82 FR 44875 - Agency Information Collection Requirements: Information Collection Renewal; Comment Request; Debt Cancellation Contracts and Debt Suspension Agreements
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency Federal Register Volume 82, Issue 185 (September 26, 2017)
Office of the Comptroller of the Currency
Federal Register Volume 82, Issue 185 (September 26, 2017)
| Page Range | 44875-44877 | |
| FR Document | 2017-20529 |
[Federal Register Volume 82, Number 185 (Tuesday, September 26, 2017)] [Notices] [Pages 44875-44877] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-20529] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Requirements: Information Collection Renewal; Comment Request; Debt Cancellation Contracts and Debt Suspension Agreements AGENCY: Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. ----------------------------------------------------------------------- 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 (PRA). 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. Currently, the OCC is soliciting comment concerning the renewal of an information collection titled ``Debt Cancellation Contracts and Debt Suspension Agreements.'' DATES: You should submit written comments by: November 27, 2017. 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: 1557-0224, 400 7th Street SW., Suite 3E-218, 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, OCC 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., Suite 3E-218, Washington, DC 20219. SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), federal agencies must obtain approval from 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 title 44 (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 renewal of the information collection set forth in this document. Title: Debt Cancellation Contracts and Debt Suspension Agreements. OMB Control No.: 1557-0224. Description: Twelve U.S.C. 24(Seventh) authorizes a national bank (bank) to enter into Debt Cancellation Contracts (DCCs) and Debt Suspension Agreements (DSAs). Part 37 requires banks to disclose information about a DCC or a DSA using either a short or long form disclosure. The short form disclosure usually is made orally and issued at the time a bank first solicits the purchase of a contract. The long form disclosure usually is made in writing and issued before the customer completes the purchase of the contract. There are special rules for transactions by telephone, solicitations using written mail inserts or ``take one'' applications, and electronic transactions. Part 37 provides two forms of disclosure that serve as models for satisfying the requirements of the rule. Use of the forms is not mandatory, and the regulation permits a bank to adjust the form and wording of its disclosures so long as it meets the applicable requirements. The requirements of part 37 enhance consumer protections for customers who purchase DCCs and DSAs from banks and ensure that banks offer these products in a safe and sound [[Page 44876]] manner by requiring them to effectively manage their risk exposure. Section 37.6 Section 37.6 requires the form of the disclosures to be readily understandable and meaningful. The content of the short and long form may vary, depending on whether a bank elects to provide a summary of the conditions and exclusions in the long form disclosures or refer the customer to the pertinent paragraphs in the contract. For example, the short form disclosure requires a bank to instruct the customer to read carefully both the long form disclosures and the contract for a full explanation of the contract terms, while the long form gives a bank the option of either: (i) Summarizing the limitations; or (ii) advising the customer that a complete explanation of the eligibility requirements, conditions, and exclusions is available in the contract and identifying the paragraphs where the customer may find that information. Section 37.6 and appendices A and B to part 37 require a bank to provide the following disclosures (summarized below), as appropriate:Anti-tying (short and long form)--A bank must inform the customer that purchase of the product is optional and that neither the bank's decision whether to approve the loan nor the terms and conditions of the loan are conditioned on the purchase of a DCC or DSA. Explanation of debt suspension agreement (long form)--A bank must disclose that if a customer activates the agreement, the customer's duty to pay the loan principal and interest is only suspended and the customer must fully repay the loan after the period of suspension has expired. Amount of the fee (long form)--A bank must make disclosures regarding the amount of the fee. The content of the disclosure depends on whether the credit is open-end or closed-end. In the case of closed-end credit, the bank must disclose the total fee. In the case of open-end credit, the bank must either: (i) Disclose that the periodic fee is based on the account balance multiplied by a unit cost and provide the unit cost; or (ii) disclose the formula used to compute the fee. Lump sum payment of fee (short and long form)--A bank must disclose, where appropriate, that a customer has the option to pay the fee in a single payment or in periodic payments and adding the fee to the amount borrowed will increase the cost of the contract. This disclosure is not appropriate in the case of a DCC or DSA provided in connection with a home mortgage loan because the option to pay the fee in a single payment is not available in that case. Lump sum payment of fee with no refund (short and long form)--A bank must disclose that the customer has the option to choose a contract with or without a refund provision. This disclosure must also state that the prices of refund and no-refund products are likely to differ. Refund of fee paid in lump sum (short and long form)--If a bank permits a customer to pay the fee in a single payment and add the fee to the amount borrowed, the bank must disclose its cancellation policy. The disclosure informs the customer of the bank's refund policy, as applicable, i.e., that the DCC or DSA may be: (i) Canceled at any time for a refund; (ii) cancelled within a specified number of days for a full refund; or (iii) cancelled at any time with no refund. Whether use of credit line is restricted (long form)--A bank must inform a customer if the customer's activation of the contract would prohibit the customer from incurring additional charges or using the credit line. Termination of a DCC or DSA (long form)-- If termination is permitted during the life of the loan, a bank must include an explanation of the circumstances under which a customer or the bank may terminate the contract. Additional disclosures (short form)--A bank must inform consumers that it will provide additional information before the customer is required to pay for the product. Eligibility requirements, conditions, and exclusions (short and long form)--A bank must describe any material limitations relating to the DCC or DSA. Section 37.7 Section 37.7 requires a bank to obtain a customer's written affirmative election to purchase a contract and written acknowledgment of receipt of the disclosures required by Sec. 37.6. The section further provides that the election and acknowledgment must be conspicuous, simple, direct, readily understandable, and designed to call attention to their significance. Pursuant to Sec. 37.7(b), if the sale of the contract occurs by telephone, the customer's affirmative election to purchase and acknowledgment of receipt of the required short form may be made orally, provided the bank: (i) Maintains sufficient documentation to show that the customer received the short form disclosures and then affirmatively elected to purchase the contract; (ii) mails the affirmative written election and written acknowledgment, together with the long form disclosures required by Sec. 37.6, to the customer within 3 business days after the telephone solicitation and maintains sufficient documentation to show it made reasonable efforts to obtain the documents from the customer; and (iii) permits the customer to cancel the purchase of the contract without penalty within 30 days after the bank has mailed the long form disclosures to the customer. Pursuant to Sec. 37.7(c), if the DCC or DSA is solicited through written materials such as mail inserts or ``take one'' applications and the bank provides only the short form disclosures in the written materials, then the bank shall mail the acknowledgment, together with the long form disclosures, to the customer. The bank may not obligate the customer to pay for the contract until after the bank has received the customer's written acknowledgment of receipt of disclosures, unless the bank takes certain steps, maintains certain documentation, and permits the customer to cancel the purchase within 30 days after mailing the long form disclosures to the customer. Section 37.6(d) permits the customer's affirmative election and acknowledgment to be made electronically. Type of Review: Regular. Affected Public: Businesses or other for-profit. Number of Respondents: 1,300. Total Annual Burden Hours: 31,200 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 OCC, including whether the information shall have 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. [[Page 44877]] Dated: September 20, 2017. Karen Solomon, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2017-20529 Filed 9-25-17; 8:45 am] BILLING CODE 4810-33-P
![Federal Register / Vol. 82, No. 185 / Tuesday, September 26, 2017 / Notices 44875
interactive Web pages of the HMDA DEPARTMENT OF THE TREASURY you consider confidential or
Platform to process HMDA data. inappropriate for public disclosure.
Affected Public: Businesses or other Office of the Comptroller of the
FOR FURTHER INFORMATION CONTACT:
for-profit. Currency
Shaquita Merritt, OCC Clearance
Burden Estimates: Agency Information Collection Officer, (202) 649–5490 or, for persons
Requirements: Information Collection who are deaf or hard of hearing, TTY,
Regulation C: (202) 649–5597, Legislative and
Renewal; Comment Request; Debt
2017: Cancellation Contracts and Debt Regulatory Activities Division, Office of
Estimated Number of Respondents: Suspension Agreements the Comptroller of the Currency, 400 7th
702. Street SW., Suite 3E–218, Washington,
AGENCY: Office of the Comptroller of the DC 20219.
Estimated Annual Burden: 3,384,342 Currency (OCC), Treasury.
hours. SUPPLEMENTARY INFORMATION: Under the
ACTION: Notice and request for comment. PRA (44 U.S.C. 3501–3520), federal
2018: agencies must obtain approval from
SUMMARY: The OCC, as part of its
Estimated Number of Respondents: OMB for each collection of information
continuing effort to reduce paperwork
702. they conduct or sponsor. ‘‘Collection of
and respondent burden, invites the
Estimated Annual Burden: 959,232 general public and other federal information’’ is defined in 44 U.S.C.
hours. agencies to take this opportunity to 3502(3) and 5 CFR 1320.3(c) to include
comment on a continuing information agency requests or requirements that
2019:
collection as required by the Paperwork members of the public submit reports,
Estimated Number of Respondents: keep records, or provide information to
Reduction Act of 1995 (PRA).
702. a third party. Section 3506(c)(2)(A) of
In accordance with the requirements
Estimated Annual Burden: 959,232 of the PRA, the OCC may not conduct title 44 (44 U.S.C. 3506(c)(2)(A))
hours. or sponsor, and the respondent is not requires federal agencies to provide a
required to respond to, an information 60-day notice in the Federal Register
Fair Housing Home Loan Data System
collection unless it displays a currently concerning each proposed collection of
Regulation:
valid Office of Management and Budget information, including each proposed
Estimated Number of Respondents: extension of an existing collection of
(OMB) control number.
956. information, before submitting the
Currently, the OCC is soliciting
Estimated Annual Burden: 19,864 comment concerning the renewal of an collection to OMB for approval. To
hours. information collection titled ‘‘Debt comply with this requirement, the OCC
Cancellation Contracts and Debt is publishing notice of the renewal of
Frequency of Response: On occasion.
Suspension Agreements.’’ the information collection set forth in
Comments: Comments submitted in this document.
response to this notice will be DATES: You should submit written
comments by: November 27, 2017. Title: Debt Cancellation Contracts and
summarized and included in the request Debt Suspension Agreements.
for OMB approval. All comments will Because paper mail in the
Washington, DC area and at the OCC is OMB Control No.: 1557–0224.
become a matter of public record.
Comments are invited on: subject to delay, commenters are Description: Twelve U.S.C.
encouraged to submit comments by 24(Seventh) authorizes a national bank
(a) Whether the collections of email, if possible. Comments may be (bank) to enter into Debt Cancellation
information are necessary for the proper sent to: Legislative and Regulatory Contracts (DCCs) and Debt Suspension
performance of the functions of the Activities Division, Office of the Agreements (DSAs). Part 37 requires
OCC, including whether the information Comptroller of the Currency, Attention: banks to disclose information about a
has practical utility; 1557–0224, 400 7th Street SW., Suite DCC or a DSA using either a short or
(b) The accuracy of the OCC’s 3E–218, Washington, DC 20219. In long form disclosure. The short form
estimates of the information collection addition, comments may be sent by fax disclosure usually is made orally and
burden; to (571) 465–4326 or by electronic mail issued at the time a bank first solicits
(c) Ways to enhance the quality, to prainfo@occ.treas.gov. You may the purchase of a contract. The long
utility, and clarity of the information to personally inspect and photocopy form disclosure usually is made in
be collected; comments at the OCC, 400 7th Street writing and issued before the customer
SW., Washington, DC 20219. For completes the purchase of the contract.
(d) Ways to minimize the burden of security reasons, the OCC requires that There are special rules for transactions
the collection on respondents, including visitors make an appointment to inspect by telephone, solicitations using written
through the use of automated collection comments. You may do so by calling mail inserts or ‘‘take one’’ applications,
techniques or other forms of information (202) 649–6700 or, for persons who are and electronic transactions. Part 37
technology; and deaf or hard of hearing, TTY, (202) 649– provides two forms of disclosure that
(e) Estimates of capital or start-up 5597. Upon arrival, visitors will be serve as models for satisfying the
costs and costs of operation, required to present valid government- requirements of the rule. Use of the
maintenance, and purchase of services issued photo identification and submit forms is not mandatory, and the
to provide information. to security screening in order to inspect regulation permits a bank to adjust the
and photocopy comments. form and wording of its disclosures so
Dated: September 20, 2017.
All comments received, including long as it meets the applicable
Karen Solomon, attachments and other supporting requirements. The requirements of part
Deputy Chief Counsel, Office of the materials, are part of the public record 37 enhance consumer protections for
Comptroller of the Currency. and subject to public disclosure. Do not customers who purchase DCCs and
[FR Doc. 2017–20530 Filed 9–25–17; 8:45 am] include any information in your DSAs from banks and ensure that banks
BILLING CODE 4810–33–P comment or supporting materials that offer these products in a safe and sound
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![Federal Register / Vol. 82, No. 185 / Tuesday, September 26, 2017 / Notices 44877
Dated: September 20, 2017. telephone number (800) 767–1750; afternoon. A sign-up sheet for 5-minute
Karen Solomon, access code 56978#. comments will be available at the
Deputy Chief Counsel, Office of the The purpose of the Committee is to meeting. Individuals who wish to
Comptroller of the Currency. provide advice and make address the Committee may submit a 1–
[FR Doc. 2017–20529 Filed 9–25–17; 8:45 am] recommendations to the Secretary of 2 page summary of their comments for
BILLING CODE 4810–33–P
Veterans Affairs on proposed research inclusion in the official meeting record.
studies, research plans, and research Members of the public may also submit
strategies relating to the health written statements for the Committee’s
consequences of military service in the review to Dr. Victor Kalasinsky via
DEPARTMENT OF VETERANS Southwest Asia theater of operations email at victor.kalasinsky@va.gov.
AFFAIRS during the Gulf War in 1990–1991. Because the meeting is being held in
The Committee will review VA a government building, a photo I.D.
Research Advisory Committee on Gulf program activities related to Gulf War must be presented as part of the
War Veterans’ Illnesses; Notice of Veterans’ illnesses, and updates on clearance process. Therefore, any person
Meeting relevant scientific research published attending should allow an additional 15
since the last Committee meeting. minutes before the meeting begins. Any
The Department of Veterans Affairs Presentations will include updates on member of the public seeking additional
(VA) gives notice under the Federal the VA Gulf War research program, information should contact Dr.
Advisory Committee Act that the descriptions of new areas of research in Kalasinsky, Designated Federal Officer,
Research Advisory Committee on Gulf gastrointestinal disorders, and at (202) 443–5600.
War Veterans’ Illnesses will meet on phenotyping research that can be
October 30, 2017, in Room 230 at 810 applied to the health problems of Gulf Dated: September 21, 2017.
Vermont Avenue NW., Washington, DC, War Veterans. Also, there will be a LaTonya L. Small,
from 8:00 a.m. until 3:30 p.m. (Eastern). discussion of Committee business and Federal Advisory Committee Management
All sessions will be open to the public, activities. Officer.
and for interested parties who cannot The meeting will include time [FR Doc. 2017–20580 Filed 9–25–17; 8:45 am]
attend in person, there is a toll-free reserved for public comments in the BILLING CODE 8320–01–P
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Document Created: 2017-09-26 02:48:23
Document Modified: 2017-09-26 02:48:23
| 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 | You should submit written comments by: November 27, 2017. | |
| Contact | Shaquita Merritt, OCC 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., Suite 3E-218, Washington, DC 20219. | |
| FR Citation | 82 FR 44875 |
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