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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1506-0058
ICR Reference No:
201201-1506-005
Status:
Historical Active
Previous ICR Reference No:
201108-1506-008
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Records to be made and retained by financial institutions (31 CFR 1010.410, 1022.420 and 1010.430).
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved with change
Conclusion Date:
04/06/2012
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/03/2012
Terms of Clearance:
Revisions made to supporting statement.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2015
09/30/2014
09/30/2014
Responses
94,600
0
93,900
Time Burden (Hours)
2,150,200
0
2,139,000
Cost Burden (Dollars)
0
0
0
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)-(g). The required records must be maintained for five years (31 CFR 1010.430).
Authorizing Statute(s):
US Code:
31 USC 5311-5330
Name of Law: Money and Finance
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1506-AB07
Final or interim final rulemaking
76 FR 45403
07/29/2011
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
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)-(g)
Records to be made and retained by financial institutions (31 CFR 1022.420
Records to be made and retained by financial institutions 31 CFR 1010.410(a)-(d)
ICR Summary of Burden
Total Approved
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
94,600
93,900
0
700
0
0
Annual Time Burden (Hours)
2,150,200
2,139,000
0
11,200
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:
This action adds Providers of Prepaid access to this ICR, required by 31 CFR 1022.420, adding an estimated 700 additional recordkeepers. The estimated annual recordkeeping burden per recordkeeper is 16 hours, for a total additional estimated annual recordkeeping burden of 11,200.
Annual Cost to Federal Government:
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
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?
Uncollected
Agency Contact:
Russell Stephenson 202 354-6012
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:
02/03/2012
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