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Brief and OIRA conclusion
Common Form Info.
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View ICR - OIRA Conclusion
OMB Control No:
ICR Reference No:
Previous ICR Reference No:
Agency Tracking No:
Reg E (R-1247)
Recordkeeping and Disclosure Requirements in Connection with Regulation E (Electronic Funds Transfer)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
Type of Review Request:
OIRA Conclusion Action:
Approved without change
Retrieve Notice of Action (NOA)
Date Received in OIRA:
Terms of Clearance:
Inventory as of this Action
Time Burden (Hours)
Cost Burden (Dollars)
Regulation E establishes the rights, liabilities, and responsibilities of parties in electronic fund transfers (EFTs) and protects consumers using EFT systems. The information is also used to ensure adequate disclosure of basic terms, costs, and rights related to EFT services.
US Code: 15 USC 1693 Name of Law: Electronic Fund Transfer Act
Citations for New Statutory Requirements:
Associated Rulemaking Information
Stage of Rulemaking:
Federal Register Citation:
Final or interim final rulemaking
71 FR 51437
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Number of Information Collection (IC) in this ICR:
Regulation E (Financial Institutions Disclosures (Initial Terms))
Regulation E (Financial Institutions Disclosures (Change in Terms))
Regulation E (Financial Institutions Disclosures (Periodic Disclosures))
Regulation E (Financial Institutions Disclosures (Error Resolution rules))
Regulation E (One-time change (Initial Disclosures))
Regulation E (One-time change (Merchants & payees disclosures))
Regulation E (One-time change (ATM signage disclosures))
Regulation E (Payroll card issuers disclosures (initial))
Regulation E (Payroll card issuers disclosures (periodic))
Regulation E (Payroll card issuers disclosures (error resolution rules))
ICR Summary of Burden
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
Annual Time Burden (Hours)
Annual Cost Burden (Dollars)
Burden increases because of Program Change due to Agency Discretion:
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
Burden Reduction Due to:
To ease institutions’ burden and cost of complying with the disclosure requirements of Regulation E (particularly for small entities), the Federal Reserve publishes model forms and disclosure clauses. Payroll Card Issuers Initial Disclosures, Periodic Disclosures, and Error Resolution Rules (section 205.2(b)(2)) This disclosure is required when one or more parties that meet the definition of “financial institution” are involved in offering payroll card accounts as defined in § 205.2(b)(2) – whether the financial institution is an employer, a depository institution, or other third party involved in holding the payroll card account or in the issuance of a payroll card. Such entities would be required to fully comply with Regulation E, and provide disclosure of basic terms, costs, and rights relating to electronic fund transfer services in connection with the payroll card account. The parties may contract among themselves to comply with the regulation by providing one set of disclosures. Certain information must be disclosed to consumers, including: initial and updated EFT terms, transaction information, periodic statements of activity, the consumer’s potential liability for unauthorized transfers, and error resolution rights and procedures. The disclosures are standardized and machine-generated and do not substantively change from one individual account to another; thus, the average time for providing the disclosure to all consumers would be small.
Annual Cost to Federal Government:
Does this IC contain surveys, censuses, or employ statistical methods?
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
Is this ICR related to the Affordable Care Act [PPACA, P.L. 111-148 & 111-152]?
Is this ICR related to the Dodd-Frank Act [Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203]?
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
John Schmidt 202-728-5859 email@example.com
Common Form ICR:
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.