[Federal Register Volume 75, Number 243 (Monday, December 20, 2010)]
[Unknown Section]
[Pages 79837-79841]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-30452]
[[Page 79837]]
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Part XIV
Department of the Treasury
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###Semiannual Regulatory Agenda###
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DEPARTMENT OF THE TREASURY (TREAS)
_______________________________________________________________________
DEPARTMENT OF THE TREASURY
31 CFR Subtitle A, Chs. I and II
Semiannual Agenda and Fiscal Year 2011 Regulatory Plan
AGENCY: Department of the Treasury.
ACTION: Semiannual regulatory agenda and annual regulatory plan.
_______________________________________________________________________
SUMMARY: This notice is given pursuant to the requirements of the
Regulatory Flexibility Act and Executive Order (E.O.) 12866
``Regulatory Planning and Review'', which require the publication by
the Department of a semiannual agenda of regulations. EO 12866 also
requires the publication by the Department of a regulatory plan for
fiscal year 2011.
FOR FURTHER INFORMATION CONTACT: The Agency Contact identified in the
item relating to that regulation.
SUPPLEMENTARY INFORMATION: The semiannual regulatory agenda includes
regulations that the Department has issued or expects to issue and
rules currently in effect that are under departmental or bureau review.
For this edition of the regulatory agenda, the most important
significant regulatory actions and a Statement of Regulatory Priorities
are included in The Regulatory Plan, which appears in both the online
Unified Agenda and in part II of the Federal Register that includes the
Unified Agenda.
Beginning with the fall 2007 edition, the Internet is the
primary medium for disseminating the Unified Agenda. The complete
Unified Agenda will be available online at www.reginfo.gov, in a
format that offers users an enhanced ability to obtain information
from the Agenda database. Because publication in the Federal
Register is mandated for the regulatory flexibility agenda required
by the Regulatory Flexibility Act (5 U.S.C. 602), Treasury's
printed agenda entries include only:
(1) Rules that are in the regulatory flexibility agenda, in
accordance with the Regulatory Flexibility Act, because they are
likely to have a significant economic impact on a substantial
number of small entities; and
(2) Any rule that has been identified for periodic review under
section 610 of the Regulatory Flexibility Act.
Printing of these entries is limited to fields that contain
information required by the Regulatory Flexibility Act's Agenda
requirements. Additional information on these entries is available
in the Unified Agenda published on the Internet. In addition, for
fall editions of the Agenda, the entire Regulatory Plan will
continue to be printed in the Federal Register, as in past years,
including Treasury's regulatory plan.
The semiannual agenda and The Regulatory Plan of the Department
of the Treasury conform to the Unified Agenda format developed by
the Regulatory Information Service Center (RISC).
Dated: September 13, 2010.
Richard G. Lepley,
Deputy Assistant General Counsel for
General Law and Regulation.
Financial Crimes Enforcement Network--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
437 Amendment to the Bank Secrecy Act Regulations--Definitions and Other Regulations 1506-AB07
Relating to Prepaid Access............................................................
----------------------------------------------------------------------------------------------------------------
Comptroller of the Currency--Completed Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
438 S.A.F.E. Mortgage Licensing Act....................................................... 1557-AD23
----------------------------------------------------------------------------------------------------------------
Internal Revenue Service--Proposed Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
439 User Fees Relating to Enrollment, Registered Tax Return Preparers, and Continuing 1545-BJ65
Education Programs....................................................................
----------------------------------------------------------------------------------------------------------------
Internal Revenue Service--Final Rule Stage
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
440 Indoor Tanning Services............................................................... 1545-BJ40
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[[Page 79839]]
Internal Revenue Service--Completed Actions
----------------------------------------------------------------------------------------------------------------
Regulation
Sequence Title Identifier
Number Number
----------------------------------------------------------------------------------------------------------------
441 Regulations Governing Practice Before the IRS--Tax Return Preparers................... 1545-BJ17
442 Indoor Tanning Services............................................................... 1545-BJ41
----------------------------------------------------------------------------------------------------------------
_______________________________________________________________________
Department of the Treasury (TREAS) Final Rule Stage
Financial Crimes Enforcement Network (FINCEN)
_______________________________________________________________________
<###doc>
437. AMENDMENT TO THE BANK SECRECY ACT REGULATIONS--DEFINITIONS AND
OTHER REGULATIONS RELATING TO PREPAID ACCESS
Legal Authority: 12 USC 1829b; 12 USC 1951 to 1959; 31 USC 5311 to
5314; 31 USC 5316 to 5332
Abstract: The Financial Crimes Enforcement Network (FinCEN), a bureau
of the Department of the Treasury (Treasury), is proposing to revise
the Bank Secrecy Act (BSA) regulations applicable to Money Services
Businesses to include stored value or prepaid access. In this proposed
rulemaking, we are reviewing the stored value/prepaid access regulatory
framework with a focus on developing appropriate BSA regulatory
oversight without impeding continued development of the industry, as
well as improving the ability of FinCEN, other regulators and law
enforcement to safeguard the U.S. financial system from the abuses of
terrorist financing, money laundering, and other financial crime.
The proposed changes are intended to address regulatory gaps that have
resulted from the proliferation of prepaid innovations over the last 10
years and their increasing use as an accepted payment method. If these
gaps are not addressed, there is increased potential for the use of
prepaid access as a means for furthering money laundering, terrorist
financing, and other illicit transactions through the financial system.
This would significantly undermine many of the efforts previously taken
by government and industry to safeguard the financial system through
the application of BSA requirements to other areas of the financial
sector.
While seeking to address vulnerabilities existing currently in the
prepaid industry, FinCEN also intends for this proposed rule to provide
the necessary flexibility to address new developments in technology,
markets, and consumer behavior. This is important, in order to avoid
creating artificial limits on a mechanism that can be an avenue to meet
the financial services needs of the unbanked and the underbanked.
This rule proposes to subject certain providers of prepaid access to a
comprehensive BSA regime. To make BSA reports and records valuable and
meaningful, the proposed changes impose obligations on the party within
any given prepaid access transaction chain with predominant oversight
and control, as well as others in a unique position to provide
meaningful information to regulators and law enforcement. More
specifically, the proposed changes include the following: (1) Renaming
``stored value'' as ``prepaid access'' and defining that term; (2)
deleting the terms ``issuer and redeemer'' of stored value; (3)
imposing registration, suspicious activity reporting and customer
information recordkeeping requirements on providers of prepaid access,
and new transactional recordkeeping requirements on both providers and
sellers of prepaid access; and (4) exempting certain categories of
prepaid access products and services posing lower risks of money
laundering and terrorist financing from certain requirements.
FinCEN recognizes that the Credit CARD Act of 2009 mandated the
increased regulation of prepaid access, as well as the consideration of
the issue of international transport, and we will address these
mandates, either through regulatory text or solicitation of comment in
this rulemaking. In the course of our regulatory research into the
operation of the prepaid industry, we have encountered a number of
distinct issues, such as the appropriate obligations of payment
networks and financial transparency at the borders, and we anticipate
future rulemakings in these areas. We will seek to phase in any
additional requirements, however, as the most prudent course of action
for an evolving segment of the money services business (MSB) community.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/28/10 75 FR 36589
NPRM Comment Period End 07/28/10
Extend Comment Period 08/28/10 75 FR 41788
Final Action 04/00/11
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Elizbzeth Baltierra, Regulatory Policy Project Officer,
Department of the Treasury, Financial Crimes Enforcement Network, PO
Box 39, Vienna, VA 22183
Phone: 703 905-5132
Email: elizabeth.baltierra@fincen.gov
Koko (Nettie) Ives, Department of the Treasury, Financial Crimes
Enforcement Network, Suite 4600, 1099 14th Street NW., Washington, DC
20005
Phone: 202 354-6014
Email: koko.ives@fincen.gov
RIN: 1506-AB07
BILLING CODE 4810--33--S
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_______________________________________________________________________
Department of the Treasury (TREAS) Completed Actions
Comptroller of the Currency (OCC)
_______________________________________________________________________
<###doc>
438. S.A.F.E. MORTGAGE LICENSING ACT
Legal Authority: 12 USC 1 et seq; 12 USC 29; 12 USC 93a; 12 USC 371; 12
USC 1701j-3; 12 USC 1828(o); 12 USC 3331 et seq
Abstract: These regulations implement the Federal registration
requirement imposed by the S.A.F.E. Mortgage Licensing Act, title V of
the Housing and Economic Recovery Act of 2008 (Pub. L. 110-289, 122
Stat. 2654 (2008)) with respect to national banks and their operating
subsidiaries. They are being issued by the OCC, FRB, FDIC, OTS, NCUA,
and Farm Credit Administration.
Completed:
________________________________________________________________________
Reason Date FR Cite
________________________________________________________________________
Final Action 07/28/10 75 FR 44656
Final Action Effective 10/01/10
Correction 08/23/10 75 FR 51623
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Heidi M. Thomas
Phone: 202 874-5090
Fax: 202 874-4889
Email: heidi.thomas@occ.treas.gov
RIN: 1557-AD23
BILLING CODE 4830--01--S
_______________________________________________________________________
Department of the Treasury (TREAS) Proposed Rule Stage
Internal Revenue Service (IRS)
_______________________________________________________________________
<###doc>
439. <> USER FEES RELATING TO ENROLLMENT, REGISTERED TAX
RETURN PREPARERS, AND CONTINUING EDUCATION PROGRAMS
Legal Authority: 31 USC 9701
Abstract: These proposed regulations will update and separate the user
fees regarding enrolled agents and enrolled retirement plan agents.
These regulations will also impose user fees to take the competency
examination to become a registered tax return preparer and to provide
continuing education programs.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 12/00/10
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Emily M. Lesniak, Attorney, Department of the Treasury,
Internal Revenue Service, Room 5137, 1111 Constitution Avenue NW.,
Washington, DC 20224
Phone: 202 622-7085
Fax: 202 622-1585
Email: emily.m.lesniak@irscounsel.treas.gov
RIN: 1545-BJ65
_______________________________________________________________________
Department of the Treasury (TREAS) Final Rule Stage
Internal Revenue Service (IRS)
_______________________________________________________________________
<###doc>
440. <> INDOOR TANNING SERVICES
Legal Authority: 26 USC 7805
Abstract: Proposed regulations provide guidance on the indoor tanning
services tax made by the Patient Protection and Affordable Care Act of
2010, affecting users and providers of indoor tanning services.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/15/10 75 FR 33740
NPRM Comment Period End 09/13/10
Final Action 12/00/10
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Taylor Cortright, Attorney, Department of the Treasury,
Internal Revenue Service, Room 5314, 1111 Constitution Avenue NW.,
Washington, DC 20224
Phone: 202 622-3130
Fax: 202 622-4537
Email: taylor.cortright@irscounsel.treas.gov
RIN: 1545-BJ40
_______________________________________________________________________
Department of the Treasury (TREAS) Completed Actions
Internal Revenue Service (IRS)
_______________________________________________________________________
<###doc>
441. REGULATIONS GOVERNING PRACTICE BEFORE THE IRS--TAX RETURN PREPARERS
Legal Authority: 31 USC 330
Abstract: These proposed regulations modify the general standards of
practice for tax return preparers under Circular 230.
Completed:
________________________________________________________________________
Reason Date FR Cite
________________________________________________________________________
Withdrawn 08/10/10
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Matthew S. Cooper
Phone: 202 622-4570
Fax: 202 622-7330
Email: matthew.s.cooper@irscounsel.treas.gov
RIN: 1545-BJ17
_______________________________________________________________________
<###doc>
442. <> INDOOR TANNING SERVICES
Legal Authority: 26 USC 7805
Abstract: Temporary regulations provide guidance on the indoor tanning
services tax made by the Patient Protection and Affordable Care Act of
2010, affecting users and providers of indoor tanning services.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
Temporary Regulations 06/15/10 75 FR 33683
Regulatory Flexibility Analysis Required: Yes
[[Page 79841]]
Agency Contact: Taylor Cortright, Attorney, Department of the Treasury,
Internal Revenue Service, Room 5314, 1111 Constitution Avenue NW.,
Washington, DC 20224
Phone: 202 622-3130
Fax: 202 622-4537
Email: taylor.cortright@irscounsel.treas.gov
RIN: 1545-BJ41
[FR Doc. 2010-30452 Filed 12-17-10; 8:45 am]
BILLING CODE 4830-01-S
