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SSA RIN: 0960-AF43 Publication ID: Spring 2003 
Title: Access to Information Held by Financial Institutions (815F) 
Abstract: These final rules implement law that will enhance our access to bank account information of Supplemental Security Income (SSI) applicants and recipients and other individuals whose income and resources we consider to be available to the applicant or recipient. 
Agency: Social Security Administration(SSA)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: Undetermined 
CFR Citation: 20 CFR 416.200    20 CFR 416.207    20 CFR 416.421    20 CFR 416.640    20 CFR 416.1231    20 CFR 416.1242    20 CFR 416.1245    20 CFR 416.1247    20 CFR 416.1320    20 CFR 416.1321    20 CFR 416.1335    20 CFR 416.1337    20 CFR 416.1618   
Legal Authority: 42 USC 1383(e)    PL 106-169, sec 213   
Legal Deadline:  None

Statement of Need: This final rule is required to implement section 213 of Public Law 106-169, the Foster Care Independence Act of 1999.

Summary of the Legal Basis: Required by section 213 of Public Law 106-169.

Alternatives: None.

Anticipated Costs and Benefits: Except for additional contract costs related to obtaining vendor services for the role of liaison with financial institutions, we expect the impact of this regulation on SSA administrative resources to be negligible. An estimated $6 million may be needed to contract for development of the necessary methodology to establish electronic exchange of information with financial institutions. Although ongoing annual contract costs are expected to be less than the initial cost of developing the system, it is not known at this time what they will be. When fully implemented, it is estimated that program savings will be $85 million annually.

Risks: Undetermined at this time.

Timetable:
Action Date FR Cite
NPRM  05/02/2002  67 FR 22021   
NPRM Comment Period End  07/01/2002    
Final Action  06/00/2003    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: Yes 
Agency Contact:
Eric Ice
Social Insurance Specialist
Social Security Administration
Office of Income Security Programs, Office of Income Security Programs, 6401 Security Boulevard,
Baltimore, MD 21235-6401
Phone:410 966-3233
Email: eric.ice.ssa.gov

Gary Sultz
Assistant Regional Counsel
Social Security Administration
200 W. Adams, 30th Floor,
Chicago, IL 60606
Phone:312 353-9257