Agency Information Collection Activities; Submission for OMB Review; Comment Request; Reports of Transactions With Foreign Financial Agencies, 18475-18476 [2022-06643]
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Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices
information from eligible jurisdictions
through an online portal.
• Capital Program Reports. Treasury
must collect SSBCI information in
annual and quarterly reports to
implement the SSBCI, determine the
participating jurisdiction’s compliance
with the SSBCI statute, regulations, and
guidance, and evaluate program
outcomes. The quarterly report must
include basic information about the
participating jurisdiction’s SSBCIsupported programs (e.g., program name
and type) and program-level
information on the use of the
participating jurisdiction’s SSBCI funds
(e.g., total allocated funds expended,
obligated, or transferred). The annual
report must include information about
the participating jurisdiction’s SSBCIsupported program providers (e.g.,
provider name and type), the specific
terms of its SSBCI-supported loans and
investments (e.g., loan type, equity
security type), demographics-related
data of the businesses that participate in
SSBCI (e.g., gender and veteran status of
the business’s principal owners), and
the performance of its SSBCI-supported
loans and investments (e.g., SSBCI
funds lost due to loan default or loss of
investment). Treasury will collect
annual and quarterly reports from
eligible jurisdictions through an online
portal.
• Technical Assistance (TA) Grant
Program Application. In order to
determine the eligibility of jurisdictions
to receive SSBCI funds to carry out TA
plans, Treasury must collect the
following types of information in an
application: Points of contact for the
eligible jurisdiction and those
administering the program; how the
eligible jurisdiction plans to use the
funds to provide legal, accounting, and
financial advisory services to very small
businesses and business enterprises
owned and controlled by socially and
economically disadvantaged individuals
(SEDI-owned businesses); details on the
eligible jurisdiction’s proposed TA
projects and the associated budgets;
how the proposed TA plan complies
with the SSBCI statute, regulations, and
guidance; and the eligible jurisdiction’s
compliance and oversight capabilities.
Treasury will collect application
information from eligible jurisdictions
through an online portal.
• TA Grant Program Reports.
Treasury must collect financial and
performance reports consistent with 2
CFR 200.328–329 in order for Treasury
to determine compliance with the
SSBCI statute, regulations, and guidance
and to evaluate program outcomes. The
financial and performance reports must
include information about the
VerDate Sep<11>2014
17:14 Mar 29, 2022
Jkt 256001
participating jurisdiction’s progress in
implementing its TA plan and details on
its use of TA funds.
Form: Capital Program Application
and Quarterly and Annual Report forms.
Affected Public: States, the District of
Columbia, territories, and Tribal
governments.
Estimated Number of Respondents:
3,000.
Frequency of Response: Annually,
Quarterly.
Estimated Total Number of Annual
Responses: 177,500.
Estimated Time per Response: 9
minutes up to 5 hours.
Estimated Total Annual Burden
Hours: 48,350 hours.
Request for Comments: Comments
submitted in response to this notice will
be summarized and included in the
request for Office of Management and
Budget 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 agency, including
whether the information shall have
practical utility; (b) the accuracy of the
agency’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 of information on
respondents, including through the use
of technology; and (e) estimates of
capital or start-up costs and costs of
operation, maintenance, and purchase
of services required to provide
information.
Authority: 44 U.S.C. 3501 et seq.
Jacob Leibenluft,
Chief Recovery Officer.
[FR Doc. 2022–06701 Filed 3–29–22; 8:45 am]
BILLING CODE 4810–AK–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Reports of
Transactions With Foreign Financial
Agencies
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Notice.
AGENCY:
The Department of the
Treasury will submit the following
information collection requests to the
Office of Management and Budget
(OMB) for review and clearance in
accordance with the Paperwork
Reduction Act of 1995, on or after the
SUMMARY:
PO 00000
Frm 00126
Fmt 4703
Sfmt 4703
18475
date of publication of this notice. The
public is invited to submit comments on
these requests.
DATES: Comments should be received on
or before April 29, 2022 to be assured
of consideration.
ADDRESSES: Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
FOR FURTHER INFORMATION CONTACT:
Copies of the submissions may be
obtained from Spencer W. Clark by
emailing PRA@treasury.gov, calling
(202) 927–5331, or viewing the entire
information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Title: Reports of transactions with
foreign financial agencies (31 CFR
1010.360).
OMB Control Number: 1506–0055.
Type of Review: Renewal without
change of a currently approved
information collection.
Description: The legislative
framework generally referred to as the
Bank Secrecy Act (BSA) consists of the
Currency and Financial Transactions
Reporting Act of 1970, as amended by
the Uniting and Strengthening America
by Providing Appropriate Tools
Required to Intercept and Obstruct
Terrorism Act of 2001 (USA PATRIOT
Act), Public Law 107–56 (October 26,
2001), and other legislation, including
most recently the Anti-Money
Laundering Act of 2020 (AML Act).[1]
The BSA is codified at 12 U.S.C. 1829b,
12 U.S.C. 1951–1960, 31 U.S.C. 5311–
5314 and 5316–5336, and includes
notes thereto, with implementing
regulations at 31 CFR Chapter X.
The BSA authorizes the Secretary of
the Treasury, inter alia, to require
financial institutions to keep records
and file reports that are determined to
have a high degree of usefulness in
criminal, tax, and regulatory matters, or
in the conduct of intelligence or
counter-intelligence activities to protect
against international terrorism, and to
implement AML programs and
compliance procedures. Regulations
implementing the BSA appear at 31 CFR
Chapter X. The authority of the
Secretary to administer the BSA has
been delegated to the Director of
FinCEN.
The Secretary is authorized to require
any ‘‘resident or citizen of the United
States or a person in, and doing
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30MRN1
khammond on DSKJM1Z7X2PROD with NOTICES
18476
Federal Register / Vol. 87, No. 61 / Wednesday, March 30, 2022 / Notices
business in, the United States, to . . .
keep records and file reports, when the
resident, citizen, or person makes a
transaction or maintains a relation for
any person with a foreign financial
agency.’’ The term ‘‘foreign financial
agency’’ (FFA) means any person
engaging in any activities outside the
United States of a ‘‘financial agency,’’
which the statute defines as ‘‘a person
acting for a person . . . as a financial
institution, bailee, depository trustee, or
agent, or acting in a similar way related
to money, credit, securities, gold, or a
transaction in money, credit, securities
or gold, or a service provided with
respect to money, securities, futures,
precious metals, stones and jewels, or
value that substitutes for currency.’’ The
Secretary is also authorized to prescribe
exemptions to the reporting requirement
and to prescribe other matters the
Secretary considers necessary to carry
out 31 U.S.C. 5314. The regulations
implementing reports of transactions
with foreign financial agencies are
found at 31 CFR 1010.360.
31 CFR 1010.360(a) authorizes the
Secretary, when the Secretary deems
appropriate, to promulgate regulations
requiring specified financial institutions
to file reports of certain transactions
with designated FFAs.
A regulation promulgated pursuant to
31 CFR 1010.360(a) must designate one
or more of the following categories of
information to be reported by the
specified financial institution:
• Checks or drafts, including
traveler’s checks, received by a
respondent financial institution for
collection or credit to the account of a
designated FFA, sent by the respondent
financial institution to a foreign country
for collection or payment, drawn by the
respondent financial institution on a
designated FFA, or drawn by a
designated FFA on the respondent
financial institution, including the
following information: Name of maker
or drawer; name of drawee or drawee
financial institution; name of payee;
date and amount of instrument; and
names of all endorsers.
• Transmittal orders received by a
respondent financial institution from a
designated FFA or sent by the
respondent financial institution to a
designated FFA, including all
information maintained by that
institution pursuant to 31 CFR 1010.410
and 1020.410.
• Loans made by a respondent
financial institution to or through a
designated FFA, including the following
information: Name of borrower; name of
person acting for borrower; date and
amount of loan; terms of repayment;
name of guarantor; rate of interest;
VerDate Sep<11>2014
17:14 Mar 29, 2022
Jkt 256001
method of distributing proceeds; and
collateral for loan.
• Commercial paper received or
shipped by a respondent financial
institution, including the following
information: Name of maker; date and
amount of paper; due date; certificate
number; and amount of transaction.
• Stocks received or shipped by a
respondent financial institution,
including the following information:
Name of corporation; type of stock;
certificate number; number of shares;
date of certificate; name of registered
holder; and amount of transaction.
• Bonds received or shipped by a
respondent financial institution,
including the following information:
Name of issuer; bond number; type of
bond series; date issued; due date; rate
of interest; amount of transaction; and
name of registered holder.
• Certificates of deposit received or
shipped by a respondent financial
institution, including the following
information: Name and address of
issuer; date issued; dollar amount; name
of registered holder; due date; rate of
interest; certificate number; and name
and address of issuing agent.
In issuing regulations as provided in
31 CFR 1010.360(a), the Secretary must
prescribe: A reasonable classification of
financial institutions subject to or
exempt from a reporting requirement; a
foreign country to which a reporting
requirement applies if the Secretary
decides that applying the requirement to
all foreign countries is unnecessary or
undesirable; the magnitude of
transactions subject to a reporting
requirement; and the kind of transaction
subject to or exempt from a reporting
requirement.
Regulations issued pursuant to 31
CFR 1010.360(a) may prescribe the
manner in which the information is to
be reported. However, the Secretary may
authorize a designated financial
institution to report in a different
manner if the institution demonstrates
to the Secretary that the form of the
required report is unnecessarily
burdensome on the institution as
prescribed; that a report in a different
form will provide all the information
the Secretary deems necessary; and that
submission of the information in a
different manner will not unduly hinder
the effective administration of 31 CFR
Chapter X.
In issuing regulations under 31 CFR
1010.360(e), the Secretary: (i) Must
consider the need to avoid impeding or
controlling the export or import of
monetary instruments and the need to
avoid burdening unreasonably a person
making a transaction with a designated
FFA; (ii) cannot issue a regulation under
PO 00000
Frm 00127
Fmt 4703
Sfmt 4703
31 CFR 1010.360(a) for the purpose of
obtaining individually identifiable
account information concerning a
customer, as defined by the Right to
Financial Privacy Act, where that
customer is already the subject of an
ongoing investigation for possible
violation of the BSA, or is known by the
Secretary to be the subject of an
investigation for possible violation of
any other Federal law; and (iii) may
issue a regulation pursuant to 31 CFR
1010.360(a) requiring a financial
institution to report transactions
completed prior to the date it received
notice of the reporting requirement.
However, with respect to completed
transactions, a financial institution may
be required to provide information only
from records required to be maintained
pursuant to the requirements of 31 CFR
Chapter X, or any other provision of
state or Federal law, or otherwise
maintained in the regular course of
business.
31 CFR 1010.430(d) requires that all
records that are required to be retained
by Chapter X must be retained for a
period of five years.
FinCEN is issuing this notice to renew
the OMB control number for regulations
requiring reports of transactions with
designated FFAs.
Form: None.
Affected Public: Businesses or other
for-profit institutions; non-profit
institutions.
Estimated Number of Respondents: 9.
Frequency of Response: On occasion.
Estimated Total Number of Annual
Responses: 84.
Estimated Total Annual Burden
Hours: 11,897 hours.
Authority: 44 U.S.C. 3501 et seq.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2022–06643 Filed 3–29–22; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Emergency Submission for
OMB Review; Comment Request;
Homeowner Assistance Fund
Compliance Reporting
Departmental Offices,
Department of the Treasury.
ACTION: Notice.
AGENCY:
The Department of the
Treasury has submitted the following
information collection request to the
Office of Management and Budget
(OMB) for review and clearance
utilizing emergency review procedures
in accordance with the Paperwork
SUMMARY:
E:\FR\FM\30MRN1.SGM
30MRN1
]]>Agencies
[Federal Register Volume 87, Number 61 (Wednesday, March 30, 2022)]
[Notices]
[Pages 18475-18476]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-06643]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Reports of Transactions With Foreign Financial
Agencies
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury will submit the following
information collection requests to the Office of Management and Budget
(OMB) for review and clearance in accordance with the Paperwork
Reduction Act of 1995, on or after the date of publication of this
notice. The public is invited to submit comments on these requests.
DATES: Comments should be received on or before April 29, 2022 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be
obtained from Spencer W. Clark by emailing [email protected], calling
(202) 927-5331, or viewing the entire information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Title: Reports of transactions with foreign financial agencies (31
CFR 1010.360).
OMB Control Number: 1506-0055.
Type of Review: Renewal without change of a currently approved
information collection.
Description: The legislative framework generally referred to as the
Bank Secrecy Act (BSA) consists of the Currency and Financial
Transactions Reporting Act of 1970, as amended by the Uniting and
Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), Public
Law 107-56 (October 26, 2001), and other legislation, including most
recently the Anti-Money Laundering Act of 2020 (AML Act).[1] The BSA is
codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1960, 31 U.S.C. 5311-5314
and 5316-5336, and includes notes thereto, with implementing
regulations at 31 CFR Chapter X.
The BSA authorizes the Secretary of the Treasury, inter alia, to
require financial institutions to keep records and file reports that
are determined to have a high degree of usefulness in criminal, tax,
and regulatory matters, or in the conduct of intelligence or counter-
intelligence activities to protect against international terrorism, and
to implement AML programs and compliance procedures. Regulations
implementing the BSA appear at 31 CFR Chapter X. The authority of the
Secretary to administer the BSA has been delegated to the Director of
FinCEN.
The Secretary is authorized to require any ``resident or citizen of
the United States or a person in, and doing
[[Page 18476]]
business in, the United States, to . . . keep records and file reports,
when the resident, citizen, or person makes a transaction or maintains
a relation for any person with a foreign financial agency.'' The term
``foreign financial agency'' (FFA) means any person engaging in any
activities outside the United States of a ``financial agency,'' which
the statute defines as ``a person acting for a person . . . as a
financial institution, bailee, depository trustee, or agent, or acting
in a similar way related to money, credit, securities, gold, or a
transaction in money, credit, securities or gold, or a service provided
with respect to money, securities, futures, precious metals, stones and
jewels, or value that substitutes for currency.'' The Secretary is also
authorized to prescribe exemptions to the reporting requirement and to
prescribe other matters the Secretary considers necessary to carry out
31 U.S.C. 5314. The regulations implementing reports of transactions
with foreign financial agencies are found at 31 CFR 1010.360.
31 CFR 1010.360(a) authorizes the Secretary, when the Secretary
deems appropriate, to promulgate regulations requiring specified
financial institutions to file reports of certain transactions with
designated FFAs.
A regulation promulgated pursuant to 31 CFR 1010.360(a) must
designate one or more of the following categories of information to be
reported by the specified financial institution:
Checks or drafts, including traveler's checks, received by
a respondent financial institution for collection or credit to the
account of a designated FFA, sent by the respondent financial
institution to a foreign country for collection or payment, drawn by
the respondent financial institution on a designated FFA, or drawn by a
designated FFA on the respondent financial institution, including the
following information: Name of maker or drawer; name of drawee or
drawee financial institution; name of payee; date and amount of
instrument; and names of all endorsers.
Transmittal orders received by a respondent financial
institution from a designated FFA or sent by the respondent financial
institution to a designated FFA, including all information maintained
by that institution pursuant to 31 CFR 1010.410 and 1020.410.
Loans made by a respondent financial institution to or
through a designated FFA, including the following information: Name of
borrower; name of person acting for borrower; date and amount of loan;
terms of repayment; name of guarantor; rate of interest; method of
distributing proceeds; and collateral for loan.
Commercial paper received or shipped by a respondent
financial institution, including the following information: Name of
maker; date and amount of paper; due date; certificate number; and
amount of transaction.
Stocks received or shipped by a respondent financial
institution, including the following information: Name of corporation;
type of stock; certificate number; number of shares; date of
certificate; name of registered holder; and amount of transaction.
Bonds received or shipped by a respondent financial
institution, including the following information: Name of issuer; bond
number; type of bond series; date issued; due date; rate of interest;
amount of transaction; and name of registered holder.
Certificates of deposit received or shipped by a
respondent financial institution, including the following information:
Name and address of issuer; date issued; dollar amount; name of
registered holder; due date; rate of interest; certificate number; and
name and address of issuing agent.
In issuing regulations as provided in 31 CFR 1010.360(a), the
Secretary must prescribe: A reasonable classification of financial
institutions subject to or exempt from a reporting requirement; a
foreign country to which a reporting requirement applies if the
Secretary decides that applying the requirement to all foreign
countries is unnecessary or undesirable; the magnitude of transactions
subject to a reporting requirement; and the kind of transaction subject
to or exempt from a reporting requirement.
Regulations issued pursuant to 31 CFR 1010.360(a) may prescribe the
manner in which the information is to be reported. However, the
Secretary may authorize a designated financial institution to report in
a different manner if the institution demonstrates to the Secretary
that the form of the required report is unnecessarily burdensome on the
institution as prescribed; that a report in a different form will
provide all the information the Secretary deems necessary; and that
submission of the information in a different manner will not unduly
hinder the effective administration of 31 CFR Chapter X.
In issuing regulations under 31 CFR 1010.360(e), the Secretary: (i)
Must consider the need to avoid impeding or controlling the export or
import of monetary instruments and the need to avoid burdening
unreasonably a person making a transaction with a designated FFA; (ii)
cannot issue a regulation under 31 CFR 1010.360(a) for the purpose of
obtaining individually identifiable account information concerning a
customer, as defined by the Right to Financial Privacy Act, where that
customer is already the subject of an ongoing investigation for
possible violation of the BSA, or is known by the Secretary to be the
subject of an investigation for possible violation of any other Federal
law; and (iii) may issue a regulation pursuant to 31 CFR 1010.360(a)
requiring a financial institution to report transactions completed
prior to the date it received notice of the reporting requirement.
However, with respect to completed transactions, a financial
institution may be required to provide information only from records
required to be maintained pursuant to the requirements of 31 CFR
Chapter X, or any other provision of state or Federal law, or otherwise
maintained in the regular course of business.
31 CFR 1010.430(d) requires that all records that are required to
be retained by Chapter X must be retained for a period of five years.
FinCEN is issuing this notice to renew the OMB control number for
regulations requiring reports of transactions with designated FFAs.
Form: None.
Affected Public: Businesses or other for-profit institutions; non-
profit institutions.
Estimated Number of Respondents: 9.
Frequency of Response: On occasion.
Estimated Total Number of Annual Responses: 84.
Estimated Total Annual Burden Hours: 11,897 hours.
Authority: 44 U.S.C. 3501 et seq.
Molly Stasko,
Treasury PRA Clearance Officer.
[FR Doc. 2022-06643 Filed 3-29-22; 8:45 am]
BILLING CODE 4810-02-P
