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Federal Register / Vol. 86, No. 173 / Friday, September 10, 2021 / Proposed Rules To create a primary estimate, CBP
assumes that approximately one third of individual brokers would elect the lowest cost path, one third would elect the medium-cost path, and one third
would elect the highest cost path once the rule is in place. Under these conditions, brokers who begin pursuing continuing education as a result of the rule would face $20,103,267 in costs
50815

related to searching for training, fees, travel, and incidentals over the 6-year period of analysis. See Table 9.

TABLE 9PRIMARY ESTIMATE OF COSTS FOR BROKERS
2021 U.S. dollars Year 2021
2022
2023
2024
2025
2026

Total brokers
Brokers choosing each path
Total cost

5,529
5,529
5,529
5,947
5,947
5,947

1,843
1,843
1,843
1,982
1,982
1,982

$3,228,469
3,228,469
3,228,469
3,472,620
3,472,620
3,472,620

Total

5,947

1,982

20,103,267

Totals may not sum due to rounding.

All individual brokers, including those who already complete continuing education and would not face new costs for research, tuition, and travel, would also be required to store records of their completed continuing education and report their compliance to CBP.67
Record storage would require maintaining either paper or digital copies of any documentation received from the provider or host of the qualifying continuing broker education and a document of some kind listing the date, title, provider, number of credit hours, and location if applicable for
each training. To report and certify compliance, individual brokers who file paper-based triennial reports with CBP
would include a written statement in the triennial report, and individual brokers who file their triennial reports electronically through the eCBP portal would check a box in the eCBP portal while filing their triennial report electronically. Brokers would further be required to produce their records of compliance if requested by CBP, though CBP would only require brokers to maintain their records for the three years following the submission of the
triennial report.68 CBP estimates that recordkeeping and reporting would take each broker 30 minutes 0.5 hours per year. After the first triennial reporting period in which brokers self-attest to completing their training, 10 percent of brokers each year would incur the cost of producing records to submit to CBP
for a compliance audit, which CBP
estimates will take 15 minutes 0.25
hours.69 Therefore, brokers would see $1,380,538 in new reporting and recordkeeping costs over the 6-year period of analysis. See Table 10.

TABLE 10REPORTING COSTS FOR ALL BROKERS
2021 U.S. dollars Year 2021
2022
2023
2024
2025
2026

Brokers
Time hours 70

Wage
Total

13,822
13,822
13,822
14,867
14,867
14,867

0.5
0.5
0.5
0.50.75
0.50.75
0.50.75

$31.27
31.27
31.27
31.27
31.27
31.27

$216,107
216,107
216,107
244,072
244,072
244,072

Total

14,867

3.03.75

1,380,538

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Totals may not sum due to rounding.

To comply with the proposed rule, individual brokers who do not already do so would be required to spend 36
hours over three years completing continuing education in whatever form
they choose. Additionally, CBP
estimates they would spend three hours per 3-year cycle researching and registering for trainings. Finally, brokers would need to spend about 3045

minutes 0.50.75 hours on recordkeeping during each cycle.
Overall, brokers would need to spend about 40.5 hours over a 3-year period,
66 Only the 40 percent of brokers who do not already complete continuing education would face these costs. The total number of brokers affected in the final year of analysis 2026 is the same as the number of brokers overall because each year represents the same population with a small amount of growth.
67 Some brokers would likely face additional time-costs should they fail to complete and/or
report their required continuing education and need to take corrective action or reapply for their licenses following revocation see proposed 111.104d for details. However, CBP only reports the costs affected populations would face to maintain compliance with the proposed rule.
68 Note that many other records must be maintained for five years. The 3-year standard applies only to records of continuing education.

69 CBP would randomly select 10 percent of individual brokers to audit for compliance each year.
70 Note that only 10 percent of individual brokers would spend 45 minutes per year, while the remaining 90 percent would spend 30 minutes per year. Furthermore, CBP would only begin audits after the first triennial period during which the rule is in effect.

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