Federal Register / Vol. 77, No. 53 / Monday, March 19, 2012 / Notices 16117 

Library, Main Treasury Building, 1500 

Pennsylvania Avenue NW., Washington, 

DC 20220. To visit the library, call (202) 

622–0990 for an appointment. In 

general, comments received, including 

attachments and other supporting 

materials, are part of the public record 

and are available to the public. Do not 

submit any information in your 

comments or supporting materials that 

you consider confidential or 

inappropriate for public disclosure. 

Responses should also include: 

(1) The data or rationale, including 

examples, supporting any opinions or 

conclusions; (2) alternative approaches 

and options that should be considered, 

if any; and, (3) any specific comments 

regarding general terms and conditions 

for the sale and issuance of floating rate 

notes. 

FOR FURTHER INFORMATION CONTACT: Lori 

Santamorena, Executive Director; Kurt 

Eidemiller, Associate Director; or Kevin 

Hawkins, Government Securities 

Advisor; Department of the Treasury, 

Bureau of the Public Debt, Government 

Securities Regulations Staff, (202) 504– 

3632. 

SUPPLEMENTARY INFORMATION: 

I. Background 

Treasury continually seeks ways to 

minimize borrowing costs, better 

manage its liability profile, enhance 

market liquidity, and expand the 

investor base in Treasury securities. To 

help meet these objectives, Treasury 

announced at its February 2012 

Quarterly Refunding that it continues to 

study the possibility of issuing floating 

rate notes (FRNs), a security with a 

return that is indexed and periodically 

reset. Examining alternative forms and 

structures of debt issuance is consistent 

with Treasury’s mission of financing the 

government at the lowest cost over time. 

Treasury has discussed the issuance of 

FRNs with the Treasury Borrowing 

Advisory Committee (TBAC), which is a 

federal advisory committee sponsored 

by the Securities Industry and Financial 

Markets Association (SIFMA), and with 

the primary dealers. These discussions 

have provided a significant amount of 

constructive feedback. However, prior to 

making a decision, Treasury is soliciting 

a broader range of input from a variety 

of market participants on demand for 

the product and its liquidity, as well as 

structural and operational issues that 

Treasury should consider. 

II. Solicitation for Comments 

Commenters are invited to submit 

views on the following questions: 

1. Would FRNs attract new investors 

into the Treasury market for a sustained 

period of time? 

2. Would a Treasury FRN help meet 

the investment needs of retail and 

institutional investors? 

3. How liquid would you expect FRNs 

to be in the secondary markets? 

4. What is the ideal structure for a 

Treasury FRN? 

a. What is the ideal final maturity for 

a Treasury FRN? 

b. What are the pros and cons of using 

the following reference rates for a 

Treasury FRN: Treasury bills, a Treasury 

general collateral-based repurchase 

agreement (‘‘repo’’) rate, and the federal 

funds effective rate? Are there any other 

reference rates that merit consideration? 

c. What would be the appropriate 

coupon payment frequency of a 

Treasury FRN? 

5. What changes to trading, settlement 

and accounting systems would be 

needed to accommodate FRNs? 

6. Are there any other operational 

issues that Treasury should be aware of 

when deciding on whether to issue 

FRNs? 

7. Given the above considerations, are 

FRNs a useful debt management tool 

that Treasury should consider? 

Mary J. Miller, 

Assistant Secretary for Financial Markets. 

[FR Doc. 2012–6662 Filed 3–15–12; 8:45 am] 

BILLING CODE 4810–39–P 

DEPARTMENT OF THE TREASURY 

Community Development Financial 

Institutions Fund 

Proposed Collection; Comment 

Request 

ACTION: Notice and request for 

comments. 

SUMMARY: The U.S. Department of the 

Treasury, as part of its continuing effort 

to reduce paperwork and respondent 

burden, invites the general public and 

other Federal agencies to take this 

opportunity to comment on proposed 

and/or continuing information 

collections, as required by the 

Paperwork Reduction Act of 1995, 

Public Law 104–13 (44 U.S.C. 

3506(c)(2)(A)). Currently, the 

Community Development Financial 

Institutions (CDFI) Fund, a wholly 

owned government corporation within 

the Department of the Treasury, is 

soliciting comments concerning the 

CDFI Program Application. 

DATES: Written comments should be 

received on or before May 18, 2012 to 

be assured of consideration. 

ADDRESSES: Direct all comments to Ruth 

Jaure, CDFI Program Manager, at the 

Community Development Financial 

Institutions Fund, U.S. Department of 

the Treasury, 601 13th Street NW., Suite 

200 South, Washington, DC 20005, by 

email to cdfihelp@cdfi.treas.gov or by 

facsimile to (202) 622–7754. Please note 

this is not a toll free number. 

FOR FURTHER INFORMATION CONTACT: The 

CDFI Program Application may be 

obtained from the CDFI Program page of 

the CDFI Fund’s Web site at http:// 

www.cdfifund.gov. Requests for 

additional information should be 

directed to Ruth Jaure, CDFI Program 

Manager, Community Development 

Financial Institutions Fund, U.S. 

Department of the Treasury, 601 13th 

Street NW., Suite 200 South, 

Washington, DC 20005, or call (202) 

622–9156. Please note this is not a toll 

free number. 

SUPPLEMENTARY INFORMATION: 

Title: CDFI Program Application. 

OMB Number: 1559–0021. 

Abstract: The Community 

Development Financial Institutions 

(CDFI) Program was established by the 

Riegle Community Development and 

Regulatory Improvement Act of 1994 to 

use Federal resources to invest in and 

build the capacity of CDFIs to serve lowincome people and communities lacking 

adequate access to affordable financial 

products and services. Through the 

CDFI Program, the CDFI Fund provides: 

(1) Financial Assistance (FA) awards to 

CDFIs that have Comprehensive 

Business Plans for creating 

demonstrable community development 

impact through the deployment of 

credit, capital, and financial services 

within their respective Target Markets 

or the expansion into new Investment 

Areas, Low-Income Targeted 

Populations, or Other Targeted 

Populations, and (ii) Technical 

Assistance (TA) grants to CDFIs and 

entities proposing to become CDFIs in 

order to build their capacity to better 

address the community development 

and capital access needs of their 

existing or proposed Target Markets 

and/or to become certified CDFIs. The 

regulations governing the CDFI Program 

are found at 12 CFR part 1805 and 

provide guidance on evaluation criteria 

and other requirements of the CDFI 

Program. 

The questions that the application 

contains, and the information generated 

thereby, will enable the CDFI Fund to 

evaluate applicants’ activities and 

determine the extent of applicants’ 

eligibility for a CDFI Program award. 

Failure to collect this information could 

result in improper uses of Federal 

funds. 

Current Actions: Revision of a 

currently approved collection. 


emcdonald on DSK29S0YB1PROD with NOTICES
16118 Federal Register / Vol. 77, No. 53 / Monday, March 19, 2012 / Notices 

1The BSA is codified at 12 U.S.C. 1829b, 12 

U.S.C. 1951–1959, 31 U.S.C. 5311–5314, and 5316– 

5332 and notes thereto, with implementing 

regulations at 31 CFR Chapter X. See 31 CFR 

1010.100(e). 

2Treasury Order 180–01 (Sept. 26, 2002). 

3 31 U.S.C. 5311. 

4 31 U.S.C. 5318(a) and (h). 

Type of Review: Regular Review. 

Affected Public: Certified CDFIs and 

entities seeking CDFI Certification. 

Estimated Number of Respondents: 

400. 

Estimated Annual Time per 

Respondent: 100 hours. 

Estimated Total Annual Burden 

Hours: 40,000. 

Requests for Comments: Comments 

submitted in response to this notice will 

be summarized and/or included in the 

request for Office of Management and 

Budget approval. All comments will 

become a matter of public record and 

may be published on the CDFI Fund 

Web site at http://www.cdfifund.gov. 

Comments are invited on: (a) Whether 

the collection of information is 

necessary for the proper performance of 

the functions of the CDFI Fund, 

including whether the information shall 

have practical utility; (b) the accuracy of 

the CDFI Fund’s estimate of the burden 

of the collection of information; (c) ways 

to enhance the quality, utility, and 

clarity of the information to be 

collected; (d) ways to minimize the 

burden of the collection of information 

on respondents, including through the 

use of technology; and (e) estimates of 

capital or start-up costs and costs of 

operation, maintenance, and purchase 

of services to provide information. 

The CDFI Fund specifically requests 

comments concerning the following 

questions: 

(1) Is targeting CDFI Program award 

funds into highly distressed 

communities an appropriate use of CDFI 

Program funds? 

(2) Are there ways that the fillable 

PDF application form can be improved 

that would ease applicant paperwork 

burden? 

(3) Should detailed Matching Funds 

documentation be collected later in the 

application review process and, if so, 

what would be a reasonable amount of 

time to expect an applicant to provide 

such documentation? 

(4) Does the application ask the 

appropriate questions to determine 

applicant’s financial health and 

viability? 

Authority: 12 U.S.C. 1834a, 4703, 4703 

note, 4713, 4717; 31 U.S.C 321; 12 CFR part 

1806. 

Dawn D. Wolfgang, 

Treasury PRA Clearance Officer. 

[FR Doc. 2012–6490 Filed 3–16–12; 8:45 am] 

BILLING CODE 4810–70–P 

DEPARTMENT OF THE TREASURY 

Financial Crimes Enforcement Network 

Proposed Renewal Without Change; 

Comment Request; Customer 

Identification Programs for Various 

Financial Institutions 

AGENCY: Financial Crimes Enforcement 

Network (FinCEN). 

ACTION: Notice and request for 

comments. 

SUMMARY: As part of its continuing effort 

to reduce paperwork and respondent 

burden, FinCEN invites comment on a 

proposed renewal, without change, to 

information collections found in 

regulations requiring futures 

commission merchants, introducing 

brokers, banks, savings associations, 

credit unions, certain non-federally 

regulated banks, mutual funds, and 

broker-dealers, to develop and 

implement customer identification 

programs reasonably designed to 

prevent those financial institutions from 

being used to facilitate money 

laundering and the financing of terrorist 

activities. This request for comment is 

being made pursuant to the Paperwork 

Reduction Act of 1995, Public Law 104– 

13, 44 U.S.C. 3506(c)(2)(A). 

DATES: Written comments are welcome 

and must be received on or before May 

18, 2012. 

ADDRESSES: Written comments should 

be submitted to: Regulatory Policy and 

Programs Division, Financial Crimes 

Enforcement Network, Department of 

the Treasury, P.O. Box 39, Vienna, VA 

22183, Attention: Customer 

Identification Program Comments. 

Comments also may be submitted by 

electronic mail to the following Internet 

address: regcomments@fincen.gov, again 

with a caption, in the body of the text, 

‘‘Attention: Customer Identification 

Program Comments.’’ 

Inspection of comments: Comments 

may be inspected, between 10 a.m. and 

4 p.m., in the FinCEN reading room in 

Vienna, VA. Persons wishing to inspect 

the comments submitted must request 

an appointment with the Disclosure 

Officer by telephoning (703) 905–5034 

(not a toll free call). 

FOR FURTHER INFORMATION CONTACT: The 

Regulatory Policy and Programs 

Division at 800–949–2732 option 6. 

SUPPLEMENTARY INFORMATION: 

Abstract: FinCEN exercises regulatory 

functions primarily under the Currency 

and Financial Transactions Reporting 

Act of 1970, as amended by the USA 

PATRIOT Act of 2001 and other 

legislation. This legislative framework is 

commonly referred to as the ‘‘Bank 

Secrecy Act’’ (‘‘BSA’’).1 The Secretary of 

the Treasury has delegated to the 

Director of FinCEN the authority to 

implement, administer, and enforce 

compliance with the BSA and 

associated regulations.2 Pursuant to this 

authority, FinCEN may issue regulations 

requiring financial institutions to keep 

records and file reports that ‘‘have a 

high degree of usefulness in criminal, 

tax, or regulatory investigations or 

proceedings, or in the conduct of 

intelligence or counterintelligence 

activities, including analysis, to protect 

against international terrorism.’’ 3

Additionally, FinCEN is authorized to 

impose regulations to maintain 

procedures to ensure compliance with 

the BSA and FinCEN’s implementing 

regulations, or to guard against money 

laundering, which includes imposing 

anti-money laundering (‘‘AML’’) 

program requirements on financial 

institutions.4

Section 5318(l) of the Bank Secrecy 

Act authorizes FinCEN to issue 

regulations prescribing customer 

identification programs for financial 

institutions. The regulations must 

require that, at a minimum, financial 

institutions implement reasonable 

procedures for (1) verifying the identity 

of any person seeking to open an 

account, to the extent reasonable and 

practicable; (2) maintaining records of 

the information used to verify the 

person’s identity, including name, 

address, and other identifying 

information; and (3) determining 

whether the person appears on any lists 

of known or suspected terrorists or 

terrorist organizations provided to the 

financial institution by any government 

agency. The regulations are to take into 

consideration the various types of 

accounts maintained by various types of 

financial institutions, the various 

methods of opening accounts, and the 

various types of identifying information 

available. Regulations implementing 

section 5318(l) are found at 31 CFR 

1020.220, 1023.220, 1026.220, and 

1024.220. 

1. Title: Customer identification 

programs for banks, savings 

associations, credit unions, and certain 

non-federally regulated banks. (31 CFR 

1020.220). 

Office of Management and Budget 

Control Number (OMB): 1506–0026. 


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