[Federal Register Volume 75, Number 79 (Monday, April 26, 2010)]
[Unknown Section]
[Pages 21867-21870]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-8939]
[[Page 21867]]
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Part XIII
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
AGENCY: Department of the Treasury.
ACTION: Semiannual regulatory agenda.
_______________________________________________________________________
SUMMARY: This notice is given pursuant to the provisions of the
Regulatory Flexibility Act (Pub. L. 96-354, September 19, 1980) and
Executive Order 12866 (``Regulatory Planning and Review''), which
require the publication by the Department of a semiannual agenda of
regulations.
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 agency review.
Beginning with the fall 2007 edition, the Internet is the basic means
for disseminating the Unified Agenda. The complete Unified Agenda will
be available online at www.reginfo.gov and www.regulations.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 agendas 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. The semiannual
agenda of the Department of the Treasury conforms to the Unified
Agenda format developed by the Regulatory Information Service
Center (RISC).
Dated: February 26, 2010.
Richard G. Lepley,
Deputy Assistant General Counsel for
General Law and Regulation.
Financial Crimes Enforcement Network--Proposed Rule Stage
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Regulation
Sequence Title Identifier
Number Number
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260 Amendment to the Bank Secrecy Act Regulations--Definitions and Other Regulations 1506-AB07
Relating to Prepaid Access............................................................
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Comptroller of the Currency--Final Rule Stage
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Regulation
Sequence Title Identifier
Number Number
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261 S.A.F.E. Mortgage Licensing Act....................................................... 1557-AD23
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Comptroller of the Currency--Completed Actions
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Regulation
Sequence Title Identifier
Number Number
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262 Interagency Proposal for Model Privacy Form Under the Gramm-Leach-Bliley Act.......... 1557-AC80
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Internal Revenue Service--Proposed Rule Stage
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Regulation
Sequence Title Identifier
Number Number
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263 Regulations Governing Practice Before the IRS--Tax Return Preparers................... 1545-BJ17
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[[Page 21869]]
_______________________________________________________________________
Department of the Treasury (TREAS) Proposed Rule Stage
Financial Crimes Enforcement Network (FINCEN)
_______________________________________________________________________
260. <> 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 04/00/10
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: [email protected]
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: [email protected]
RIN: 1506-AB07
BILLING CODE 4810--33--S
_______________________________________________________________________
Department of the Treasury (TREAS) Final Rule Stage
Comptroller of the Currency (OCC)
_______________________________________________________________________
261. 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.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/09/09 74 FR 27386
NPRM Comment Period End 07/09/09
Final Action 05/00/10
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Heidi M. Thomas, Special Counsel, Department of the
Treasury, Comptroller of the Currency, Legislative and Regulatory
Activities Division, 250 E Street SW., Washington, DC 20219
Phone: 202 874-5090
Fax: 202 874-4889
Email: [email protected]
RIN: 1557-AD23
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_______________________________________________________________________
Department of the Treasury (TREAS) Completed Actions
Comptroller of the Currency (OCC)
_______________________________________________________________________
262. INTERAGENCY PROPOSAL FOR MODEL PRIVACY FORM UNDER THE GRAMM-LEACH-
BLILEY ACT
Legal Authority: 12 USC 93a; 15 USC 6801 et seq
Abstract: Pursuant to section 728 of the Financial Services Regulatory
Relief Act, the OCC, FRB, FDIC, OTS, NCUA, FTC, CFTC, and SEC jointly
amended their rules that implement sections 502 and 503 of the Gramm-
Leach-Bliley Act to allow financial institutions to provide a safe
harbor model privacy form and remove the sample clauses contained in
these rules as of December 1, 2011.
Completed:
________________________________________________________________________
Reason Date FR Cite
________________________________________________________________________
Final Action 12/01/09 74 FR 62890
Final Action Effective 12/31/09
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Heidi M. Thomas
Phone: 202 874-5090
Fax: 202 874-4889
Email: [email protected]
RIN: 1557-AC80
BILLING CODE 4830--01--S
_______________________________________________________________________
Department of the Treasury (TREAS) Proposed Rule Stage
Internal Revenue Service (IRS)
_______________________________________________________________________
263. <> 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.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
NPRM 06/00/10
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Matthew S. Cooper, Attorney, Department of the
Treasury, Internal Revenue Service, Room 5111, 1111 Constitution Avenue
NW., Washington, DC 20224
Phone: 202 622-4570
Fax: 202 622-7330
Email: [email protected]
RIN: 1545-BJ17
[FR Doc. 2010-8939 Filed 04-23-10; 8:45 am]
BILLING CODE 4830-01-S
