Records to be made and retained by financial institutions (31 CFR 1010.410 and 31 CFR 1022.420)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
1506-0058 Supporting Statement- Records Retained by Financial Institutions-10_29_2024_FINAL.docx	Supporting Statement A	Uploaded 2024-10-29	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
271884	Records to be Made and retained by agent MSBs 31 CFR 1010.410(a)-(c)		New
200948	Records to be made and retained by financial institutions (31 CFR 1022.420)		Modified
194399	Records to be made and retained by financial institutions (31 CFR 1010.410(f))		Modified
194398	Records to be made and retained by financial institutions (31 CFR 1010.410(e)		Modified
194396	Records to be made and retained by financial institutions that are not agent MSBs 31 CFR 1010.410(a)-(c)		Modified

ICR Details

OMB Control No: 1506-0058	ICR Reference No: 202410-1506-005
Status: Received in OIRA	Previous ICR Reference No: 202102-1506-002
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Records to be made and retained by financial institutions (31 CFR 1010.410 and 31 CFR 1022.420)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 10/30/2024

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2024
Responses	320,352	64,493
Time Burden (Hours)	4,015,839	1,854,742
Cost Burden (Dollars)	0	0

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Abstract: 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.

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Authorizing Statute(s): US Code: 31 USC 5311-5330 Name of Law: Money and Finance
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 65971	08/13/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 86412	10/30/2024
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 5

table that charts list of burden

IC Title	Form No.	Form Name
Records to be Made and retained by agent MSBs 31 CFR 1010.410(a)-(c)
Records to be made and retained by financial institutions (31 CFR 1010.410(e)
Records to be made and retained by financial institutions (31 CFR 1010.410(f))
Records to be made and retained by financial institutions (31 CFR 1022.420)
Records to be made and retained by financial institutions that are not agent MSBs 31 CFR 1010.410(a)-(c)

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ICR Summary of Burden

table that charts list 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	320,352	64,493	0	0	255,859	0
Annual Time Burden (Hours)	4,015,839	1,854,742	0	0	2,161,097	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement: 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.

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Annual Cost to Federal Government: $0

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

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Common Form ICR:  No

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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: 10/30/2024

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