60-Day FR Notice

53700

Federal Register / Vol. 89, No. 124 / Thursday, June 27, 2024 / Notices

(Catalog of Federal Domestic Assistance
Number 59008)

DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency

Francisco Sa´nchez, Jr.,
Associate Administrator, Office of Disaster
Recovery & Resilience.

Agency Information Collection
Activities: Information Collection
Renewal; Comment Request; Debt
Cancellation Contracts and Debt
Suspension Agreements

[FR Doc. 2024–14096 Filed 6–26–24; 8:45 am]
BILLING CODE 8026–09–P

Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for comment.
AGENCY:

DEPARTMENT OF STATE
[Public Notice: 12442]

The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites
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. The OCC is
soliciting comment concerning the
renewal of its information collection
titled, ‘‘Debt Cancellation Contracts and
Debt Suspension Agreements.’’
DATES: Comments must be received by
August 26, 2024.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: [email protected].
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, Office
of the Comptroller of the Currency,
Attention: 1557–0224, 400 7th Street
SW, Suite 3E–218, Washington, DC
20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 293–4835.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0224’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email addresses, or
phone numbers. 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.
Following the close of this notice’s
60-day comment period, the OCC will
publish a second notice with a 30-day
SUMMARY:

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Designation & Determination Pursuant
to the Foreign Missions Act
Pursuant to the authority vested in the
Secretary of State under the Foreign
Missions Act, 22 U.S.C. 4301 et seq.
(‘‘the Act’’), and delegated pursuant to
Department of State Delegation of
Authority No. 484 of May 26, 2020, and
after due consideration of the benefits,
privileges, and immunities provided to
missions of the United States abroad, as
well as matters related to the protection
of the interests of the United States, I
hereby designate the acquisition and
reissuance of motor vehicle license
plates which bear any of the following
terms or words by members of foreign
missions who are accredited by the
Department of State as honorary consuls
as a benefit as defined in 22 U.S.C.
4302(a)(1):
1. Consul;
2. Diplomat;
3. Envoy;
4. Foreign Mission Member;
5. Honorary Consul;
6. Consular Corps;
7. Foreign Consul;
8. Honorary Consular Officer; or
9. Any other words or terms that aim
to describe or reference the individual’s
status as an honorary consul.
Additionally, I hereby determine it is
reasonably necessary to achieve one or
more of the purposes set forth in section
204(b) of the Act (22 U.S.C. 4304(b)), to
prohibit the issuance or reissuance of
such motor vehicle license plates by
U.S. states, the District of Columbia, the
Commonwealth of Puerto Rico, and the
territories and possessions of the United
States.
Clifton C. Seagroves,
Principal Deputy Director, Office of Foreign
Missions, Department of State.
[FR Doc. 2024–14084 Filed 6–26–24; 8:45 am]
BILLING CODE 4710–43–P

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comment period. You may review
comments and other related materials
that pertain to this information
collection beginning on the date of
publication of the second notice for this
collection by the method set forth in the
next bullet.
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
‘‘Information Collection Review’’ tab
and click on ‘‘Information Collection
Review’’ from the drop-down menu.
From the ‘‘Currently under Review’’
drop-down menu, select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching OMB control number ‘‘1557–
0224’’ or ‘‘Debt Cancellation Contracts
and Debt Suspension Agreements.’’
Upon finding the appropriate
information collection, click on the
related ‘‘ICR Reference Number.’’ On the
next screen, select ‘‘View Supporting
Statement and Other Documents’’ and
then click on the link to any comment
listed at the bottom of the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, Clearance Officer,
(202) 649–5490, Chief Counsel’s Office,
Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), Federal
agencies must obtain approval from the
OMB for each collection of information
that 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 generally
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/
revision of this collection.
Title: Debt Cancellation Contracts and
Debt Suspension Agreements.
OMB Control No.: 1557–0224.
Type of Review: Regular.
Description: Twelve U.S.C.
24(Seventh) authorizes a national bank
(bank) to enter into Debt Cancellation

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Federal Register / Vol. 89, No. 124 / Thursday, June 27, 2024 / Notices
Contracts (DCCs) and Debt Suspension
Agreements (DSAs). Twelve CFR part 37
requires banks to disclose information
about a DCC or 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 model forms of disclosure
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 manner by
requiring them to effectively manage
their risk exposure.
§ 37.6 Disclosures.
Section 37.6 requires 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 refers 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

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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
that 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 where the option to pay
the fee in a single payment is not
available.
• 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) cancelled
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 a card or 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 on the credit card 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 customers
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)—

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53701

A bank must describe any material
limitations relating to the DCC or DSA.
§ 37.7 Affirmative election to
purchase and acknowledgement of
receipt of disclosures required.
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 § 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 § 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 § 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 § 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
37.7(d) permits the customer’s
affirmative election and
acknowledgment to be made
electronically.
Affected Public: Businesses or other
for-profit.
Estimated Frequency of Response: On
occasion.
Estimated Number of Respondents:
1,044.
Estimated Total Annual Burden:
25,056 hours.

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Federal Register / Vol. 89, No. 124 / Thursday, June 27, 2024 / Notices

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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
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,

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maintenance, and purchase of services
to provide information.
Patrick T. Tierney,
Assistant Director, Office of the Comptroller
of the Currency.
[FR Doc. 2024–14107 Filed 6–26–24; 8:45 am]
BILLING CODE 4810–33–P

DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
Notice of OFAC Sanctions Action
Office of Foreign Assets
Control, Treasury.
ACTION: Notice.
AGENCY:

The U.S. Department of the
Treasury’s Office of Foreign Assets
Control (OFAC) is publishing the names
of one or more persons that have been
placed on OFAC’s Specially Designated
Nationals and Blocked Persons List
(‘‘SDN List’’) based on OFAC’s
determination that one or more
applicable legal criteria were satisfied.
All property and interests in property
subject to U.S. jurisdiction of these
persons are blocked, and U.S. persons

SUMMARY:

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are generally prohibited from engaging
in transactions with them.
DATES: See SUPPLEMENTARY INFORMATION
section for applicable date(s).
FOR FURTHER INFORMATION CONTACT:
OFAC: Bradley T. Smith, Director, tel.:
202–622–2490; Associate Director for
Global Targeting, tel.: 202–622–2420;
Assistant Director for Licensing, tel.:
202–622–2480; Assistant Director for
Regulatory Affairs, tel.: 202–622–4855;
or the Assistant Director for Sanctions
Compliance & Evaluation, tel.: 202–622–
2490.
SUPPLEMENTARY INFORMATION:
Electronic Availability
The SDN List and additional
information concerning OFAC sanctions
programs are available on OFAC’s
website (https://www.treasury.gov/ofac).
Notice of OFAC Actions
On June 21, 2024, OFAC determined
that the property and interests in
property subject to U.S. jurisdiction of
the following persons are blocked under
the relevant sanctions authority listed
below.
BILLING CODE 4810–AL–P

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