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OMB Control No: 3170-0014	ICR Reference No: 201201-3170-002
Status: Historical Inactive	Previous ICR Reference No: 201110-3170-005
Agency/Subagency: CFPB	Agency Tracking No:
Title: Electronic Fund Transfer Act (Regulation E) 12 CFR 1005
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Preapproved	Conclusion Date: 03/15/2012
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/20/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2015	36 Months From Approved	05/31/2012
Responses	7,236,810	0	7,200,000
Time Burden (Hours)	4,003,000	0	1,904,000
Cost Burden (Dollars)	0	0	56,401,000

Abstract: 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.

Authorizing Statute(s): 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
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA15	Final or interim final rulemaking

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

ICR Summary of Burden

	Total Request	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	7,236,810	7,200,000	36,810
Annual Time Burden (Hours)	4,003,000	1,904,000	2,099,000
Annual Cost Burden (Dollars)	0	56,401,000	-56,401,000

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 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? 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]? No

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

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: Lea Mosena 202 435-7152

View ICR - OIRA Conclusion