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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:
200911-7100-009
Status:
Historical Active
Previous ICR Reference No:
200911-7100-004
Agency/Subagency:
FRS
Agency Tracking No:
Reg E (R-1377) Gift Cards
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:
04/02/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/02/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2012
01/31/2012
01/31/2012
Responses
5,896,152
0
5,890,127
Time Burden (Hours)
738,600
0
526,520
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:
PL: Pub.L. 111 - 24 123 Stat. 1734 Name of Law: Credit Card Accountability Responsibility and Disclosure Act of 2009
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AD27
Final or interim final rulemaking
75 FR 16580
04/01/2010
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
12
IC Title
Form No.
Form Name
Change-in-terms (205.8(a))
Consumer response to opt-in disclosures (R-1343)
Error resolution (205.11)
Exclusion policies and procedures (205.20(b)(2)) One-time (R-1377)
Exclusion policies and procedures (205.20(b)(2)) ongoing (R-1377)
Gift Card disclosure update (205.20(e)(3)) One-time (R-1377)
Initial disclosures (205.7(b)) & (205.18(c)(1))
One-time change existing opt-in disclosures (R-1343)
One-time change new opt-in disclosures (R-1343)
Periodic statements (205.9(b))
Policy & procedures (205.20(e)(1) one-time (R-1377)
Policy and procedures (205.20(e)(1) ongoing(R-1377)
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
5,896,152
5,890,127
6,025
0
0
0
Annual Time Burden (Hours)
738,600
526,520
212,080
0
0
0
Annual Cost Burden (Dollars)
0
0
0
0
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:
On November 20, 2009, a notice of proposed rulemaking was published in the Federal Register for public comment (74 FR 60986). The proposed amendments would restrict an institutions ability to impose dormancy, inactivity, or service fees for certain prepaid products, primarily gift cards. In addition, the proposed amendments would generally prohibit the sale or issuance of such products if they have an expiration date of less than five years. The proposed amendments implement statutory requirements set forth in the Credit Card Accountability Responsibility and Disclosure Act of 2009 that are effective on August 22, 2010. The comment period expired December 21, 2009. The Federal Reserve received over 230 comments; no comments specifically addressing the paperwork burden estimates were received. One comment referenced PRA; however the Federal Reserve believes the points raised were related to regulatory burden (beyond the scope of PRA). The estimates therefore will remain unchanged as published in the proposed rule. On April 1, 2010, a notice of final rulemaking was published in the Federal Register adopting the amendments largely as proposed, with mandatory compliance by August 22, 2010 (75 FR 16580).
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)?
No
Is this ICR related to the Pandemic Response?
Uncollected
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:
04/02/2010
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