Consumer Protections for Depository Institution Sales of Insurance

ICR 201008-1550-002

OMB: 1550-0106

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2010-08-18
IC Document Collections
ICR Details
1550-0106 201008-1550-002
Historical Active 200706-1550-002
TREAS/OTS
Consumer Protections for Depository Institution Sales of Insurance
Extension without change of a currently approved collection   No
Regular
Approved without change 10/15/2010
Retrieve Notice of Action (NOA) 08/18/2010
  Inventory as of this Action Requested Previously Approved
10/31/2013 36 Months From Approved 10/31/2010
629,660 0 841,826
15,742 0 21,046
0 0 0

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.

PL: Pub.L. 106 - 102 305 Name of Law: Gramm-Leach-Bliley Act
  
None

Not associated with rulemaking

  75 FR 29386 05/25/2010
75 FR 51168 08/18/2010
No

1
IC Title Form No. Form Name
Consumer Protections for Depository Institution Sales of Insurance

  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 629,660 841,826 0 0 -212,166 0
Annual Time Burden (Hours) 15,742 21,046 0 0 -5,304 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The OTS is citing a decrease in the inventory due to a decrease in the number of respondents and responses. Consumers will use the disclosures to understand the risks of buying insurance products or annuities and to understand that the FDIC does not insure such products. Institutions and others will use the consumers’ acknowledgment to verify that consumers received the disclosures.

$0
No
No
No
No
No
Uncollected
April Breslaw 202 906-6989 [email protected]

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
08/18/2010


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