Additional records to be made and retained by banks (31 CFR 1020.410)

Forms and Documents

Document Name	Status
1506-0059 Supporting Statement- Records Retained by Banks 10_29_2024-FINAL.docx Supporting Statement A	2024-10-29

IC Document Collections

IC ID	Document Title	Status
194400	Additional records to be made and retained by banks	Modified

ICR Details

OMB Control No: 1506-0059	ICR Reference No: 202410-1506-006
Status: Received in OIRA	Previous ICR Reference No: 202102-1506-003
Agency/Subagency: TREAS/FINCEN	Agency Tracking No:
Title: Additional records to be made and retained by banks (31 CFR 1020.410)
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

	Requested	Previously Approved
Expiration Date	36 Months From Approved	10/31/2024
Responses	10,062	10,542
Time Burden (Hours)	1,006,200	1,054,200
Cost Burden (Dollars)	0	0

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Abstract: A bank must retain an original or copy of certain records, as specified in section 31 CFR 1020.410. See the the supporting statement for additional details.

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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: 1

IC Title	Form No.	Form Name
Additional records to be made and retained by banks

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ICR Summary 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	10,062	10,542	0	0	-480	0
Annual Time Burden (Hours)	1,006,200	1,054,200	0	0	-48,000	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 decreased by 48,000 hours from 1,054,200 hours in 2020 to 1,006,200 hours in 2024, although the annual hourly burden estimates per regulatory requirement remained the same as in 2020. The reduction in burden is solely a result of a decrease in the number of banks from 10,542 in 2020 to 10,062 in 2024.

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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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