Consumer Protections for Depository Institution Sales of Insurance

Forms and Documents

Document Name	Status
1550-0106 (Supporting Statement).pdf Supporting Statement A	2007-06-29

IC Document Collections

IC ID	Document Title	Status
19977	Consumer Protections for Depository Institution Sales of Insurance	Modified

ICR Details

OMB Control No: 1550-0106	ICR Reference No: 200706-1550-002
Status: Historical Active	Previous ICR Reference No: 200404-1550-002
Agency/Subagency: TREAS/OTS	Agency Tracking No:
Title: Consumer Protections for Depository Institution Sales of Insurance
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/14/2007
	Date Received in OIRA: 06/29/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2010	36 Months From Approved	09/30/2007
Responses	841,826	0	601,347
Time Burden (Hours)	21,046	0	15,034
Cost Burden (Dollars)	0	0	0

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Abstract: These information collections are required under section 305 of the Gramm-Leach Bliley Act, Public Law No. 106-102. This section requires the Federal banking agencies to prescribe joint consumer protection regulations that apply to retail sales practices, solicitations, advertising, and offers of any insurance product by the depository institution or by other persons performing these activities at an office of the institution or on behalf of the institution. The section requires those performing such activities to disclose certain information to consumers and to obtain consumers' acknowledgements.

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Authorizing Statute(s): PL: Pub.L. 106 - 102 305 Name of Law: Gramm-Leach-Bliley Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 19230	04/17/2007
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 34360	06/21/2007
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Consumer Protections for Depository Institution Sales of Insurance

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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	841,826	601,347	0	0	240,479	0
Annual Time Burden (Hours)	21,046	15,034	0	0	6,012	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: The estimated burden for this information collection is an increase of 6,012 hours. This is due to a decrease in the number of respondents from 928 to 845, an increase in the number of responses from 601,347 to 841,826 (based on 1% of the number of deposit accounts), and a decrease in the estimated time per response from 5 minutes to 1.5 minutes. In 2000, this was a new collection and there were no actual numbers to go by. Beginning with the 2004 submission, actual numbers have been used for the calculations.

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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]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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: 06/29/2007

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