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Federal Register / Vol. 86, No. 13 / Friday, January 22, 2021 / Proposed Rules
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costs in the second quarter of 2020
related to reviewing alerts, documenting the reasons why certain alerts do not merit a SAR filing, and drafting, writing, submitting, and storing SAR filings and documentation, which amounts to annual estimated costs of $1,842,260.32
for small FDIC-supervised institutions in aggregate.
The FDIC estimated costs of filing SARs for each FDIC-supervised institution in the second quarter of 2020
using data on SAR filings for each institution in combination with FinCENs methodology for estimating costs associated with SAR filings.22 The annualized estimated recordkeeping, reporting, and disclosure costs of filing SARs in the second quarter of 2020 do not represent more than 1.9 percent of annual non-interest expense for any small FDIC-supervised institution.
Additionally, only one small FDICsupervised institution incurred estimated annualized costs associated with SAR filing that amounted to more than 5 percent of annual wage and salary expense with the costs equaling 5.2 percent.23 While the total estimated costs of filing SARs represent a significant expense for one FDICsupervised small entity, the costs do not represent a significant amount for all other FDIC-supervised small entities.
Thus, the cost savings from this proposal for all other FDIC-supervised small entities will likely not be significant. In addition, the cost savings from receiving a SAR exemption would be at least partially offset by the costs associated with requesting an exemption and the costs associated with developing a method for meeting SAR
requirements. Further, this proposed rule would only allow the FDIC to grant exemptions in instances where safety and soundness and BSA regulatory writing, and submitting SARs, and storing SARs and supporting documentation. For this calculation the FDIC assumed that the mix of professions involved in each task, the percentage of SAR alerts that result in a SAR filing, and the percentage of SARs that are batch filed or filed discretely, and the percentage of SARs that contain extended content matches what FinCEN reported in its recent estimates of the costs associated with SAR filing requirements 85 FR 31598.
22 FDIC analysts queried data on SAR filings by institution from a SAR database that FinCEN makes available to regulators and law enforcement agencies.
23 This estimate uses FinCEN data on the SAR
filings of each FDIC-supervised institution, in combination with FinCENs methodology for estimating costs associated with SAR filings, to estimate the SAR-related costs that each FDICsupervised institution incurred in the second quarter of 2020. That estimate is then multiplied by four, and compared to each institutions previous four quarters of merger-adjusted noninterest expense and wages and salary expense reported in Call Report filings from June 2019 to March 2020.

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requirements would not be compromised, so the proposed rule is also not expected to have any broader negative economic impacts.
Based on the information above, the FDIC certifies that the rule would not have a significant economic impact on a substantial number of small entities.
The FDIC invites comments on all aspects of the supporting information provided in this section, and in particular, whether the proposed rule would have any significant effects on small entities that the FDIC has not identified.
C. Plain Language Section 722 of the Gramm-LeachBliley Act 24 requires the federal banking agencies to use plain language in all proposed and final rules published after January 1, 2000. The FDIC has sought to present the proposed rule in a simple and straightforward manner. The FDIC invites comments on whether the proposal is clearly stated and effectively organized, and how the FDIC might make the proposal easier to understand.
D. The Economic Growth and Regulatory Paperwork Reduction Act Under section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 EGRPRA, the FDIC is required to review all of its regulations, at least once every 10 years, in order to identify any outdated or otherwise unnecessary regulations imposed on insured institutions.25 The FDIC, along with the other federal banking agencies, submitted a Joint Report to Congress on March 21, 2017
EGRPRA Report discussing how the review was conducted, what has been done to date to address regulatory burden, and further measures the FDIC
will take to address issues that were identified.26 By providing the ability to issue exemptions and reduce burdens on FDIC-supervised institutions, this rule complements other actions that the FDIC has taken, separately and with the other federal banking agencies, to further the EGRPRA mandate.
E. Riegle Community Development and Regulatory Improvement Act of 1994
Pursuant to section 302a of the Riegle Community Development and Regulatory Improvement Act RCDRIA,27 in determining the effective date and administrative compliance requirements for new regulations that 24 Public Law 106102, section 722, 113 Stat.
1338, 1471 1999.
25 Public Law 104208, 110 Stat. 3009 1996.
26 82 FR 15900 March 31, 2017.
27 12 U.S.C. 4802a.

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impose additional reporting, disclosure, or other requirements on insured depository institutions IDIs, each federal banking agency must consider, consistent with principles of safety and soundness and the public interest, any administrative burdens that the regulations would place on depository institutions, including small depository institutions, and customers of depository institutions, as well as the benefits of the regulations. In addition, section 302b of RCDRIA requires new regulations and amendments to regulations that impose additional reporting, disclosures, or other new requirements on IDIs 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.28 The FDIC invites comments that further will inform its consideration of RCDRIA.
List of Subjects in 12 CFR Part 353
Banks, banking, Crime, Reporting and recordkeeping requirements.
Authority and Issuance For the reasons stated in the preamble, the Federal Deposit Insurance Corporation proposes to amend 12 CFR
part 353 as follows:
PART 353SUSPICIOUS ACTIVITY
REPORTS
1. The authority citation for part 353
continues to read as follows:

Authority: 12 U.S.C. 1818, 1819; 31 U.S.C.
5318.

2. Revise 353.3 paragraph d to read as follows:

353.3

Reports and records.

d Exemptions. 1 An FDICsupervised institution need not file a suspicious activity report for a robbery or burglary committed or attempted, that is reported to appropriate law enforcement authorities.
2 An FDIC-supervised institution need not file a suspicious activity report for lost, missing, counterfeit, or stolen securities if it files a report pursuant to the reporting requirements of 17 CFR
240.17f1.
3 The FDIC may exempt any FDICsupervised institution from the requirements of this section. Upon receiving a written request from an FDIC-supervised institution, the FDIC
will determine whether the exemption is consistent with safe and sound banking and may consider other appropriate factors. The FDIC will also 28 Id.

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