Exemption from Suspicious Activity Report Requirements

Forms and Documents

Document Name	Status
SPST-NEW Exemptions from SAR Reporting Requirements RIN 3064-AF56.docx Supporting Statement A	2021-02-09

IC Document Collections

IC ID	Document Title	Status
245700	Request for Exemption from SAR Filing Requirements	New

ICR Details

OMB Control No:	ICR Reference No: 202102-3064-004
Status: Received in OIRA	Previous ICR Reference No:
Agency/Subagency: FDIC	Agency Tracking No:
Title: Exemption from Suspicious Activity Report Requirements
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 02/09/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	3	0
Time Burden (Hours)	24	0
Cost Burden (Dollars)	0	0

---

Abstract: The Federal Deposit Insurance Corporation (FDIC) proposes to issue a rule that would allow the FDIC to issue exemptions from the filing requirements of its Suspicious Activity Report (SAR) regulations. The proposed rule would amend 12 CFR § 353.3(d) Exemptions by adding three subparagraphs that would permit the FDIC to exempt an FDIC-supervised institution from certain SAR filing requirements. Under the proposed rule, the FDIC would determine whether the requested exemption is consistent with safe and sound banking, along with other appropriate factors; and, where the exemption was relevant to BSA enforcement, would seek FinCEN’s determination that the proposed exemption is consistent with the purposes of the BSA. When an exemption request overlaps with FinCEN’s SAR rule, the FDIC would seek FinCEN’s concurrence in granting the exemption. For exemption requests pertaining only to the FDIC’s SAR rule, the FDIC may consult with FinCEN. Under the proposed rule, the FDIC could also revoke previously granted exemptions if circumstances change.

---

Authorizing Statute(s): US Code: 12 USC 1818 Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 1819 Name of Law: Federal Deposit Insurance Act
   US Code: 31 USC 5318 Name of Law: Bank Secrecy Act
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AF56	Proposed rulemaking	86 FR 6580	01/22/2021

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Request for Exemption from SAR Filing Requirements

---

ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	3	0	0	3	0	0
Annual Time Burden (Hours)	24	0	0	24	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: FDIC proposes to issue a rule that would allow the FDIC to issue exemptions from the filing requirements of its SAR regulations. The proposed rule would amend 12 CFR § 353.3(d) Exemptions by adding three subparagraphs that would permit the FDIC to exempt an FDIC-supervised institution from certain SAR filing requirements. Under the proposed rule, the FDIC would determine whether the requested exemption is consistent with safe and sound banking, along with other appropriate factors; and, where the exemption was relevant to BSA enforcement, would seek FinCEN’s determination that the proposed exemption is consistent with the purposes of the BSA. When an exemption request overlaps with FinCEN’s SAR rule, the FDIC would seek FinCEN’s concurrence in granting the exemption. For exemption requests pertaining only to the FDIC’s SAR rule, the FDIC may consult with FinCEN. Under the proposed rule, the FDIC could also revoke previously granted exemptions if circumstances change.

---

Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

---

Common Form ICR:  No

---

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 02/09/2021

---