Agency Information Collection Activities; Submission for OMB Review; Comment Request; Customer Identification Program Regulatory Requirements for Certain Financial Institutions, 70690-70692 [2024-19593]
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70690
Federal Register / Vol. 89, No. 169 / Friday, August 30, 2024 / Notices
TABLE 1—ANNUAL BURDEN ESTIMATES
Number of
respondents
Information collection
Potential case subject consent ............................................
Case subject interview .........................................................
Police report requests ..........................................................
EMS report requests ............................................................
Insurance company ..............................................................
Access to towing/salvage facility .........................................
362
258
258
258
258
258
Total ..............................................................................
........................
ddrumheller on DSK120RN23PROD with NOTICES1
Estimated Total Annual Burden Cost:
$0.
There are no capital, start-up, or
annual operation and maintenance costs
involved in this collection of
information. The respondents would not
incur any reporting costs from the
information collection beyond the
opportunity or labor costs associated
with the burden hours. The respondents
also would not incur any recordkeeping
burden or recordkeeping costs from the
information collection.
Public Comments Invited: You are
asked to comment on any aspects of this
information collection, including (a)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the proposed collection
of information, including the validity of
the methodology and assumptions used;
(c) ways to enhance the quality, utility
and clarity of the information to be
collected; and (d) ways to minimize the
burden of the collection of information
on respondents, including the use of
appropriate automated, electronic,
mechanical, or other technological
collection techniques or other forms of
information technology, e.g., permitting
electronic submission of responses.
Authority: The Paperwork Reduction
Act of 1995; 44 U.S.C. chapter 35, as
amended; 49 CFR 1.49; and DOT Order
1351.29A.
Cem Hatipoglu,
Associate Administrator, Office of Vehicle
Safety Research.
[FR Doc. 2024–19437 Filed 8–29–24; 8:45 am]
BILLING CODE 4910–59–P
Number of
responses (per
respondent)
Burden per
response
Burden per
respondent
(1)
(1)
(1)
(1)
(1)
(1)
30 minutes ...
1.0 hours ......
3 minutes .....
6 minutes .....
2.0 hours ......
15 minutes ...
30 minutes ...
1.0 hours ......
3 minutes .....
6 minutes .....
2.0 hours ......
15 minutes ...
181 hours.
258 hours.
13 hours.
26 hours.
516 hours.
64.5 hours.
........................
......................
......................
1,059 hours.
362
258
258
258
258
258
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Customer
Identification Program Regulatory
Requirements for Certain Financial
Institutions
Departmental Offices, U.S.
Department of the Treasury.
ACTION: Notice of information collection;
request for comment.
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
date of publication of this notice. The
public is invited to submit comments on
these requests.
DATES: Comments should be received on
or before September 30, 2024 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.
SUMMARY:
SUPPLEMENTARY INFORMATION:
Financial Crimes Enforcement Network
(FinCEN)
Title: Customer Identification
Program Regulatory Requirements for
Certain Financial Institutions.
OMB Control Numbers: 1506–0022,
1506–0026, 1506–0033, 1506–0034.
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20:35 Aug 29, 2024
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Total burden
Type of Review: Extension without
change of a currently approved
collection.
Description: The legislative
framework generally referred to as the
Bank Secrecy Act (BSA) consists of the
Currency and Foreign 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) and other legislation, including the
Anti-Money Laundering Act of 2020
(AML Act). The BSA is codified at 12
U.S.C. 1829b, 1951–1960 and 31 U.S.C.
5311–5314, 5316–5336, including notes
thereto, with implementing regulations
at 31 CFR chapter X.
The BSA authorizes the Secretary of
the Treasury (Secretary) to, inter alia,
require financial institutions to keep
records and file reports that are
determined to have a high degree of
usefulness in criminal, tax, or regulatory
matters, risk assessments or
proceedings, or in the conduct of
intelligence or counter-intelligence
activities to protect against terrorism,
and to implement anti-money
laundering/countering the financing of
terrorism (AML/CFT) programs and
compliance procedures. The authority
of the Secretary to administer the BSA
has been delegated to the Director of
FinCEN.
Title 31 U.S.C. 5318(l) requires the
Secretary to issue regulations
prescribing minimum standards for
customer identification programs (CIPs)
for financial institutions. Regulations
implementing section 5318(l) are as
follows: (i) banks (31 CFR 1020.220); (ii)
brokers-dealers (31 CFR 1023.220); (iii)
mutual funds (31 CFR 1024.220); and
(iv) futures commission merchants and
introducing brokers in commodities (31
CFR 1026.220). Under the CIP
regulations, the minimum requirements
include: (1) implementation of a written
customer identification program
appropriate for the financial
institution’s size and type of business;
(2) identity verification procedures; (3)
E:\FR\FM\30AUN1.SGM
30AUN1
70691
Federal Register / Vol. 89, No. 169 / Friday, August 30, 2024 / Notices
recordkeeping; (4) comparison with
government lists; and (5) customer
notice. The CIP may also include
procedures specifying when a financial
institution may rely on another financial
institution to perform any of the
financial institution’s CIP procedures,
provided certain conditions are met.
Form: None.
Affected Public: Businesses or other
for-profit institutions, and non-profit
institutions.
Estimated Number of Respondents:
16,232 financial institutions.
Frequency of Response: On occasion.
Estimated Recordkeeping Burden and
Cost:
In Part 1 of this notice, FinCEN
describes the distribution of the
estimated number of covered financial
institutions, by type, and the estimated
number of new accounts opened per
year, by type of covered financial
institution. In addition, Part 1 describes
the primary characteristics of covered
financial institutions’ CIP requirements.
In Part 2, FinCEN describes calculations
of the estimated annual PRA burden
based on methodology that was updated
in response to public comments
received following the initial Federal
Register notice published on June 20,
2024 (89 FR 51940).
Part 1. Distribution of the Financial
Institutions and New Accounts Covered
by This Notice
The distribution of financial
institutions and new accounts opened
annually that are covered by this notice,
by type of financial institution, is as
follows:
TABLE 1—DISTRIBUTION OF FINANCIAL INSTITUTIONS AND NEW ACCOUNTS COVERED BY THIS NOTICE, BY TYPE OF
FINANCIAL INSTITUTION
0022
0026
0033
0034
Number of new
accounts opened
annually
Number of financial
institutions
Type of financial institution
Futures commission merchants and introducing brokers in commodities ........................
Banks .................................................................................................................................
Mutual Funds .....................................................................................................................
Brokers-dealers ..................................................................................................................
954
10,400
1,400
3,478
557,000
53,615,000
16,150,000
28,000,000
Total ........................................................................................................................................
16,232
98,322,000
In connection with a variety of
initiatives FinCEN is undertaking to
implement the AML Act, FinCEN
intends to conduct, in the future,
additional assessments of the PRA
burden associated with BSA
requirements.
Part 2. Annual PRA Burden and Cost
For all covered financial institutions,
FinCEN continues estimating the
incremental annual PRA recordkeeping
burden associated with maintaining and
updating the CIP (‘‘maintenance’’) at ten
hours per financial institution. This
estimate covers: (a) an average of
approximately nine hours per financial
institution per year associated with the
burden of updating the records
necessary to demonstrate compliance
with CIP requirements to take into
consideration any regulatory changes
and any modifications required as a
result of a financial institution making
changes to the type of accounts
maintained, the methods used to open
accounts, and the types of documentary
or nondocumentary methods for
verifying identifying information the
financial institution intends to use; and
(b) an average of approximately one
hour per financial institution associated
with the burden of presenting the
updated CIP to the appropriate level of
management within the financial
institution and obtaining approval.
In addition, FinCEN continues
estimating the incremental annual PRA
recordkeeping burden associated with
providing customers with notification of
the CIP (‘‘notification’’) at one hour per
financial institution. FinCEN has
increased the estimate of the
incremental annual PRA recordkeeping
burden associated with obtaining and
verifying a customer’s identity (i.e.,
verification and recordkeeping
requirements, and consulting
government lists) (‘‘implementation’’) to
three minutes per new account opened.
Under these assumptions, FinCEN’s
estimate of the annual incremental PRA
burden is 5,094,652 hours, as detailed in
tables 2 and 3.
TABLE 2—INCREMENTAL ANNUAL BURDEN ASSOCIATED WITH UPDATING AND MAINTAINING THE CIP AND CUSTOMER
NOTIFICATION FOR ALL COVERED FINANCIAL INSTITUTIONS
ddrumheller on DSK120RN23PROD with NOTICES1
Time per financial institution
Number of
financial
institutions
Type of financial institution
Maintenance
(hours)
Burden hours per step
Notification
(hour)
Maintenance
Notification
Total
burden
hours
0022 Futures commission merchants and introducing brokers in
commodities .........................................................................................
0026 Banks ...........................................................................................
0033 Mutual Funds ...............................................................................
0034 Brokers-dealers ...........................................................................
954
10,400
1,400
3,478
10
10
10
10
1
1
1
1
9,540
104,000
14,000
34,780
954
10,400
1,400
3,478
10,494
114,400
15,400
38,258
Total .................................................................................................
16,232
......................
........................
162,320
16,232
178,552
TABLE 3—INCREMENTAL ANNUAL BURDEN ASSOCIATED WITH IMPLEMENTING THE IDENTITY VERIFICATION,
RECORDKEEPING, AND CONSULTING GOVERNMENT LISTS REQUIREMENTS FOR ALL COVERED FINANCIAL INSTITUTIONS
Number of
financial
institutions
Type of financial institution
0022
Futures commission merchants and introducing brokers in commodities ....
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954
Sfmt 4703
New accounts
opened per
year
Time per new
account
(minutes)
Total burden
in minutes
557,000
3
1,671,000
E:\FR\FM\30AUN1.SGM
30AUN1
Total burden
converted to
hours
27,850
70692
Federal Register / Vol. 89, No. 169 / Friday, August 30, 2024 / Notices
TABLE 3—INCREMENTAL ANNUAL BURDEN ASSOCIATED WITH IMPLEMENTING THE IDENTITY VERIFICATION, RECORDKEEPING, AND CONSULTING GOVERNMENT LISTS REQUIREMENTS FOR ALL COVERED FINANCIAL INSTITUTIONS—Continued
Number of
financial
institutions
Type of financial institution
0026
0033
0034
New accounts
opened per
year
Time per new
account
(minutes)
Total burden
in minutes
Total burden
converted to
hours
Banks .............................................................................................................
Mutual Funds .................................................................................................
Brokers-dealers .............................................................................................
10,400
1,400
3,478
53,615,000
16,150,000
28,000,000
3
3
3
160,845,000
48,450,000
84,000,000
2,680,750
807,500
1,400,000
Total ...................................................................................................................
16,232
98,322,000
......................
294,966,000
4,916,100
FinCEN is utilizing the same fully
loaded composite hourly wage rate of
$106.30 utilized in other OMB control
number renewals and notices of
proposed rulemakings (NPRMs) recently
opened to public review and comment.
The total estimated cost of the annual
PRA burden is $541,561,508, as
reflected in table 4 below:
TABLE 4—TOTAL COST OF ANNUAL PRA BURDEN
Task
Hourly cost
Total cost
Maintaining and updating the CIP (10 hours per FI) ..................................................................
Customer notification of CIP (1 hour per FI) ...............................................................................
Implementing the CIP (identifying and verifying customer information, maintain records, and
consulting government lists) (2 minutes per account ..............................................................
162,320
16,232
$106.30
106.30
$17,254,616
1,725,462
4,916,100
106.30
522,581,430
Total ......................................................................................................................................
5,094,652
........................
$541,561,508
Authority: 44 U.S.C. 3501 et seq.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2024–19593 Filed 8–29–24; 8:45 am]
BILLING CODE 4810–02–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Clean
Energy Storytelling Program
Departmental Offices,
Department of the Treasury.
ACTION: Notice of information collection;
request for comment.
AGENCY:
The Department of the
Treasury will submit the following
information collection request 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
this request.
DATES: Comments should be received on
or before September 30, 2024 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
SUMMARY:
ddrumheller on DSK120RN23PROD with NOTICES1
Hours
VerDate Sep<11>2014
20:35 Aug 29, 2024
Jkt 262001
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: Clean Energy Storytelling
Program.
OMB Control Number: 1505–NEW.
Type of Review: Request for a new
OMB Control Number.
Description: Treasury’s Inflation
Reduction Act Program Office proposes
to establish a Clean Energy Storytelling
Program that would engage the public
and enable more effective
communication of their Inflation
Reduction Act (IRA) incentive and
program-related stories.
The goal would be to increase
awareness of the IRA’s tax incentives
and other impacts so that more
Americans, companies, and non-profits
are aware of and understand the benefits
now available to them, thereby
promoting uptake, and the IRA’s
broader purpose. Located on the
Treasury.gov/IRA website, the Clean
Energy Storytelling Program would
feature a participation consent form and
a series of questions. These forms are
designed to offer a voluntary way for
members of the public to share
information about their experience with
claiming IRA-related clean energy
incentives or using IRS modernization
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
programs and resources, and enable
Treasury officials to communicate their
stories to the broader American public.
Form: Clean Energy Storytelling
Program Consent and Participation
Forms.
Affected Public: Individuals &
Households, Businesses.
Estimated Number of Respondents:
1,000.
Frequency of Response: Once.
Estimated Total Number of Annual
Responses: 1,000.
Estimated Time per Response: 30
minutes.
Estimated Total Annual Burden
Hours: 500.
Authority: 44 U.S.C. 3501 et seq.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2024–19474 Filed 8–29–24; 8:45 am]
BILLING CODE 4810–AK–P
DEPARTMENT OF VETERANS
AFFAIRS
[OMB Control No. 2900–0219]
Agency Information Collection
Activity: CHAMPVA Benefits—
Application, Claim, Other Health
Insurance, Potential Liability &
Miscellaneous Expenses
Veterans Health
Administration, Department of Veterans
Affairs.
ACTION: Notice.
AGENCY:
E:\FR\FM\30AUN1.SGM
30AUN1
]]>Agencies
[Federal Register Volume 89, Number 169 (Friday, August 30, 2024)]
[Notices]
[Pages 70690-70692]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-19593]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Customer Identification Program Regulatory
Requirements for Certain Financial Institutions
AGENCY: Departmental Offices, U.S. Department of the Treasury.
ACTION: Notice of information collection; request for comment.
-----------------------------------------------------------------------
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 September 30, 2024 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:
Financial Crimes Enforcement Network (FinCEN)
Title: Customer Identification Program Regulatory Requirements for
Certain Financial Institutions.
OMB Control Numbers: 1506-0022, 1506-0026, 1506-0033, 1506-0034.
Type of Review: Extension without change of a currently approved
collection.
Description: The legislative framework generally referred to as the
Bank Secrecy Act (BSA) consists of the Currency and Foreign
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) and
other legislation, including the Anti-Money Laundering Act of 2020 (AML
Act). The BSA is codified at 12 U.S.C. 1829b, 1951-1960 and 31 U.S.C.
5311-5314, 5316-5336, including notes thereto, with implementing
regulations at 31 CFR chapter X.
The BSA authorizes the Secretary of the Treasury (Secretary) to,
inter alia, require financial institutions to keep records and file
reports that are determined to have a high degree of usefulness in
criminal, tax, or regulatory matters, risk assessments or proceedings,
or in the conduct of intelligence or counter-intelligence activities to
protect against terrorism, and to implement anti-money laundering/
countering the financing of terrorism (AML/CFT) programs and compliance
procedures. The authority of the Secretary to administer the BSA has
been delegated to the Director of FinCEN.
Title 31 U.S.C. 5318(l) requires the Secretary to issue regulations
prescribing minimum standards for customer identification programs
(CIPs) for financial institutions. Regulations implementing section
5318(l) are as follows: (i) banks (31 CFR 1020.220); (ii) brokers-
dealers (31 CFR 1023.220); (iii) mutual funds (31 CFR 1024.220); and
(iv) futures commission merchants and introducing brokers in
commodities (31 CFR 1026.220). Under the CIP regulations, the minimum
requirements include: (1) implementation of a written customer
identification program appropriate for the financial institution's size
and type of business; (2) identity verification procedures; (3)
[[Page 70691]]
recordkeeping; (4) comparison with government lists; and (5) customer
notice. The CIP may also include procedures specifying when a financial
institution may rely on another financial institution to perform any of
the financial institution's CIP procedures, provided certain conditions
are met.
Form: None.
Affected Public: Businesses or other for-profit institutions, and
non-profit institutions.
Estimated Number of Respondents: 16,232 financial institutions.
Frequency of Response: On occasion.
Estimated Recordkeeping Burden and Cost:
In Part 1 of this notice, FinCEN describes the distribution of the
estimated number of covered financial institutions, by type, and the
estimated number of new accounts opened per year, by type of covered
financial institution. In addition, Part 1 describes the primary
characteristics of covered financial institutions' CIP requirements. In
Part 2, FinCEN describes calculations of the estimated annual PRA
burden based on methodology that was updated in response to public
comments received following the initial Federal Register notice
published on June 20, 2024 (89 FR 51940).
Part 1. Distribution of the Financial Institutions and New Accounts
Covered by This Notice
The distribution of financial institutions and new accounts opened
annually that are covered by this notice, by type of financial
institution, is as follows:
Table 1--Distribution of Financial Institutions and New Accounts Covered by This Notice, by Type of Financial
Institution
----------------------------------------------------------------------------------------------------------------
Number of new
Type of financial institution Number of financial accounts opened
institutions annually
----------------------------------------------------------------------------------------------------------------
0022 Futures commission merchants and introducing brokers in 954 557,000
commodities......................................................
0026 Banks........................................................ 10,400 53,615,000
0033 Mutual Funds................................................. 1,400 16,150,000
0034 Brokers-dealers.............................................. 3,478 28,000,000
---------------------------------------------
Total......................................................... 16,232 98,322,000
----------------------------------------------------------------------------------------------------------------
In connection with a variety of initiatives FinCEN is undertaking
to implement the AML Act, FinCEN intends to conduct, in the future,
additional assessments of the PRA burden associated with BSA
requirements.
Part 2. Annual PRA Burden and Cost
For all covered financial institutions, FinCEN continues estimating
the incremental annual PRA recordkeeping burden associated with
maintaining and updating the CIP (``maintenance'') at ten hours per
financial institution. This estimate covers: (a) an average of
approximately nine hours per financial institution per year associated
with the burden of updating the records necessary to demonstrate
compliance with CIP requirements to take into consideration any
regulatory changes and any modifications required as a result of a
financial institution making changes to the type of accounts
maintained, the methods used to open accounts, and the types of
documentary or nondocumentary methods for verifying identifying
information the financial institution intends to use; and (b) an
average of approximately one hour per financial institution associated
with the burden of presenting the updated CIP to the appropriate level
of management within the financial institution and obtaining approval.
In addition, FinCEN continues estimating the incremental annual PRA
recordkeeping burden associated with providing customers with
notification of the CIP (``notification'') at one hour per financial
institution. FinCEN has increased the estimate of the incremental
annual PRA recordkeeping burden associated with obtaining and verifying
a customer's identity (i.e., verification and recordkeeping
requirements, and consulting government lists) (``implementation'') to
three minutes per new account opened.
Under these assumptions, FinCEN's estimate of the annual
incremental PRA burden is 5,094,652 hours, as detailed in tables 2 and
3.
Table 2--Incremental Annual Burden Associated With Updating and Maintaining the CIP and Customer Notification for All Covered Financial Institutions
--------------------------------------------------------------------------------------------------------------------------------------------------------
Time per financial Burden hours per step
Number of institution ------------------------------ Total
Type of financial institution financial ------------------------------ burden
institutions Maintenance Notification Maintenance Notification hours
(hours) (hour)
--------------------------------------------------------------------------------------------------------------------------------------------------------
0022 Futures commission merchants and introducing brokers in 954 10 1 9,540 954 10,494
commodities......................................................
0026 Banks........................................................ 10,400 10 1 104,000 10,400 114,400
0033 Mutual Funds................................................. 1,400 10 1 14,000 1,400 15,400
0034 Brokers-dealers.............................................. 3,478 10 1 34,780 3,478 38,258
-------------------------------------------------------------------------------------
Total......................................................... 16,232 ............ .............. 162,320 16,232 178,552
--------------------------------------------------------------------------------------------------------------------------------------------------------
Table 3--Incremental Annual Burden Associated With Implementing the Identity Verification, Recordkeeping, and
Consulting Government Lists Requirements for All Covered Financial Institutions
----------------------------------------------------------------------------------------------------------------
Number of New accounts Time per new Total burden
Type of financial institution financial opened per account Total burden converted to
institutions year (minutes) in minutes hours
----------------------------------------------------------------------------------------------------------------
0022 Futures commission merchants 954 557,000 3 1,671,000 27,850
and introducing brokers in
commodities........................
[[Page 70692]]
0026 Banks.......................... 10,400 53,615,000 3 160,845,000 2,680,750
0033 Mutual Funds................... 1,400 16,150,000 3 48,450,000 807,500
0034 Brokers-dealers................ 3,478 28,000,000 3 84,000,000 1,400,000
---------------------------------------------------------------------------
Total........................... 16,232 98,322,000 ............ 294,966,000 4,916,100
----------------------------------------------------------------------------------------------------------------
FinCEN is utilizing the same fully loaded composite hourly wage
rate of $106.30 utilized in other OMB control number renewals and
notices of proposed rulemakings (NPRMs) recently opened to public
review and comment. The total estimated cost of the annual PRA burden
is $541,561,508, as reflected in table 4 below:
Table 4--Total Cost of Annual PRA Burden
----------------------------------------------------------------------------------------------------------------
Task Hours Hourly cost Total cost
----------------------------------------------------------------------------------------------------------------
Maintaining and updating the CIP (10 hours per FI).............. 162,320 $106.30 $17,254,616
Customer notification of CIP (1 hour per FI).................... 16,232 106.30 1,725,462
Implementing the CIP (identifying and verifying customer 4,916,100 106.30 522,581,430
information, maintain records, and consulting government lists)
(2 minutes per account.........................................
-----------------------------------------------
Total....................................................... 5,094,652 .............. $541,561,508
----------------------------------------------------------------------------------------------------------------
Authority: 44 U.S.C. 3501 et seq.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2024-19593 Filed 8-29-24; 8:45 am]
BILLING CODE 4810-02-P
