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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Proposed Rules
1. The authority citation for part 21 is revised to read as follows:

the OCC. The OCC will consider the response prior to deciding whether to revoke an exemption and will notify the national bank of the OCCs decision to revoke an exemption in writing.
4 With respect to requests for exemption that will also require an exemption from the requirements of FinCENs SAR regulation, upon receiving approval from both the OCC
and FinCEN, the requestor shall be relieved of its obligations under this section to the extent stated in such approvals.

Authority: 12 U.S.C. 1, 93a, 161, 1462a, 1463, 1464, 1818, 18811884, and 3401
3422.

PART 163SAVINGS
ASSOCIATIONSOPERATIONS

Authority and Issuance For the reasons stated in the the OCC
proposes to amend 12 CFR parts 21 and 163 as follows:
SUPPLEMENTARY INFORMATION,
PART 21MINIMUM SECURITY
DEVICES AND PROCEDURES, REPORTS OF SUSPICIOUS
ACTIVITIES, AND BANK SECRECY
ACT COMPLIANCE PROGRAM

3. The authority citation for part 163
is revised to read as follows:

2. In 21.11, add paragraph m to read as follows:

21.11

Suspicious Activity Report.

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m Exemptions. 1 The OCC may exempt any national bank from the requirements of this section. A national bank requesting an exemption must submit a request in writing to the OCC.
In reviewing such requests, the OCC
will consider whether the exemption is consistent with safe and sound banking and may consider other appropriate factors. An exemption shall be applicable only as expressly stated in the exemption, may be conditional or unconditional, may apply to particular persons or to classes of persons, and may apply to transactions or classes of transactions. A national bank requesting an exemption that also requires an exemption from the requirements of FinCENs SAR regulation must submit a request in writing to both the OCC and FinCEN for approval. In reviewing such requests, the OCC will consider whether the exemption is consistent with the purposes of the Bank Secrecy Act, with safe and sound banking, and any other appropriate factors.
2 The OCC will provide a written response to the national bank that submitted the exemption request. A
national bank that has received an exemption under paragraph m1 of this section may rely on the exemption for a period of time to be communicated by the OCC in its granting of the exemption.
3 The OCC may extend the period of time or may revoke an exemption granted under paragraph m1 of this section. Exemptions may be revoked at the sole discretion of the OCC. The OCC
will provide written notice to the national bank of the OCCs intention to revoke an exemption. Such notice will include the basis for the revocation and will provide an opportunity for the national bank to submit a response to
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Authority: 12 U.S.C. 161, 1462a, 1463, 1464, 1467a, 1817, 1820, 1828, 1831o, 3806, 5101 et seq., 5412b2B; 42 U.S.C. 4106.

2. In 163.180, add paragraph f to read as follows:

163.180 Suspicious Activity Reports and other reports and statements.

f Exemptions. 1 The OCC may exempt any savings association or service corporation from the requirements of this section. A savings association or service corporation requesting an exemption from the provisions of this section, must submit a request in writing to the OCC. In reviewing such requests, the OCC will consider whether the exemption is consistent with safe and sound banking, and may consider other appropriate factors. An exemption shall be applicable only as expressly stated in the exemption, may be conditional or unconditional, may apply to particular persons or to classes of persons, and may apply to transactions or classes of transactions. A federal savings association requesting an exemption that also requires an exemption from the requirements of FinCENs SAR
regulation must submit a request in writing to both the OCC and FinCEN for approval. In reviewing such requests, the OCC will consider whether the exemption is consistent with the purposes of the Bank Secrecy Act, with safe and sound banking, and any other appropriate factors.
2 The OCC will provide a written response to the savings association or service corporation that submitted the exemption request. A savings association or service corporation that has received an exemption under paragraph f1 of this section may rely on the exemption for a period of time to be communicated by the OCC in its granting of the exemption.

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3 The OCC may extend the period of time or may revoke an exemption granted under paragraph f1 of this section. Exemptions may be revoked at the sole discretion of the OCC. The OCC
will provide written notice to the savings association or service corporation of the OCCs intention to revoke an exemption. Such notice will include the basis for the revocation and will provide an opportunity for the savings association or service corporation to submit a response to the OCC. The OCC will consider the response prior to deciding whether to revoke an exemption and will notify the savings association or service corporation of the OCCs decision to revoke an exemption in writing.
4 With respect to requests for exemption that will also require an exemption from the requirements of FinCENs SAR regulation, upon receiving approval from both the OCC
and FinCEN, the requestor shall be relieved of its obligations under this section to the extent stated in such approvals.
Brian P. Brooks, Acting Comptroller of the Currency.
FR Doc. 202100034 Filed 12121; 8:45 am BILLING CODE 481033P

FEDERAL RESERVE SYSTEM
12 CFR Part 208
Docket No. R1738
RIN 7100AG08

Membership of State Banking Institutions in the Federal Reserve System; Reports of Suspicious Activities Under Bank Secrecy Act Board of Governors of the Federal Reserve System Board.
ACTION: Notice of proposed rulemaking with request for public comment.
AGENCY:

The Board is inviting comment on a proposed rule that would modify the requirements to file Suspicious Activity Reports for state member banks, Edge and agreement corporations, U.S. offices of foreign banking organizations supervised by the Federal Reserve, and bank holding companies and their nonbank subsidiaries. Specifically, the proposed rule would amend the Boards Suspicious Activity Report regulations to provide for the issuance of exemptions from the requirements of those regulations, in full or in part. The proposed rule is intended, among other things, to facilitate supervised
SUMMARY:

E:FRFM22JAP1.SGM

22JAP1