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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0200
ICR Reference No:
200911-7100-004
Status:
Historical Active
Previous ICR Reference No:
200810-7100-006
Agency/Subagency:
FRS
Agency Tracking No:
Reg E (R-1343)
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:
11/20/2009
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/20/2009
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2012
01/31/2012
01/31/2012
Responses
5,890,127
5,890,127
751,024
Time Burden (Hours)
526,520
526,520
59,902
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-AD27
Final or interim final rulemaking
74 FR 59033
11/17/2009
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
7
IC Title
Form No.
Form Name
Consumer response to opt-in disclosures (R-1343)
One-time change new opt-in disclosures (R-1343)
Initial disclosures (205.7(b)) & (205.18(c)(1))
Change-in-terms (205.8(a))
Periodic statements (205.9(b))
Error resolution (205.11)
One-time change existing opt-in disclosures (R-1343)
ICR Summary of Burden
Total Approved
Previously Approved
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
5,890,127
751,024
0
5,139,103
0
0
Annual Time Burden (Hours)
526,520
59,902
0
466,618
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The Federal Reserve is adopting a final rule under Regulation E to assist consumers in understanding how overdraft services provided by their institutions operate. The rule is also intended to ensure that consumers have the opportunity to limit the overdraft costs associated with ATM and one-time debit card transactions, where such services do not meet their needs. The final rule is effective January 19, 2010, with a mandatory compliance date of July 1, 2010,
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 [PPACA, P.L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Act [Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Agency Contact:
John Schmidt 202-728-5859 john.schmidt@frb.gov
Common Form ICR:
No
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.
Certification Date:
11/20/2009
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