Notice2022-07226
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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
April 6, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting 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 87 Issue 66 (Wednesday, April 6, 2022)</title>
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[Federal Register Volume 87, Number 66 (Wednesday, April 6, 2022)]
[Notices]
[Pages 19932-19933]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07226]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting 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).
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.
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.
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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements, and approved collection of
information instrument(s) are available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve 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 Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of 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.
[[Page 19933]]
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.''
Current actions: On December 10, 2021, the Board published a notice
in the Federal Register (86 FR 70496) requesting public comment for 60
days on the extension, without revision, of the FR K. The comment
period for this notice expired on February 8, 2022. The Board did not
receive any comments.
Board of Governors of the Federal Reserve System, April 1, 2022.
Ann Misback,
Secretary of the Board.
[FR Doc. 2022-07226 Filed 4-5-22; 8:45 am]
BILLING CODE 6210-01-P
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