The Office of the Comptroller of the Currency (OCC) has announced a request for public comments on the renewal of an information collection titled "Minimum Security Devices and Procedures, Reports of Suspicious Activities, and Bank Secrecy Act Compliance Program." This is part of their ongoing efforts to reduce paperwork and ensure compliance with the Paperwork Reduction Act. The information collection involves security requirements for banks and savings associations, such as designating a security officer and reporting suspicious activities. Comments are due by April 21, 2025, and will be used to evaluate the necessity, burden, and methods of the data collection process.
Simple Explanation
The government is asking people for their ideas on how banks can be safer and better at reporting suspicious activities. They want to make sure that giving them this information is not too hard or confusing for anyone.