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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Proposed Rules
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FinCEN requirement, the proposed rule would allow the NCUA to exempt a FICU from that requirement.
III. The Proposal This proposed rule would allow the NCUA to issue exemptions from the requirements of its SAR regulation.
Specifically, the proposed rule would add a provision to 12 CFR 748.1 that would provide that the NCUA may exempt a FICU from the requirements of that section. Under the proposed rule, the NCUA would determine whether the exemption is consistent with the purposes of the BSA, if applicable, and with safe and sound practices, and may consider other appropriate factors. The NCUA would also seek FinCENs determination on whether the exemption would be consistent with the purposes of the BSA. The exemptions may be conditional or unconditional, may apply to particular persons or to classes of persons, and may apply to transactions or classes of transactions.
In addition, this proposal would require the NCUA to seek FinCENs concurrence regarding any exemption requests that involve an exemption from the requirement to file a SAR required by FinCEN regulations implementing the BSA. The proposal would also permit the NCUA to consult with FinCEN regarding other exemption requests. The NCUA may also consult with the other state and federal banking agencies before granting any exemption.
Finally, the proposed rule provides that the NCUA may grant an exemption for a specified time period. Under the proposed rule, the NCUA could also revoke previously granted exemptions if circumstances change related to the factors set out above consistency with the BSA and safety and soundness or any imposed conditions.
If the NCUA adopts this proposed rule and uses it to grant exemptions, such exemptions would not relieve a FICU
from the obligation to comply with FinCENs SAR regulation, if applicable.
To the extent a FICU is subject to requirements imposed by both the NCUAs SAR regulation and FinCENs SAR regulation, the FICU would need to seek an exemption from both the NCUA
and FinCEN. As explained above, however, the NCUAs SAR regulation imposes additional requirements not included in FinCENs regulation. To the extent a FICU is subject to a requirement imposed by the NCUAs SAR regulation alone and not a parallel FinCEN
requirement, the proposed rule would allow the NCUA to exempt a FICU from that requirement.
The Board is providing for a 30-day comment period instead of a 60-day
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comment period because the proposed rule is limited in scope, and the Board believes that 30 days will provide the public adequate time to review and comment on it.14
The Board invites comments on the proposed rule, including whether any additional detail relating to the procedures that would be followed in considering, granting or revoking exemptions is necessary. The Board is also specifically requesting comments on whether additional or different factors or standards should be applied in the determination whether to grant an exemption request, as well as the form and manner of the Boards response to an exemption request.
IV. Regulatory Procedures Regulatory Flexibility Act The Regulatory Flexibility Act RFA
generally requires that, in connection with a notice of proposed rulemaking, an agency prepare and make available for public comment an initial regulatory flexibility analysis that describes the impact of a proposed rule on small entities defined for purposes of the RFA to include credit unions with assets less than $100 million.15 A
regulatory flexibility analysis is not required, however, if the agency certifies that the rule will not have a significant economic impact on a substantial number of small entities and publishes its certification and a short, explanatory statement in the Federal Register together with the rule.
The proposed rule would allow FICUs to request exemptions from certain regulatory requirements if they choose to do so. As a result, it would not cause any increased burden or impose any new requirements on FICUs.
Accordingly, the NCUA certifies that the proposed rule would not have a significant economic impact on a substantial number of small credit unions.
Paperwork Reduction Act The Paperwork Reduction Act of 1995
PRA applies to information collection requirements in which an agency creates a new paperwork burden on regulated entities or modifies an existing burden. For purposes of the PRA, a paperwork burden may take the form of a reporting, recordkeeping, or third-party disclosure requirement, each 14 See NCUA Interpretive Ruling and Policy Statement IRPS 872, as amended by IRPS 032
and IRPS 151. 80 FR 57512 Sept. 24, 2015, available at https www.ncua.gov/files/
publications/irps/IRPS1987-2.pdf.
15 See NCUA Interpretive Ruling and Policy Statement 872, as amended by IRPS 032 and IRPS
151, 80 FR 57512 Sept. 24, 2015.

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referred to as an information collection.
The NCUA may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget OMB control number.
This proposed rule adds a provision to 748.1c that would allow FICUs to submit a written request to NCUA if it wishes to seek an exemption from the requirements of this section. There are 2,932 FICUs that currently file SARs annually. It is estimated that 50 of these FICUs would file for an exemption under the proposed new 748.1c7;
taking 2 hours per response, for a total increase of 100 burden hours. This proposed rule would revise the information collection requirement currently approved under OMB number 31330094, as follows:
Title of Information Collection:
Suspicious Activity Report by Depository Institutions.
OMB Control Number: 31330094.
Estimated Number of Respondents:
2,932.
Estimated Annual Frequency of Response: 65.
Estimated Total Annual Reponses:
191,069.
Estimated Hours per Response: 1.
Estimated Total Annual Burden Hours: 191,119.
Affected Public: Private Sector: Notfor-profit institutions.
The NCUA invites comments 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 of the estimates 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 start-up costs and costs of operation, maintenance, and purchase of services to provide information.
All comments are a matter of public record. Due to the limited in-house staff, email comments are preferred.
Comments regarding the information collection requirements of this rule should be 1 emailed to:
PRAcomments@ncua.gov with OMB
No. 31330094 in the subject line;
faxed to 7038372406, or mailed to Mackie Malaka, NCUA PRA Clearance Officer, National Credit Union Administration, 1775 Duke Street, Suite
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