83 FR 52452 - Proposed Agency Information Collection Activities; Comment Request

FEDERAL RESERVE SYSTEM

Federal Register Volume 83, Issue 201 (October 17, 2018)

The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Disclosure Requirements of Subpart H of Regulation H (Consumer Protections in Sales of Insurance) (Reg H-7; OMB No. 7100- 0298).

[Federal Register Volume 83, Number 201 (Wednesday, October 17, 2018)]
[Notices]
[Pages 52452-52453]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-22551]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Disclosure Requirements of Subpart H of Regulation H 
(Consumer Protections in Sales of Insurance) (Reg H-7; OMB No. 7100-
0298).

DATES: Comments must be submitted on or before December 17, 2018.

ADDRESSES: You may submit comments, identified by Reg H-7, by any of 
the following methods:
     Agency Website: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room 
3515, 1801 K Street, NW (between 18th and 19th Streets NW) Washington, 
DC 20006 between 9:00 a.m. and 5:00 p.m. on weekdays. For security 
reasons, the Board requires that visitors make an appointment to 
inspect comments. You may do so by calling (202) 452-3684. Upon 
arrival, visitors will be required to present valid government-issued 
photo identification and to submit to security screening in order to 
inspect and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235, 725 17th Street, NW, Washington, DC 20503, or by 
fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, if approved. These documents will also be made available 
on the Board's public website at http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested from the agency clearance 
officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of 
the Chief Data Officer, Board of Governors of the Federal Reserve 
System, Washington, DC 20551, (202) 452-3829. Telecommunications Device 
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors 
of the Federal Reserve System, Washington, DC, 20551.

SUPPLEMENTARY INFORMATION: On June 15, 1984, the Office of Management 
and Budget (OMB) delegated to the Board authority under the Paperwork 
Reduction Act (PRA) to approve and assign OMB control numbers to 
collection of information requests and requirements conducted or 
sponsored by the Board. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information 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.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, Without Revision, of the Following Report

    Report title: Disclosure Requirements of subpart H of Regulation H 
(Consumer Protections in Sales of Insurance).
    Agency form number: Reg H-7.
    OMB control number: 7100-0298.
    Frequency: On occasion.
    Respondents: State member banks and other persons.
    Estimated number of respondents: 822.
    Estimated time per response: 1.5 minutes.
    Estimated annual burden hours: 12,947.
    General description of report: Subpart H of Regulation H was 
adopted by the Board in 2003 pursuant to section 305 of the Gramm-
Leach-Bliley Act of 1999 (GLBA), which required the federal banking 
agencies to issue joint regulations governing retail sales practices, 
solicitations, advertising, and offers of insurance by, on behalf of, 
or at the offices of insured depository institutions. The insurance 
consumer protection rules in Regulation H, which apply to the sale of 
insurance by a state member bank or by any other person at

[[Page 52453]]

an office of the bank or on behalf of the bank (collectively, ``Covered 
Persons''), require Covered Persons to prepare and provide certain 
disclosures to consumers. Covered Persons are required to make certain 
written and oral disclosures before the completion of the initial sale 
of an insurance product or annuity to a consumer and 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 (see 12 CFR 
208.84(a)-(d)).
    Legal authorization and confidentiality: Section 305 of the GLBA 
requires that the Board issue regulations, including disclosure 
requirements, applicable to retail sales practices, solicitations, 
advertising, or offers of insurance by depository institutions (12 
U.S.C. 1831x). The disclosure requirements described above are 
contained in subpart H of the Board's Regulation H. 12 CFR part 208, 
subpart H. The disclosures required under subpart H are mandatory. 
Because Regulation H-7 disclosures are provided by Covered Persons to 
customers, confidentiality issues should generally not arise. However, 
if the Board obtains any institution-specific information during an 
examination of a state member bank, such information may be protected 
under exemption (b)(8) of the Freedom of Information Act, which exempts 
from disclosure materials related to the examination of financial 
institutions (5 U.S.C. 552(b)(8)).


Board of Governors of the Federal Reserve System, October 11, 2018.
Michele Taylor Fennell,
Assistant Secretary of the Board.
[FR Doc. 2018-22551 Filed 10-16-18; 8:45 am]
 BILLING CODE 6210-01-P