Monday, 

December 20, 2010 

Part XIV 

Department of the 

Treasury 

Semiannual Regulatory Agenda 


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79838 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 

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 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

437 Amendment to the Bank Secrecy Act Regulations—Definitions and Other Regulations Relating to Prepaid Access 1506–AB07 

Comptroller of the Currency—Completed Actions 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

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

Internal Revenue Service—Proposed Rule Stage 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

439 User Fees Relating to Enrollment, Registered Tax Return Preparers, and Continuing Education Programs ............. 1545–BJ65 

Internal Revenue Service—Final Rule Stage 

Sequence 

Number Title 

Regulation 

Identifier 

Number 

440 Indoor Tanning Services ............................................................................................................................................... 1545–BJ40 


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Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 79839 

TREAS 

Internal Revenue Service—Completed Actions 

Sequence 

Number Title 

Regulation 

Identifier 

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: elizabeth.baltierra@fincen.gov 

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: koko.ives@fincen.gov 

RIN: 1506–AB07 

BILLING CODE 4810—33—S 


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79840 Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 

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: heidi.thomas@occ.treas.gov 

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: 

emily.m.lesniak@irscounsel.treas.gov 

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: 

taylor.cortright@irscounsel.treas.gov 

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: 

matthew.s.cooper@irscounsel.treas.gov 

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 


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Federal Register / Vol. 75, No. 243 / Monday, December 20, 2010 / Unified Agenda 79841 

TREAS—IRS Completed Actions 

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: 

taylor.cortright@irscounsel.treas.gov 

RIN: 1545–BJ41 

[FR Doc. 2010–30452 Filed 12–17–10; 8:45 

am] 

BILLING CODE 4830–01–S 


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