Records to be made and
retained by financial institutions (31 CFR 1010.410 and 31 CFR
1022.420)
Extension without change of a currently approved collection
No
Regular
10/30/2024
Requested
Previously Approved
36 Months From Approved
10/31/2024
320,352
64,493
4,015,839
1,854,742
0
0
Each financial institution must retain
an original or copy of records related to extensions of credit in
excess of $10,000 (other than those secured by real property), and
records related to transfers of funds, currency, other monetary
instruments, checks, investment securities, or credit of more than
$10,000 to or from the United States (31 CFR 1010.410(a)-(d)).
Banks and non-bank financial institutions must also maintain
records related to, and include certain information as part of,
funds transfers or transmittals of funds involving more than $3,000
(31 CFR 1010.410(e)-(f)). In addition, under 31 CFR 1022.420, each
provider or seller of prepaid access is required to maintain access
to transactional records generated in the ordinary course of
business that would be needed to reconstruct prepaid access
activation, loads, reloads, purchases, withdrawals, transfers, or
other prepaid-related transactions.
The total annual burden hours
increased by 2,161,097 hours from 1,854,742 hours in 2020 to
4,015,839 in 2024, although the annual hourly burden estimates for
each regulatory requirement remained the same as in 2020. The
increase in burden is solely a result of an increase in the number
of financial institutions impacted by each of the regulatory
requirements.
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:
(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;
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.