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View ICR - OIRA Conclusion
OMB Control No:
ICR Reference No:
Previous ICR Reference No:
Agency Tracking No:
Electronic Fund Transfer Act (Regulation E) 12 CFR 1005
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
Type of Review Request:
OIRA Conclusion Action:
Retrieve Notice of Action (NOA)
Date Received in OIRA:
Terms of Clearance:
Inventory as of this Action
36 Months From Approved
Time Burden (Hours)
Cost Burden (Dollars)
Federal agencies and private litigants use the records to ascertain whether accurate and complete disclosures of EFT services and other required actions (for example, error resolution and limitation of consumer liability for unauthorized transfers) have been provided. This information will provide the primary evidence of law violations in EFTA enforcement actions brought by the CFPB. Without the Regulation E recordkeeping requirement, the CFPB's ability to enforce the EFTA would be significantly impaired. Consumers rely on the disclosures required by the EFTA and Regulation E to facilitate informed EFT decision making. Without this information, consumers would be severely hindered in their ability to assess the true costs and terms of the transactions offered. Also, without the special error resolution and limitation of consumer liability provisions, consumers would be unable to detect and correct errors in their EFT transactions and fraudulent transfers. These disclosures and provisions are necessary for the CFPB and private litigants to enforce the EFTA and Regulation E.
US Code: 15 USC 1693 Name of Law: Electronic Funds Transfer Act
Citations for New Statutory Requirements:
PL: Pub.L. 111 - 203 X Name of Law: Wall Street Reform and Consumer Protection Act
Associated Rulemaking Information
Stage of Rulemaking:
Federal Register Citation:
Final or interim final rulemaking
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
Number of Information Collection (IC) in this ICR:
null, null, null
null, null, null, null, null, null, null, null
Change in Terms
System and Policy Updates, Depository Institutions (one-time)
System and Policy Updates, Non-Depository Institutions (one-time)
Maintenance and Error Resolution, Depository Institutions (ongoing)
Maintenance and Error Resolution, Non-Depository Institutions (ongoing)
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:
The Board estimated that the proposed rule would increase the total annual burden of Regulation E by approximately 9.8 million hours. This consists of approximately 7.8 million hours of one-time burden and 2 million hours of ongoing annual burden. The Bureau estimates that the proposed rule would increase the total annual burden of Regulation E by approximately 7.7 million hours. This consists of approximately 3.4 million hours of one-time burden and 4.3 million hours of ongoing burden. Regarding the difference in the total annual burden: the Board assumed 19,000 "depository institutions" would be covered by the rule. The Bureau assumes there are approximately 7,445 insured depository institutions and 7,325 insured credit unions and approximately half of the latter (3,662) send consumer international wire transfer. The difference between 19,000 and 11,000 (approximately 7,445+3,662) in the Bureau's calculations accounts in large part for the difference in the totals. Regarding the increase in ongoing annual burden relative to one-time burden: the Board assumed 19,000 money transmitters would incur both one-time burden and ongoing annual burden. The Board obtained this estimate from FinCEN. In response to comments on the Board's estimates and review of the FinCEN data, the Bureau developed different estimates using research conducted by KPMG and the World Bank. Using this research, the Bureau estimates that 6,000 money transmitters would incur one-time burden and 67,000 would incur ongoing burden. The far larger number of entities experiencing ongoing annual burden and far smaller number of entities experiencing one-time burden accounts for the increase in ongoing annual burden relative to one-time burden. The Bureau is eliminating it's reporting of labor costs in order to be consistent with the reporting of other agencies covered under Regulation E.
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)?
Lea Mosena 202 435-7152
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.