Non-Substantive Change Justification

Justification for Non-Substantive Changes for

Internet Direct Deposit Application

31 CFR 210

OMB No. 0960-0686

Justification for Non-Substantive Changes to the Collection or Resubmission of the Collection within One Year of OMB Approval

Change 1: We are adding a space on the bottom of page one, which will allow the beneficiary to provide the Society for Worldwide Interbank Financial Telecommunications Bank Identifier Code (SWIFT/BIC).

Justification: There has been an International Direct Deposit (IDD) processing change, mandated in the Euro Zone effective February 2014. The change known as Single European Payments Area (SEPA), is an initiative to simplify bank transfers within the European Union. SEPA compliance will affect approximately 100,000 Euro benefit payments. It now requires all IDD payments made in the Euro Zone must include the applicable IBAN and SWIFT/BIC codes. As a result, we are now requiring beneficiaries in the Euro Zone to enter the SWIFT/BIC code in the space provided in the bottom portion of the SSA-1199 when applying for IDD.

We are implementing these changes effective immediately to comply with Treasury’s new mandate. Prior to February 2014, Treasury did not require the SWIFT/BIC code to process IDD payments for countries in the Euro Zone. Therefore, we did not include this change in our previous submission of the clearance package, which OMB approved in 5/9/2013. If we do not take immediate action, Technicians in the field will have difficulty processing IDD payments for countries in the Euro Zone. This will cause undue hardship for beneficiaries enrolling to receive IDD payments in those countries.