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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Proposed Rules
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implement these requirements, the Board is revising the Suspicious Activity Report FR 2230; OMB No.
71000212, Comments are invited on:
a. Whether the collections of information are necessary for the proper performance of the agencies functions, including whether the information has practical utility;
b. The accuracy or the estimate of the burden of the information collections, 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 the information collections 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.
All comments will become a matter of public record. Comments on aspects of this notice that may affect reporting, recordkeeping, or disclosure requirements and burden estimates should be sent to the addresses listed in the ADDRESSES section of this document.
A copy of the comments may also be submitted to the OMB desk officer for the agencies by mail to U.S. Office of Management and Budget, 725 17th Street NW, 10235, Washington, DC
20503; facsimile to 202 3955806; or email oira_submission@omb.eop.gov, Attention, Federal Reserve Desk Officer.
Proposed Information Collection Title of information collection:
Suspicious Activity Report.
Agency form number: FR 2230.
OMB control number: 71000212.
Frequency: On occasion.
Affected public: Businesses or other for-profit.
Respondents: State member banks, bank holding companies and their nonbank subsidiaries, Edge and agreement corporations, and the U.S.
branches and agencies, representative offices, and nonbank subsidiaries of foreign banks supervised by the Board.
Description of information collection:
Certain institutions supervised by the Board are required, pursuant to the Bank Secrecy Act BSA and the Boards regulations, to file a SAR to report known or suspected violations of federal law or a suspicious transaction related to a money laundering activity or a violation of the BSA. Institutions file a SAR electronically through a secure network created and maintained by the administrator of the BSA, the
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Department of the Treasurys Financial Crimes Enforcement Network FinCEN.
Current actions: The proposed rule would provide for the issuance of exemptions from the requirements, in full or in part, of the Boards SAR
regulations. In section 208.62l, upon receiving a written request from a Board-supervised institution, the Board would determine whether the exemption is consistent with safe and sound banking. The written request for exemption would be a new reporting requirement under the PRA. The Board estimates that the average hours per response would be 8 hours.
In addition, because FinCEN already accounts for the reporting burden for all respondents including Boardsupervised institutions to file a SAR
see OMB Control No. 15060065 the Board would remove this same reporting burden from the FR 2230.10
Legal authorization and confidentiality: The FR 2230 is authorized pursuant to the Federal Reserve Act 12 U.S.C. 248a1, 602, and 625, Federal Deposit Insurance Act 12 U.S.C. 1818s, Bank Holding Company Act of 1956 12 U.S.C.
1844c, and International Banking Act of 1978 12 U.S.C. 3105c2 and 3106a. The FR 2230 is mandatory.
SARs are confidential and exempt from Freedom of Information Act FOIA disclosure by 31 U.S.C. 5319, which specifically provides that SARs are exempt from disclosure under section 552 of title 5 and FOIA
exemption 3 5 U.S.C. 552b3
matters specifically exempted from disclosure by statute.
Estimated number of respondents:
Reporting Section 208.62l3.
Estimated average hours per response:
Reporting Section 208.62l8.
Current estimated annual burden hours: 439,520.
Estimated annual burden hours due to proposed revisions: Exemption request, 24; removal of SAR filing, 439,520.
Proposed estimated annual burden hours: 24.
C. Regulatory Flexibility Act Analysis The Regulatory Flexibility Act, 5
U.S.C. 601 et seq., RFA, generally requires an agency, in connection with a proposed rule, to prepare an Initial Regulatory Flexibility Analysis describing the impact of the rule on 10 Section 208.62e encourages respondents to file SARs with state and local law enforcement agencies. In practice, these agencies have access to SARs through FinCENs database, making it unnecessary for respondents to file SARs directly with these agencies. Therefore, the Board assumes de minimus burden for this requirement.

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small entities based on size standards of the Small Business Administration SBA or to certify that the proposed rule would not have a significant economic impact on a substantial number of small entities. An initial regulatory flexibility analysis must contain 1 a description of the reasons why action by the agency is being considered; 2 a succinct statement of the objectives of, and legal basis for, the proposed rule; 3 a description of, and, where feasible, an estimate of the number of small entities to which the proposed rule will apply; 4 a description of the projected reporting, recordkeeping, and other compliance requirements of the proposed rule, including an estimate of the classes of small entities that will be subject to the requirement and the type of professional skills necessary for preparation of the report or record; 5 an identification, to the extent practicable, of all relevant federal rules which may duplicate, overlap with, or conflict with the proposed rule; and 6 a description of any significant alternatives to the proposed rule which accomplish its stated objectives. The Board has considered the potential impact of the proposed rule on small entities in accordance with section 603 of the RFA.11 Under regulations issued by the SBA, a small entity includes a bank, bank holding company, or savings and loan holding company with assets of $600 million or less and trust companies with annual receipts of $41.5
million or less.12 As of March 2020, there were approximately 2,925 small bank holding companies, 132 small savings and loan holding companies, and 472 small state member banks. As of March 2020, the Board does not supervise any small trust companies.
Based on its analysis and for the reasons stated below, the Board believes that this proposed rule will not have a significant economic impact on a substantial number of small entities.
Nevertheless, the Board is publishing and inviting comment on this initial regulatory flexibility analysis. A final regulatory flexibility analysis may be conducted after any comments received during the public comment period have been considered. The Board welcomes comment on all aspects of its analysis.
In particular, the Board requests that commenters describe the nature of any impact on small entities and provide empirical data to illustrate and support the extent of the impact.
As discussed above, the purpose of the Boards proposed rule is to facilitate 11 5

U.S.C. 603.
13 CFR 121.201.

12 See
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22JAP1