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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Proposed Rules
FinCEN has statutory authority to grant relief from SAR filing requirements to FDIC-supervised institutions, and this proposed rule would amend the FDICs regulations so that the FDIC may issue exemptions to SAR filing requirements in conjunction with FinCEN. This change could reduce regulatory burden for FDIC-supervised institutions by allowing institutions that develop innovative techniques for meeting BSA
requirements to obtain exemptions from SAR filing requirements. The FDIC
considered maintaining its regulations in their current form, but chose not to do so because the FDIC believes that doing so would be unnecessarily burdensome and may discourage institutions from developing innovative approaches to meeting BSA
requirements.
VII. Request for Comments The FDIC invites comments on all aspects of this proposed rulemaking. In particular, the FDIC requests comments on the following questions:
Question 1. The FDIC invites comments on the proposed exemptions to 12 CFR 353.3.
Question 2. The FDIC invites comments on whether any additional detail relating to the procedures that would be followed in considering, granting, or revoking exemptions are necessary.
Written comments must be received by the FDIC no later than February 22, 2021.
VIII. Administrative Law Matters
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A. The Paperwork Reduction Act Certain provisions of the proposed rule contain collection of information requirements within the meaning of the Paperwork Reduction Act PRA of 1995
44 U.S.C. 35013521. In accordance with the requirements of the PRA, the FDIC 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. The information collection requirements contained in this notice of proposed rulemaking have been submitted to OMB for review and approval by FDIC under section 3507d of the PRA and 1320.11 of OMBs implementing regulations 5 CFR part 1320 as a new information collection.
The proposed rule contains voluntary reporting requirements, or exemption requests, in 12 CFR 353.3d3.
Title of Proposed Information Collection: Exemptions to Suspicious Activity Report Requirements.
OMB Control Number: 3064NEW.

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Frequency of Response: On Occasion.
Affected Public: Businesses or other for-profit.
Respondents: Any FDIC-supervised institution wishing to obtain an exemption from the Suspicious Activity Report requirements.
Estimated Number of Annual Respondents: 3.
Estimated Burden per Response: 8
hours.
Total estimated annual burden: 24
hours.
To derive these estimates, the FDIC
assumed that the FDIC-supervised institutions that file the most SARs will be the most likely to request exemptions from SAR filing requirements. There are ten FDIC-supervised institutions that filed 1,000 or more SARs in the second quarter of 2020. The FDIC expects roughly one-third of those institutions to request an exemption per year, so the FDIC expects 3 annual respondents to this information collection. The FDIC
estimates the hourly burden of an exemption request to be 8 hours.
Comments are invited on: a Whether the collection of information is necessary for the proper performance of the FDICs functions, including whether the information has practical utility; b the accuracy of the estimates of the burden of the information collection, 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 collection 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 will become a matter of public record. Comments on aspects of this notice that may affect reporting or recordkeeping requirements and burden estimates should be sent to the addresses listed in the ADDRESSES
section of this preamble. A copy of the comments may also be submitted to the FDIC OMB desk officer by mail to U.S.
Office of Management and Budget, 725
17th Street NW, 10235, Washington, DC 20503 or by facsimile to 202395
5806, Attention, Federal Banking Agency Desk Officer.
B. The Regulatory Flexibility Act The Regulatory Flexibility Act RFA, 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
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impact of the proposed rule on small entities.16 However, a regulatory flexibility analysis is not required 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 Small Business Administration SBA has defined small entities to include banking organizations with total assets of less than or equal to $600
million.17 Generally, the FDIC considers a significant effect to be a quantified effect in excess of 5 percent of total annual salaries and benefits per institution, or 2.5 percent of total noninterest expenses. The FDIC believes that effects in excess of these thresholds typically represent significant effects for FDIC-supervised institutions. For the reasons provided below, the FDIC
certifies that the proposed rule would not have a significant economic impact on a substantial number of small banking organizations. Accordingly, a regulatory flexibility analysis is not required.
As of June 30, 2020, the FDIC
supervised 3,270 institutions,18 of which 2,492 are considered small entities for the purposes of RFA.19 Using the methodology for calculating the cost associated with filing SARs that FinCEN
published in May 2020,20 the FDIC
estimates that small FDIC-supervised institutions incurred $460,565.08 21 in 16 5

U.S.C. 601, et seq.
SBA defines a small banking organization as having $600 million or less in assets, where a financial institutions assets are determined by averaging the assets reported on its four quarterly financial statements for the preceding year. See 13
CFR 121.201 as amended by 84 FR 34261, effective August 19, 2019. SBA counts the receipts, employees, or other measure of size of the concern whose size is at issue and all of its domestic and foreign affiliates. See 13 CFR 121.103. Following these regulations, the FDIC uses a covered entitys affiliated and acquired assets, averaged over the preceding four quarters, to determine whether the FDIC-supervised institution is small for the purposes of RFA.
18 FDIC-supervised institutions are set forth in 12
U.S.C. 1813q2.
19 Call Report data, March 2020.
20 See 85 FR 31598.
21 This estimate uses the May 2019 75th percentile hourly wage rate for Financial Managers $73.48, Compliance Officers $43.70, Financial Clerks $18.20, and Tellers $17.49 reported by the Bureau of Labor Statistics, National IndustrySpecific Occupational Employment, and Wage Estimates. These wage rates have been adjusted for changes in the Consumer Price Index for all Urban Consumers between May 2019 and June 2020 0.67
percent and grossed up by 51 percent to account for non-monetary compensation as reported by the June 2020 Employer Costs for Employee Compensation Data. The mix of professions varies depending on the task associated with filing SARs including reviewing alerts, documenting reasons why some alerts do not merit a SAR filing, drafting, 17 The
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