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OMB Control No: 7100-0200	ICR Reference No: 200612-7100-009
Status: Historical Active	Previous ICR Reference No: 200611-7100-011
Agency/Subagency: FRS	Agency Tracking No: Reg E (R-1265)
Title: 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: No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/28/2006
Retrieve Notice of Action (NOA)	Date Received in OIRA: 12/28/2006
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2009	01/31/2009	01/31/2009
Responses	805,875	0	805,875
Time Burden (Hours)	83,866	0	83,866
Cost Burden (Dollars)	0	0	0

Abstract: 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.

Authorizing Statute(s): US Code: 15 USC 1693 Name of Law: Electronic Fund Transfer Act

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD01	Final or interim final rulemaking	71 FR 69430	12/01/2006

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved
Annual Number of Responses	805,875	805,875
Annual Time Burden (Hours)	83,866	83,866
Annual Cost Burden (Dollars)	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: 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 consumers 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: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: John Schmidt 202-728-5859 john.schmidt@frb.gov

View ICR - OIRA Conclusion