Semiannual Agenda and Fiscal Year 2011 Regulatory Plan

Part XIV

Department of the Treasury

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###Semiannual Regulatory Agenda###

[[Page 79838]]

DEPARTMENT OF THE TREASURY (TREAS)

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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

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Regulation

Sequence Title Identifier

Number Number

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437 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--Completed Actions

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Regulation

Sequence Title Identifier

Number Number

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438 S.A.F.E. Mortgage Licensing Act....................................................... 1557-AD23

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Internal Revenue Service--Proposed Rule Stage

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Regulation

Sequence Title Identifier

Number Number

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439 User Fees Relating to Enrollment, Registered Tax Return Preparers, and Continuing 1545-BJ65

Education Programs....................................................................

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Internal Revenue Service--Final Rule Stage

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Regulation

Sequence Title Identifier

Number Number

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440 Indoor Tanning Services............................................................... 1545-BJ40

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[[Page 79839]]

Internal Revenue Service--Completed Actions

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Regulation

Sequence Title Identifier

Number Number

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441 Regulations Governing Practice Before the IRS--Tax Return Preparers................... 1545-BJ17

442 Indoor Tanning Services............................................................... 1545-BJ41

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Department of the Treasury (TREAS) Final Rule Stage

Financial Crimes Enforcement Network (FINCEN)

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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: [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

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Department of the Treasury (TREAS) Completed Actions

Comptroller of the Currency (OCC)

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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: [email protected]

RIN: 1557-AD23

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Department of the Treasury (TREAS) Proposed Rule Stage

Internal Revenue Service (IRS)

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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: [email protected]

RIN: 1545-BJ65

_______________________________________________________________________

Department of the Treasury (TREAS) Final Rule Stage

Internal Revenue Service (IRS)

_______________________________________________________________________

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: [email protected]

RIN: 1545-BJ40

_______________________________________________________________________

Department of the Treasury (TREAS) Completed Actions

Internal Revenue Service (IRS)

_______________________________________________________________________

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: [email protected]

RIN: 1545-BJ17

_______________________________________________________________________

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: [email protected]

RIN: 1545-BJ41

[FR Doc. 2010-30452 Filed 12-17-10; 8:45 am]

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