[Federal Register Volume 76, Number 26 (Tuesday, February 8, 2011)]
[Rules and Regulations]
[Pages 6687-6688]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-2747]
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Rules and Regulations
Federal Register
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Federal Register / Vol. 76, No. 26 / Tuesday, February 8, 2011 /
Rules and Regulations
[[Page 6687]]
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Parts 21 and 41
[Docket ID OCC-2011-0003]
RIN 1557-AD38
Bank Secrecy Act Compliance; Fair Credit Reporting; Technical
Amendments
AGENCY: Office of the Comptroller of the Currency, Treasury (OCC).
ACTION: Final rule; technical amendments.
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SUMMARY: The OCC is amending its Bank Secrecy Act (BSA) and Fair Credit
Reporting regulations to make minor, non-substantive technical
amendments. These technical amendments update citations in OCC
regulations to the reorganized Financial Crimes Enforcement Network,
Department of theTreasury (FinCEN) BSA regulations.
DATES: Effective Date: March 1, 2011.
FOR FURTHER INFORMATION CONTACT: Kevin Korzeniewski, Attorney,
Legislative and Regulatory Activities Division, (202) 874-5090, Office
of the Comptroller of the Currency, 250 E St., SW., Washington, DC
20219.
SUPPLEMENTARY INFORMATION: Effective March 1, 2011, FinCEN is
reorganizing and moving its existing BSA regulations from 31 CFR Part
103 to 31 CFR Chapter X. See 75 FR 65806, October 26, 2010. The OCC is
amending provisions of its BSA (12 CFR Part 21) and Fair Credit
Reporting (12 CFR Part 41) regulations and Appendix J to 12 CFR Part 41
to make minor, non-substantive technical amendments to conform
citations in these OCC regulations and the Appendix to FinCEN's
reorganized BSA regulations.
Description of the Final Rule
OCC's BSA (12 CFR 21.21(a) and (b)) and Fair Credit Reporting (12
CFR 41.82(c)(2)(A)) regulations and Appendix J to 12 CFR Part 41,
Section III(a) cite to FinCEN's BSA regulations in 31 CFR Part 103. Due
to FinCEN's reorganization of its BSA regulations, these citations to
31 CFR Part 103 in OCC's regulations would become obsolete on March 1,
2011. To avoid this, the final rule amends OCC's BSA (12 CFR 21.21(a)
and (b)) and Fair Credit Reporting (12 CFR 41.82(c)(2)(A)) regulations
and Appendix J to 12 CFR Part 41, Section III(a) to comport with
FinCEN's reorganized BSA regulations at 31 CFR Chapter X.
Administrative Procedure Act and Effective Date
Under 5 U.S.C. 553(b)(B) of the Administrative Procedure Act (APA),
an agency may, for good cause, find (and incorporate the finding and a
brief statement of reasons therefore in the rules issued) that notice
and public procedure thereon are impracticable, unnecessary, or
contrary to the public interest.
This final rule makes minor, non-substantive technical amendments
to the OCC's BSA and Fair Credit Reporting regulations and Appendix J
to Part 41, as described previously in this SUPPLEMENTARY INFORMATION
section, to conform certain citations to FinCEN's reorganized BSA
regulations. For this reason, the OCC, for good cause, finds that the
notice and comment procedures prescribed by the APA are unnecessary
because the final rule makes technical amendments to citations without
substantive change to the relevant provisions of 12 CFR parts 21, 41,
and Appendix J to 12 CFR part 41.
This final rule takes effect on March 1, 2011. Under 5 U.S.C.
553(d)(3) of the APA, the required publication or service of a
substantive rule shall be made not less than 30 days before its
effective date, except, among other things, as provided by the agency
for good cause found and published with the rule. The OCC finds good
cause because the revisions in this final rule make minor, non-
substantive technical amendments.
Regulatory Flexibility Act
The Regulatory Flexibility Act (RFA) does not apply to a rulemaking
where a general notice of proposed rulemaking is not required. See 5
U.S.C. 603 and 604. As noted previously in the SUPPLEMENTARY
INFORMATION section, the OCC has determined, for good cause, that it is
unnecessary to publish a notice of proposed rulemaking for this final
rule. Accordingly, the RFA's requirements relating to an initial and
final regulatory flexibility analysis do not apply.
Paperwork Reduction Act of 1995
There are no information collection requirements in this final
rule.
Unfunded Mandates Reform Act of 1995
Section 202 of the Unfunded Mandates Reform Act of 1995, 2 U.S.C.
1532 (Unfunded Mandates Act), requires that an agency must prepare a
budgetary impact statement before promulgating any rule likely to
result in a Federal mandate that may result in the expenditure by
State, local, and tribal governments, in the aggregate, or by the
private sector of $100 million or more in any one year. If a budgetary
impact statement is required, section 205 of the Unfunded Mandates Act
also requires an agency to identify and consider a reasonable number of
regulatory alternatives before promulgating a rule. The OCC has
determined that this final rule will not result in expenditures by
State, local, and tribal governments, or by the private sector, of $100
million or more in any one year. Accordingly, this final rule is not
subject to section 202 of the Unfunded Mandates Act.
List of Subjects in 12 CFR Parts 21 and 41
Banks, Banking, Consumer protection, Crime, Currency, National
banks, Reporting and recordkeeping requirements, Security measures.
For the reasons discussed in the SUPPLEMENTARY INFORMATION section,
12 CFR parts 21 and 41 are amended as follows:
PART 21--MINIMUM SECURITY DEVICES AND PROCEDURES, REPORTS OF
SUSPICIOUS ACTIVITIES, AND BANK SECRECY ACT COMPLIANCE PROGRAM
0
1. The authority citation for part 21 continues to read as follows:
Authority: 12 U.S.C. 93a, 1818, 1881-1884, and 3401-3422; 31
U.S.C. 5318.
[[Page 6688]]
0
2. Amend Sec. 21.21 by revising paragraphs (a) and (b) to read as
follows:
Sec. 21.21 Procedures for monitoring Bank Secrecy Act (BSA)
compliance.
(a) Purpose. This subpart is issued to assure that all national
banks establish and maintain procedures reasonably designed to assure
and monitor their compliance with the requirements of subchapter II of
chapter 53 of title 31, United States Code, and the implementing
regulations promulgated thereunder by the Department of the Treasury at
31 CFR Chapter X.
(b) Establishment of a BSA compliance program--(1) Program
requirement. Each bank shall develop and provide for the continued
administration of a program reasonably designed to assure and monitor
compliance with the recordkeeping and reporting requirements set forth
in subchapter II of chapter 53 of title 31, United States Code and the
implementing regulations issued by the Department of the Treasury at 31
CFR Chapter X. The compliance program must be written, approved by the
bank's board of directors, and reflected in the minutes of the bank.
(2) Customer identification program. Each bank is subject to the
requirements of 31 U.S.C. 5318(l) and the implementing regulations
jointly promulgated by the OCC and the Department of the Treasury at 31
CFR 1020.220, which require a customer identification program to be
implemented as part of the BSA compliance program required under this
section.
* * * * *
PART 41--FAIR CREDIT REPORTING
0
3. The authority citation for Part 41 continues to read as follows:
Authority: 12 U.S.C. 1 et seq., 24 (Seventh), 93a, 481, 484,
and 1818; 15 U.S.C. 1681a, 1681b, 1681c, 1681m, 1681s, 1681s-2,
1681s-3, 1681t, 1681w, Sec. 214, Pub. L. 108-159, 117 Stat. 1952.
0
4. Amend Sec. 41.82 by revising paragraph (c)(2)(i)(A) to read as
follows:
Sec. 41.82 Duties of users regarding address discrepancies.
* * * * *
(c) * * *
(2) * * *
(i) * * *
(A) Obtains and uses to verify the consumer's identity in
accordance with the requirements of the Customer Identification Program
(CIP) rules implementing 31 U.S.C. 5318(l) (31 CFR 1020.220);
* * * * *
0
5. In Appendix J to Part 41, revise Section III, paragraph (a) to read
as follows:
APPENDIX J TO PART 41--INTERAGENCY GUIDELINES ON IDENTITY THEFT
DETECTION, PREVENTION, AND MITIGATION
* * * * *
III. Detecting Red Flags
* * * * *
(a) Obtaining identifying information about, and verifying the
identity of, a person opening a covered account, for example, using
the policies and procedures regarding identification and
verification set forth in the Customer Identification Program rules
implementing 31 U.S.C. 5318(l) (31 CFR 1020.220); and
* * * * *
Dated: January 25, 2011.
Julie L. Williams,
First Senior Deputy Comptroller and Chief Counsel.
[FR Doc. 2011-2747 Filed 2-7-11; 8:45 am]
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