; (ii) the requestor failed to notify in writing FinCEN of a material change to any fact or statement in the original request; or (iii) a party to the original inquiry acted in bad faith when relying upon the no-action letter. (D) Notice of modification and rescission In the case that the Director of FinCEN modifies or rescinds a no-action letter under this subsection, the Director of FinCEN shall— (i) provide notice of such modification or rescission; (ii) establish a reasonable time period, of not less than 90 days, in which impacted persons may update their anti-money laundering programs or processes to achieve compliance with the Bank Secrecy Act, the USA PATRIOT Act, or any other anti-money laundering and counter terrorist financing law or regulation. (6) Definitions For purposes of this subsection: (A) Bank Secrecy Act The term Bank Secrecy Act means— (i) section 21 of the Federal Deposit Insurance Act; (ii) chapter 2 of title I of Public Law 91–508 ; and (iii) subchapter II of chapter 53 of this title. (B) Federal functional regulator The term Federal functional regulator has the meaning given that term under section 5312 of title 31, United States Code. (C) Small business concern The term small business concern has the meaning given under section 3 of the Small Business Act. .