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Federal Register/Vol. 86, No. 13/Friday, January 22, 2021

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Federal Register/Vol. 86, No. 13/Friday, January 22, 2021 6580 Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Proposed Rules the Board’s granting of relief to a bank regulations that impose additional the exemption, may be conditional or seeking relief from the requirements of reporting, disclosures, or other new unconditional, may apply to particular the Board’s SAR regulations, when such requirements on insured depository persons or classes of persons, and may relief would be beneficial from a safety- institutions generally to take effect on apply to transactions or classes of and-soundness and anti-money the first day of a calendar quarter that transactions. laundering regulatory perspective. The begins on or after the date on which the (ii) The Board will seek FinCEN’s proposed rule would be issued pursuant regulations are published in final concurrence with regard to any to the Board’s safety-and-soundness form.14 The proposed rule would not exemption request that would also authority over supervised institutions. impose additional reporting, disclosure, require an exemption from FinCEN’s The proposed rule will apply to small or other requirements; therefore the SAR regulations, and may consult with bank holding companies and their requirements of the RCDRIA do not FinCEN regarding other exemption nonbank subsidiaries and small state apply. requests. The Board also may consult member banks as well as Edge and However, the agencies invite with the other state and federal banking agreement corporations, and U.S. offices comments that further will inform the agencies and consider comments before of foreign banking organizations agencies’ consideration of RCDRIA. granting any exemption. supervised by the Federal Reserve. The (2) The Board will provide a written Board does not expect that the proposal List of Subjects in 12 CFR Part 208 response to the member bank that would impose a significant cost on Accounting, Agriculture, Banks, submitted the exemption request after small banking organizations due to Banking, Confidential business considering whether the exemption is compliance, recordkeeping, and information, Consumer protection, consistent with safe and sound banking, reporting updates from this proposal. Crime, Currency, Federal Reserve consulting with the appropriate The Board does not believe that the System, Flood insurance, Insurance, agencies, and seeking concurrence when proposal would result in any significant Investments, Mortgages, Reporting and appropriate. A member bank that has economic impact on banking recordkeeping requirements, Securities. received an exemption under paragraph organizations as there are no projected (1) of this section may rely on the Authority and Issuance recordkeeping, reporting, or other exemption for a period of time to be compliance requirements associated For the reasons stated in the communicated by the Board in its with the proposal. Moreover, the preamble, the Board of Governors of the granting of the exemption, which may proposal does not impose any new Federal Reserve System proposes to be indefinite. requirements on banking organization, amend 12 CFR part 208 as follows: (3) The Board may extend the period as applying for an exemption under the of time or may revoke an exemption proposal would be entirely voluntary. In PART 208—MEMBERSHIP OF STATE granted under paragraph (1) of this addition, the Board is not aware of any BANKING INSTITUTIONS IN THE section. Exemptions may be revoked at federal rules that duplicate, overlap, or FEDERAL RESERVE SYSTEM the sole discretion of the Board. The conflict with the proposed rule. For (REGULATION H) Board will provide written notice to the member bank of the Board’s intention to these reasons, the Board believes that ■ 1. The authority citation for part 208 revoke an exemption. Such notice will the proposed rule will not have a continues to read as follows: significant economic impact on a include the basis for the revocation and substantial number of small entities Authority: 12 U.S.C. 24, 36, 92a, 93a, will provide an opportunity for the supervised by the Board, and believes 248(a), 248(c), 321–338a, 371d, 461, 481–486, member bank to submit a response to 601, 611, 1814, 1816, 1817(a)(3), 1817(a)(12), that there are no significant alternatives the Board. The Board will consider the 1818, 1820(d)(9), 1833(j), 1828(o), 1831, response prior to deciding whether to to the proposed rule that would reduce 1831o, 1831p–1, 1831r–1, 1831w, 1831x, the economic impact on small banking 1835a, 1882, 2901–2907, 3105, 3310, 3331– revoke an exemption, and will notify organizations supervised by the Board. 3351, 3905–3909, 5371, and 5371 note; 15 the member bank of the Board’s final decision to revoke an exemption in D. Riegle Community Development and U.S.C. 78b, 78I(b), 78l(i), 780–4(c)(5), 78q, 78q–1, 78w, 1681s, 1681w, 6801, and 6805; writing. Regulatory Improvement Act of 1994 31 U.S.C. 5318; 42 U.S.C. 4012a, 4104a, By order of Board of Governors of the Pursuant to section 302(a) of the 4104b, 4106, and 4128. Federal Reserve System. Riegle Community Development and ■ 2. In § 208.62, add a new paragraph (l) Ann Misback, Regulatory Improvement Act (RCDRIA), to read as follows: Secretary of the Board. in determining the effective date and [FR Doc. 2021–00033 Filed 1–21–21; 8:45 am] administrative compliance requirements § 208.62 Suspicious activity reports. BILLING CODE 6210–01–P for new regulations that impose * * * * * additional reporting, disclosure, or other (l) Exemptions. requirements on insured depository (1)(i) The Board may exempt any institutions, each federal banking member bank from the requirements of FEDERAL DEPOSIT INSURANCE agency must consider, consistent with this section. Upon receiving a written CORPORATION principles of safety and soundness and request from a member bank, the Board 12 CFR Part 353 the public interest, any administrative will consider whether the exemption is burdens that such regulations would consistent with safe and sound banking RIN 3064–AF56 place on insured depository institutions, and may consider other appropriate including small depository institutions, factors. The Board also would seek Exemptions to Suspicious Activity and customers of depository FinCEN’s determination whether the Report Requirements institutions, as well as the benefits of exemption is consistent with the AGENCY: Federal Deposit Insurance such regulations.13 In addition, section purposes of the Bank Secrecy Act, if Corporation. 302(b) of RCDRIA requires new applicable. The exemption shall be ACTION: Notice of proposed rulemaking. regulations and amendments to applicable only as expressly stated in SUMMARY: The FDIC is inviting comment 13 12 U.S.C. 4802(a). 14 12 U.S.C. 4802(b). on a proposed rule that would modify VerDate Sep<11>2014 16:14 Jan 21, 2021 Jkt 253001 PO 00000 Frm 00009 Fmt 4702 Sfmt 4702 E:\FR\FM\22JAP1.SGM 22JAP1 jbell on DSKJLSW7X2PROD with PROPOSALS Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Proposed Rules 6581 the requirements for FDIC-supervised Treasury (FinCEN), to FDIC-supervised possible violation of law or institutions to file Suspicious Activity institutions that develop innovative regulation.’’ 3 Thereafter, the Reports (SARs). The proposed rule solutions to meet BSA requirements Department of the Treasury, in would amend the FDIC’s SAR regulation more efficiently and effectively. The consultation with the FDIC, the other to allow the FDIC to issue exemptions FDIC is proposing this rule as a federal banking agencies, and law from the SAR requirements. The proactive measure to address the enforcement, developed the modern proposed rule would make it possible likelihood that FDIC-supervised SAR form and reporting process, which for the FDIC to grant relief to FDIC- institutions will leverage existing or standardized the reporting forms and supervised institutions that develop future technologies to report created a centralized database that could innovative solutions to meet Bank information concerning suspicious be accessed by multiple law Secrecy Act (BSA) requirements more activity in a different manner or time enforcement and regulatory agencies. efficiently and effectively. frame or to share SAR-related To implement this new reporting DATES: Comments are due on or before information. This change would more system, FinCEN implemented its SAR 4 February 22, 2021. Comments on the closely align the FDIC’s regulation with regulation in 1996 for financial Paperwork Reduction Act burden FinCEN’s regulation. FinCEN, unlike the institutions subject to BSA requirements estimates are due on or before March 23, FDIC, has broad statutory authority to to address, among other things, the 2021. issue exemptions from the SAR filing reporting of money laundering requirements. Because the FDIC’s SAR transactions and transactions designed ADDRESSES: You may submit comments, to evade the reporting requirements of identified by RIN 3064–AF56, by any of regulations do not currently contain any provision by which the FDIC can issue the BSA.5 To further implement this the following methods: new reporting process and reduce • FDIC Website: https:// case-by-case exemptions, a situation unnecessary reporting burdens, the www.fdic.gov/regulations/laws/federal/. could arise in which FinCEN grants an FDIC and the other federal banking Follow instructions for submitting exemption from the SAR filing agencies contemporaneously amended comments on the agency website. requirements to an FDIC-supervised • FDIC Email: [email protected]. institution, but the institution would their criminal referral form regulations Include RIN 3064–AF56 on the subject still need to file a SAR if the to incorporate the new SAR form and line of the message. circumstance fell within the FDIC’s SAR reporting database, align their regulatory • Mail: Robert E. Feldman, Executive rule. The proposed rule would allow the reporting requirements with FinCEN’s FDIC to grant exemptions from SAR reporting requirements, and further Secretary, Attention: Comments, Federal 6 Deposit Insurance Corporation, 550 17th filing requirements in conjunction with refine the reporting processes.
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