2016)]
[Notices]
[Pages 6595-6596]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-02324]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Comment Request; Privacy of Consumer Financial Information

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 (44 U.S.C. chapter 35) (PRA).
    Under the PRA, Federal agencies are required to publish notice in 
the Federal Register concerning each proposed collection of 
information, including each proposed extension of an existing 
collection of information and to allow 60 days for public comment in 
response to the notice.
    In accordance with the requirements of the PRA, the OCC may not 
conduct or sponsor, and the respondent is not required to respond to, 
an information collection unless it displays a currently valid Office 
of Management and Budget (OMB) control number. The OCC is soliciting 
comment concerning the renewal of its information collection titled, 
``Privacy of Consumer Financial Information.''

DATES:  Comments must be received by April 8, 2016.

ADDRESSES:  Because paper mail in the Washington, DC area and at the 
OCC is subject to delay, commenters are encouraged to submit comments 
by email, if possible. Comments may be sent to: Legislative and 
Regulatory Activities Division, Office of the Comptroller of the 
Currency, Attention: 1557-0216, 400 7th Street SW., Suite 3E-218, Mail 
Stop 9W-11, Washington, DC 20219. In addition, comments may be sent by 
fax to (571) 465-4326 or by electronic mail to [email protected]. 
You may personally inspect and photocopy comments at the OCC, 400 7th 
Street SW., Washington, DC 20219. For security reasons, the OCC 
requires that visitors make an appointment to inspect comments. You may 
do so by calling (202) 649-6700 or, for persons who are deaf or hard of 
hearing, TTY, (202) 649-5597. Upon arrival, visitors will be required 
to present valid government-issued photo identification and submit to 
security screening in order to inspect and photocopy comments.
    All comments received, including attachments and other supporting 
materials, are part of the public record and subject to public 
disclosure. Do not include any information in your comment or 
supporting materials that you consider confidential or inappropriate 
for public disclosure.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer, 
(202) 649-5490 or, for persons who are deaf or hard of hearing, TTY, 
(202) 649-5597, Legislative and Regulatory Activities Division, Office 
of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 
20219.

SUPPLEMENTARY INFORMATION:  Under the PRA, Federal agencies must obtain 
approval from the OMB for each collection of information they conduct 
or sponsor. ``Collection of information'' is defined in 44 U.S.C. 
3502(3) and 5 CFR 1320.3(c) to include agency requests or requirements 
that members of the public submit reports, keep records, or provide 
information to a third party. Section 3506(c)(2)(A) of the PRA (44 
U.S.C. 3506(c)(2)(A)) requires Federal agencies to provide a 60-day 
notice in the Federal Register concerning each proposed collection of 
information, including each proposed extension of an existing 
collection of information, before submitting the collection to OMB for 
approval. To comply with this requirement, the OCC is publishing notice 
of the proposed collection of information set forth in this document.

[[Page 6596]]

    The OCC is proposing to extend OMB approval of the following 
information collection:
    Title: Privacy of Consumer Financial Information.
    OMB Control No.: 1557-0216.
    Description:
    The Gramm-Leach-Bliley Act (Act) (Pub. L. 106-102) requires this 
information collection. Regulation P (12 CFR part 1016), a regulation 
promulgated by the Consumer Financial Protection Board (CFPB), 
implements the Act's 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 12 CFR part 1016 are as 
follows:
    Sec.  1016.4(a)--Disclosure (institution)-- Initial privacy notice 
to consumers requirement--A national bank or Federal savings 
association must provide a clear and conspicuous notice to customers 
and consumers that accurately reflects its privacy policies and 
practices.
    Sec.  1016.5(a)(1)--Disclosure (institution)--Annual privacy notice 
to customers requirement--A national bank or Federal savings 
association 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.  1016.8--Disclosure (institution)-- Revised privacy notices--
Before a national bank or Federal savings association discloses any 
nonpublic personal information in a way that is inconsistent with the 
notices previously given to a consumer, the institution must provide 
the consumer with a clear and conspicuous revised notice of the 
institution's policies and procedures, provide the consumer with a new 
opt out notice, give the consumer a reasonable opportunity to opt out 
of the disclosure, and the consumer must not opt out.
    Sec.  1016.7(a)--Disclosure (institution)--Form of opt out notice 
to consumers; opt out methods--Form of opt out notice--If a national 
bank or Federal savings association is required to provide an opt out 
notice under Sec.  1016.10(a), it must provide to each of its consumers 
a clear and conspicuous notice that accurately explains the right to 
opt out under that section. The notice must state:
     That the national bank or Federal savings association 
discloses or reserves the right to disclose nonpublic personal 
information about its consumer 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.
    A national bank or Federal savings association provides a 
reasonable means to exercise an opt out right if it:
     Designates check-off boxes on the relevant forms with the 
opt out notice;
     Includes a reply form with the opt out notice;
     Provides electronic means to opt out; or
     Provides a toll-free number to opt out.
    Sec. Sec.  1016.10(a)(2) and 1016(c)--Consumers must take 
affirmative actions to exercise their rights to prevent financial 
institutions from sharing their information with nonaffiliated 
parties--
     Opt out--Consumers may direct that the national bank or 
Federal savings association not disclose nonpublic personal information 
about them to a nonaffiliated third party, other than permitted by 
Sec. Sec.  1016.13-1016.15.
     Partial opt out--Consumer also may exercise partial opt 
out rights by selecting certain nonpublic personal information or 
certain nonaffiliated third parties with respect to which the consumer 
wishes to opt out.
    Sec. Sec.  1016.7(h) and 1016(i)--Reporting (consumer)--Duration of 
right to opt out--Continuing right to opt out--A 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 to the nonpublic 
personal information collected during or related to that relationship.
    Type of Review: Regular.
    Affected Public: Businesses or other for-profit; individuals.
    Estimated Annual Number of Respondents: 2,706,750.
    Estimated Total Annual Burden Hours: 693,284 hours.
    Comments submitted in response to this notice will be summarized 
and included in the request for OMB approval. Comments are invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information has practical utility;
    (b) The accuracy of the OCC'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 start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

    Dated: February 2, 2016.
Mary H. Gottlieb,
Regulatory Specialist, Legislative and Regulatory Activities Division.
[FR Doc. 2016-02324 Filed 2-5-16; 8:45 am]
BILLING CODE 4810-33-P

6596 Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices

The OCC is proposing to extend OMB • That the consumer has the right to (d) Ways to minimize the burden of
approval of the following information opt out of that disclosure; and the collection on respondents, including
collection: • A reasonable means by which the through the use of automated collection
Title: Privacy of Consumer Financial consumer may exercise the opt out techniques or other forms of information
Information. right. technology; and
OMB Control No.: 1557–0216. A national bank or Federal savings (e) Estimates of capital or start-up
Description: association provides a reasonable means costs and costs of operation,
The Gramm-Leach-Bliley Act (Act) to exercise an opt out right if it: maintenance, and purchase of services
(Pub. L. 106–102) requires this • Designates check-off boxes on the to provide information.
information collection. Regulation P (12 relevant forms with the opt out notice; Dated: February 2, 2016.
CFR part 1016), a regulation • Includes a reply form with the opt
promulgated by the Consumer Financial Mary H. Gottlieb,
out notice;
Protection Board (CFPB), implements • Provides electronic means to opt Regulatory Specialist, Legislative and
the Act’s notice requirements and out; or Regulatory Activities Division.
restrictions on a financial institution’s • Provides a toll-free number to opt [FR Doc. 2016–02324 Filed 2–5–16; 8:45 am]
ability to disclose nonpublic personal out. BILLING CODE 4810–33–P
information about consumers to §§ 1016.10(a)(2) and 1016(c)—
nonaffiliated third parties. Consumers must take affirmative
The information collection actions to exercise their rights to prevent DEPARTMENT OF THE TREASURY
requirements in 12 CFR part 1016 are as financial institutions from sharing their
follows: information with nonaffiliated parties— Office of Foreign Assets Control
§ 1016.4(a)—Disclosure (institution)—
Unblocking of Specially Designated
Initial privacy notice to consumers • Opt out—Consumers may direct Nationals and Blocked Persons
requirement—A national bank or that the national bank or Federal savings Pursuant to Executive Order 13288, as
Federal savings association must association not disclose nonpublic Amended by Executive Order 13391,
provide a clear and conspicuous notice personal information about them to a and Executive Order 13469
to customers and consumers that nonaffiliated third party, other than
accurately reflects its privacy policies permitted by §§ 1016.13–1016.15. AGENCY: Office of Foreign Assets
and practices. • Partial opt out—Consumer also may Control, Treasury.
§ 1016.5(a)(1)—Disclosure exercise partial opt out rights by ACTION: Notice.
(institution)—Annual privacy notice to selecting certain nonpublic personal
customers requirement—A national information or certain nonaffiliated SUMMARY: The Treasury Department’s
bank or Federal savings association third parties with respect to which the Office of Foreign Assets Control (OFAC)
must provide a clear and conspicuous consumer wishes to opt out. is publishing the names of five
notice to customers that accurately §§ 1016.7(h) and 1016(i)—Reporting individuals and three entities whose
reflects its privacy policies and (consumer)—Duration of right to opt property and interests in property have
practices not less than annually during out—Continuing right to opt out—A been blocked pursuant to Executive
the continuation of the customer consumer may exercise the right to opt Order (E.O.) 13288 of March 6, 2003,
relationship. out at any time. A consumer’s direction ‘‘Blocking Property of Persons
§ 1016.8—Disclosure (institution)— to opt out is effective until the consumer Undermining Democratic Processes or
Revised privacy notices—Before a revokes it in writing or, if the consumer Institutions in Zimbabwe,’’ as amended
national bank or Federal savings agrees, electronically. When a customer by E.O. 13391, ‘‘Blocking Property of
association discloses any nonpublic relationship terminates, the customer’s Additional Persons Undermining
personal information in a way that is opt out direction continues to apply to Democratic Processes or Institutions in
inconsistent with the notices previously the nonpublic personal information Zimbabwe,’’ and E.O. 13469 of July 25,
given to a consumer, the institution collected during or related to that 2008, ‘‘Blocking Property of Additional
must provide the consumer with a clear relationship. Persons Undermining Democratic
and conspicuous revised notice of the Type of Review: Regular. Processes or Institutions in Zimbabwe.’’
institution’s policies and procedures, Affected Public: Businesses or other DATES: OFAC’s actions described in this
provide the consumer with a new opt for-profit; individuals. notice are effective as of February 3,
out notice, give the consumer a Estimated Annual Number of 2016.
reasonable opportunity to opt out of the Respondents: 2,706,750.
disclosure, and the consumer must not Estimated Total Annual Burden FOR FURTHER INFORMATION CONTACT:
opt out. Hours: 693,284 hours. Associate Director for Global Targeting,
§ 1016.7(a)—Disclosure (institution)— Comments submitted in response to tel.: 202/622–2420, Assistant Director
Form of opt out notice to consumers; opt this notice will be summarized and for Sanctions Compliance & Evaluation,
out methods—Form of opt out notice— included in the request for OMB tel.: 202/622–2490, Assistant Director
If a national bank or Federal savings approval. Comments are invited on: for Licensing, tel.: 202/622–2480, Office
association is required to provide an opt (a) Whether the collection of of Foreign Assets Control, or Chief
out notice under § 1016.10(a), it must information is necessary for the proper Counsel (Foreign Assets Control), tel.:
provide to each of its consumers a clear performance of the functions of the 202/622–2410, Office of the General
asabaliauskas on DSK5VPTVN1PROD with NOTICES

and conspicuous notice that accurately OCC, including whether the information Counsel, Department of the Treasury
explains the right to opt out under that has practical utility; (not toll free numbers).
section. The notice must state: (b) The accuracy of the OCC’s SUPPLEMENTARY INFORMATION:
• That the national bank or Federal estimate of the burden of the collection
savings association discloses or reserves of information; Electronic and Facsimile Availability
the right to disclose nonpublic personal (c) Ways to enhance the quality, The SDN List and additional
information about its consumer to a utility, and clarity of the information to information concerning OFAC sanctions
nonaffiliated third party; be collected; programs are available from OFAC’s

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Document Created: 2016-02-06 00:24:17
Document Modified: 2016-02-06 00:24:17

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice and request for comment.
Dates		Comments must be received by April 8, 2016.
Contact		Shaquita Merritt, Clearance Officer, (202) 649-5490 or, for persons who are deaf or hard of hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Washington, DC 20219.
FR Citation		81 FR 6595

81 FR 6595 - Agency Information Collection Activities: Information Collection Renewal; Comment Request; Privacy of Consumer Financial Information

DEPARTMENT OF THE TREASURYOffice of the Comptroller of the Currency

Federal Register Volume 81, Issue 25 (February 8, 2016)

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency