Notice2021-26732
Proposed Agency Information Collection Activities; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 10, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Recordkeeping Requirements of Regulation H and Regulation K Associated with the Procedures for Monitoring Bank Secrecy Act Compliance (FR K; OMB No. 7100-0310).
Full Text
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<title>Federal Register, Volume 86 Issue 235 (Friday, December 10, 2021)</title>
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[Federal Register Volume 86, Number 235 (Friday, December 10, 2021)]
[Notices]
[Pages 70496-70497]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-26732]
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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 Recordkeeping Requirements of Regulation H and Regulation
K Associated with the Procedures for Monitoring Bank Secrecy Act
Compliance (FR K; OMB No. 7100-0310).
DATES: Comments must be submitted on or before February 8, 2022.
ADDRESSES: You may submit comments, identified by FR K, by any of the
following methods:
<bullet> Agency website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#02706765712c616d6f6f676c7671426467666770636e706771677074672c656d74"><span class="__cf_email__" data-cfemail="6e1c0b091d400d0103030b001a1d2e080b0a0b1c0f021c0b1d0b1c180b40090118">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> 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
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any confidential
business information, identifying information, or contact information.
Public comments may also be viewed electronically or in paper in Room
146, 1709 New York Avenue 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
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, 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: 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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information 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.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft
[[Page 70497]]
reporting form and instructions, supporting statement, and other
documentation, will be made available on the Board's public website at
<a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be
requested from the agency clearance officer, whose name appears above.
Final versions of these documents will be made available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
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 Under OMB Delegated Authority To Extend for Three Years,
Without Revision, the Following Information Collection
Report title: Recordkeeping Requirements of Regulation H and
Regulation K Associated with the Procedures for Monitoring Bank Secrecy
Act Compliance.
Agency form number: FR K.
OMB control number: 7100-0310.
Frequency: Annual.
Respondents: State member banks; Edge Act and agreement
corporations; and U.S. branches, agencies, and representative offices
of foreign banks supervised by the Board, except for a federal branch
or a federal agency or a state branch that is insured by the Federal
Deposit Insurance Corporation (FDIC).
Estimated number of respondents: Establish compliance program--1;
Maintenance of compliance program--906.
Estimated average hours per response: Establish compliance
program--16; Maintenance of compliance program--4.
Estimated annual burden hours: Establish compliance program--16;
Maintenance of compliance program--3,624.
General description of report: Section 208.63 of the Board's
Regulation H--Membership of State Banking Institutions in the Federal
Reserve System (12 CFR part 208) requires state member banks to
establish and maintain in writing procedures reasonably designed to
ensure and monitor compliance with the provisions of the Bank Secrecy
Act (BSA) \1\ and its implementing regulations. Sections 211.5(m)(1)
and 211.24(j)(1) of the Board's Regulation K--International Banking
Operations (12 CFR part 211) impose those same requirements on Edge Act
and agreement corporations and, except for a federal branch or a
federal agency \2\ or a state branch that is insured by the FDIC, the
U.S. branches, agencies, and representative offices of foreign banks
supervised by the Board.
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\1\ See 31 U.S.C. 5311 et seq.
\2\ The terms ``federal agency'' and ``federal branch'' have the
same meanings as in section 1 of the International Banking Act of
1978 (12 U.S.C. 3101). See 12 CFR 211.21.
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Legal authorization and confidentiality: The FR K is authorized
pursuant to section 8(s) of the Federal Deposit Insurance Act (FDIA),
which requires the federal banking agencies, including the Board, to
(1) prescribe regulations requiring the institutions they regulate to
establish and maintain procedures reasonably designed to assure and
monitor compliance with the BSA and (2) to review such procedures
during the course of their examinations (12 U.S.C. 1818(s)).\3\ The FR
K is mandatory.
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\3\ Section 8(s) of the FDIA authorizes the Board to prescribe
regulations covering the entities required to comply with section
208.63 of the Board's Regulation H (12 CFR 208.63) and sections
211.5(m)(1) and 211.24(j)(1) of the Board's Regulation K (12 CFR
211.5(m)(1) and 12 CFR 211.24(j)(1)). See 12 U.S.C. 1813(c)(3),
1818(b)(3), and 1818(b)(4).
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Because the records required by the FR K will be retained at
banking organizations, the Freedom of Information Act (FOIA) would only
be implicated if the Board's examiners obtained a copy of the records
as part of the examination or supervision of a banking institution. In
that case, the records may be exempt from disclosure under exemption 8
of the FOIA, which protects examination materials from disclosure (5
U.S.C. 552(b)(8)). To the extent that information retained in response
to the FR K constitutes nonpublic commercial or financial information,
which is both customarily and actually treated as private by the
respondent, it may also be kept confidential under exemption 4 of the
FOIA (5 U.S.C. 552(b)(4)). Exemption 4 protects ``trade secrets and
commercial or financial information obtained from a person [that is]
privileged or confidential.''
Board of Governors of the Federal Reserve System, December 6,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-26732 Filed 12-9-21; 8:45 am]
BILLING CODE 6210-01-P
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