83 FR 34300 - Proposed Information Collection; Comment Request; Renewal Without Change of Bank Secrecy Act Suspicious Activity Reporting Non-Bank Requirement for Residential Mortgage Lenders and Originators

DEPARTMENT OF THE TREASURY
Financial Crimes Enforcement Network

Federal Register Volume 83, Issue 139 (July 19, 2018)

FinCEN, a bureau of the U.S. Department of the Treasury (``Treasury''), invites all interested parties to comment on its proposed renewal without change of the Bank Secrecy Act (``BSA'') Suspicious Activity Reporting regulatory requirements for residential mortgage lenders and originators. FinCEN intends to submit this requirement for approval by the Office of Management and Budget (``OMB'') of a three-year renewal of Control Number 1506-0061. This request for comments is made pursuant to the Paperwork Reduction Act (``PRA'') of 1995.

[Federal Register Volume 83, Number 139 (Thursday, July 19, 2018)]
[Notices]
[Pages 34300-34301]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-15402]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network


Proposed Information Collection; Comment Request; Renewal Without 
Change of Bank Secrecy Act Suspicious Activity Reporting Non-Bank 
Requirement for Residential Mortgage Lenders and Originators

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), U.S. 
Department of the Treasury.

ACTION: Notice and request for comments.

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SUMMARY: FinCEN, a bureau of the U.S. Department of the Treasury 
(``Treasury''), invites all interested parties to comment on its 
proposed renewal without change of the Bank Secrecy Act (``BSA'') 
Suspicious Activity Reporting regulatory requirements for residential 
mortgage lenders and originators. FinCEN intends to submit this 
requirement for approval by the Office of Management and Budget 
(``OMB'') of a three-year renewal of Control Number 1506-0061. This 
request for comments is made pursuant to the Paperwork Reduction Act 
(``PRA'') of 1995.

DATES: Written comments should be received on or before September 17, 
2018 to be assured of consideration.

[[Page 34301]]


ADDRESSES: Comments may be submitted by any of the following methods:
     Federal E-rulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments. Refer to Docket Number 
FINCEN-2018-0007 and the OMB control number 1506-0061.
     Mail: Policy Division, Financial Crimes Enforcement 
Network, P.O. Box 39, Vienna, VA 22183. Refer to Docket Number FINCEN-
2018-0007 and the OMB control number 1506-0061. Please submit comments 
by one method only (electronically preferred). All comments submitted 
in response to this notice will become a matter of public record. 
Comments will also be incorporated to FinCEN's retrospective regulatory 
review process, as mandated by E.O. 12866 and 13563. Therefore, you 
should submit only information that you wish to make publicly 
available.

FOR FURTHER INFORMATION CONTACT: The FinCEN Resource Center at 800-767-
2825 or electronically at [email protected].

SUPPLEMENTARY INFORMATION: The BSA, Titles I and II of Public Law 91-
508, as amended, codified at 12 U.S.C. 1829(b), 12 U.S.C. 1951-1959, 
and 31 U.S.C. 5311-5332, authorizes the Secretary of the Treasury, 
among other things, to require financial institutions to keep records 
and file reports that are determined to have a high degree of 
usefulness in criminal, tax, and regulatory matters, or in the conduct 
of intelligence or counter-intelligence activities to protect against 
international terrorism, and to implement counter-money laundering 
programs and compliance procedures.\1\
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    \1\ Language expanding the scope of the Bank Secrecy Act to 
intelligence or counter-intelligence activities to protect against 
international terrorism was added by Section 358 of the Uniting and 
Strengthening America by Providing Appropriate Tools Required to 
Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.
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    Regulations implementing Title II of the BSA appear at 31 CFR 
Chapter X. The authority of the Secretary of the Treasury to administer 
the BSA has been delegated to the Director of FinCEN. The information 
collected and retained under the regulation addressed in this notice 
assist Federal, state, and local law enforcement as well as regulatory 
authorities in the identification, investigation, and prosecution of 
money laundering and other matters. In accordance with the requirements 
of the PRA, 44 U.S.C. 3506(c)(2)(A), and its implementing regulations, 
the following information is presented concerning the recordkeeping 
requirements listed below.
    Title: Suspicious Activity Report by Non-Bank Residential Mortgage 
Lenders and Originators.
    OMB Number: 1506-0061.
    Abstract: In accordance with 31 CFR 1029.320, covered financial 
institutions are required to report suspicious activity and maintain 
the records for a period of five years. Covered financial institutions 
may satisfy these requirements by using their internal records 
management system.
    Current Action: Renewal without change to the existing regulations.
    Type of Review: Renewal of currently approved reporting 
requirement.
    Affected Public: Businesses or other for-profit institutions.
    Burden: The administrative burden of 1 hour is assigned to maintain 
the requirement in force. The burden for actual reporting is reflected 
in OMB Control number 1506-0065.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number. Records required to be 
retained under the BSA must be retained for five years. Generally, 
information collected pursuant to the BSA is confidential, but may be 
shared as provided by law with regulatory and law enforcement 
authorities.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the agency, including whether 
the information shall have practical utility; (b) the accuracy of the 
agency's estimate of the burden of the collection of information; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; (d) ways to minimize the burden of the collection of 
information on respondents, including through the use of automated 
collection techniques or other forms of information technology; and (e) 
estimates of capital or start-up costs and costs of operation, 
maintenance and purchase of services to provide information.

Jamal El Hindi,
Deputy Director, Financial Crimes Enforcement Network.
[FR Doc. 2018-15402 Filed 7-18-18; 8:45 am]
 BILLING CODE 4810-02-P