[The Regulatory Plan and Unified Agenda of
                Federal Regulatory and Deregulatory Actions]
[Department of the Treasury Semiannual Regulatory Agenda]
[From the U.S. Government Publishing Office, www.gpo.gov]


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Part XIV





Department of the Treasury





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Semiannual Regulatory Agenda

[[Page 79838]]

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
----------------------------------------------------------------------------------------------------------------


[[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)
_______________________________________________________________________

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
BILLING CODE 4810--33--S

[[Page 79840]]

_______________________________________________________________________
Department of the Treasury (TREAS)                    Completed Actions
Comptroller of the Currency (OCC)
_______________________________________________________________________

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
BILLING CODE 4830--01--S
_______________________________________________________________________
Department of the Treasury (TREAS)                  Proposed Rule Stage
Internal Revenue Service (IRS)
_______________________________________________________________________

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]
BILLING CODE 4830-01-S
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