Extension without change of a currently approved collection
No
Regular
10/30/2024
Requested
Previously Approved
36 Months From Approved
10/31/2024
320,352
64,493
4,015,839
1,854,742
0
0
Each financial institution must retain an original or copy of records related to extensions of credit in excess of $10,000 (other than those secured by real property), and records related to transfers of funds, currency, other monetary instruments, checks, investment securities, or credit of more than $10,000 to or from the United States (31 CFR 1010.410(a)-(d)). Banks and non-bank financial institutions must also maintain records related to, and include certain information as part of, funds transfers or transmittals of funds involving more than $3,000 (31 CFR 1010.410(e)-(f)).
In addition, under 31 CFR 1022.420, each provider or seller of prepaid access is required to maintain access to transactional records generated in the ordinary course of business that would be needed to reconstruct prepaid access activation, loads, reloads, purchases, withdrawals, transfers, or other prepaid-related transactions.
The total annual burden hours increased by 2,161,097 hours from 1,854,742 hours in 2020 to 4,015,839 in 2024, although the annual hourly burden estimates for each regulatory requirement remained the same as in 2020. The increase in burden is solely a result of an increase in the number of financial institutions impacted by each of the regulatory requirements.
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:
(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;
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.
1506-0058 Supporting Statement- Records Retained by Financial Institutions-10_29_2024_FINAL.docx
Records to be Made and retained by agent MSBs 31 CFR 1010.410(a)-(c)