You have to fail FACTA regardless if you hold an overseas account. If you hold less than $10k USD than it's a few check boxes and takes less than 10 minutes
The IRS rules concerning FBAR are here: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Emplo...
And the pertinent text from that page: "Who Must File an FBAR United States persons are required to file an FBAR if: 1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and 2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported."
FATCA is a new burden on foreign financial institutions that requires them to report to the US government on US citizens who have accounts at their institutions. It's meant banks in several countries have refused services to US citizens and closed their accounts.
A United States person is defined as:
"United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States."
(There are exemptions for very specific circumstances)
A lot of United States persons living overseas are unaware that they need to file, and a lot of permanent residents or H-1Bs in the US are unaware that they also need to file if they still have assets held overseas. They have ramped enforcement up over the last few years so a lot of people are out of compliance and don't realize it. Thankfully at least at the
See:
http://business.financialpost.com/personal-finance/taxes/unc...
(Disclaimer: Not an accountant. Consult an accountant for tax related advice)