Additional records to be made and retained by banks (31 CFR 1020.410)
Extension without change of a currently approved collection
No
Regular
10/30/2024
Requested
Previously Approved
36 Months From Approved
10/31/2024
10,062
10,542
1,006,200
1,054,200
0
0
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.
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.
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.
1506-0059 Supporting Statement- Records Retained by Banks 10_29_2024-FINAL.docx
Additional records to be made and retained by banks