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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Proposed Rules
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the Boards granting of relief to a bank seeking relief from the requirements of the Boards SAR regulations, when such relief would be beneficial from a safetyand-soundness and anti-money laundering regulatory perspective. The proposed rule would be issued pursuant to the Boards safety-and-soundness authority over supervised institutions.
The proposed rule will apply to small bank holding companies and their nonbank subsidiaries and small state member banks as well as Edge and agreement corporations, and U.S. offices of foreign banking organizations supervised by the Federal Reserve. The Board does not expect that the proposal would impose a significant cost on small banking organizations due to compliance, recordkeeping, and reporting updates from this proposal.
The Board does not believe that the proposal would result in any significant economic impact on banking organizations as there are no projected recordkeeping, reporting, or other compliance requirements associated with the proposal. Moreover, the proposal does not impose any new requirements on banking organization, as applying for an exemption under the proposal would be entirely voluntary. In addition, the Board is not aware of any federal rules that duplicate, overlap, or conflict with the proposed rule. For these reasons, the Board believes that the proposed rule will not have a significant economic impact on a substantial number of small entities supervised by the Board, and believes that there are no significant alternatives to the proposed rule that would reduce the economic impact on small banking organizations supervised by the Board.
D. Riegle Community Development and Regulatory Improvement Act of 1994
Pursuant to section 302a of the Riegle Community Development and Regulatory Improvement Act RCDRIA, in determining the effective date and administrative compliance requirements for new regulations that impose additional reporting, disclosure, or other requirements on insured depository institutions, each federal banking agency must consider, consistent with principles of safety and soundness and the public interest, any administrative burdens that such regulations would place on insured depository institutions, including small depository institutions, and customers of depository institutions, as well as the benefits of such regulations.13 In addition, section 302b of RCDRIA requires new regulations and amendments to
regulations that impose additional reporting, disclosures, or other new requirements on insured depository institutions generally to take effect on the first day of a calendar quarter that begins on or after the date on which the regulations are published in final form.14 The proposed rule would not impose additional reporting, disclosure, or other requirements; therefore the requirements of the RCDRIA do not apply.
However, the agencies invite comments that further will inform the agencies consideration of RCDRIA.
List of Subjects in 12 CFR Part 208
Accounting, Agriculture, Banks, Banking, Confidential business information, Consumer protection, Crime, Currency, Federal Reserve System, Flood insurance, Insurance, Investments, Mortgages, Reporting and recordkeeping requirements, Securities.
Authority and Issuance For the reasons stated in the preamble, the Board of Governors of the Federal Reserve System proposes to amend 12 CFR part 208 as follows:
PART 208MEMBERSHIP OF STATE
BANKING INSTITUTIONS IN THE
FEDERAL RESERVE SYSTEM
REGULATION H
1. The authority citation for part 208
continues to read as follows:

Authority: 12 U.S.C. 24, 36, 92a, 93a, 248a, 248c, 321338a, 371d, 461, 481486, 601, 611, 1814, 1816, 1817a3, 1817a12, 1818, 1820d9, 1833j, 1828o, 1831, 1831o, 1831p1, 1831r1, 1831w, 1831x, 1835a, 1882, 29012907, 3105, 3310, 3331
3351, 39053909, 5371, and 5371 note; 15
U.S.C. 78b, 78Ib, 78li, 7804c5, 78q, 78q1, 78w, 1681s, 1681w, 6801, and 6805;
31 U.S.C. 5318; 42 U.S.C. 4012a, 4104a, 4104b, 4106, and 4128.

2. In 208.62, add a new paragraph l to read as follows:

208.62

Suspicious activity reports.

l Exemptions.
1i The Board may exempt any member bank from the requirements of this section. Upon receiving a written request from a member bank, the Board will consider whether the exemption is consistent with safe and sound banking and may consider other appropriate factors. The Board also would seek FinCENs determination whether the exemption is consistent with the purposes of the Bank Secrecy Act, if applicable. The exemption shall be applicable only as expressly stated in
the exemption, may be conditional or unconditional, may apply to particular persons or classes of persons, and may apply to transactions or classes of transactions.
ii The Board will seek FinCENs concurrence with regard to any exemption request that would also require an exemption from FinCENs SAR regulations, and may consult with FinCEN regarding other exemption requests. The Board also may consult with the other state and federal banking agencies and consider comments before granting any exemption.
2 The Board will provide a written response to the member bank that submitted the exemption request after considering whether the exemption is consistent with safe and sound banking, consulting with the appropriate agencies, and seeking concurrence when appropriate. A member bank that has received an exemption under paragraph 1 of this section may rely on the exemption for a period of time to be communicated by the Board in its granting of the exemption, which may be indefinite.
3 The Board may extend the period of time or may revoke an exemption granted under paragraph 1 of this section. Exemptions may be revoked at the sole discretion of the Board. The Board will provide written notice to the member bank of the Boards intention to revoke an exemption. Such notice will include the basis for the revocation and will provide an opportunity for the member bank to submit a response to the Board. The Board will consider the response prior to deciding whether to revoke an exemption, and will notify the member bank of the Boards final decision to revoke an exemption in writing.
By order of Board of Governors of the Federal Reserve System.
Ann Misback, Secretary of the Board.
FR Doc. 202100033 Filed 12121; 8:45 am BILLING CODE 621001P

FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 353
RIN 3064AF56

Exemptions to Suspicious Activity Report Requirements Federal Deposit Insurance Corporation.
ACTION: Notice of proposed rulemaking.
AGENCY:

The FDIC is inviting comment on a proposed rule that would modify
SUMMARY:
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