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OMB Control No: 7100-0200	ICR Reference No: 201508-7100-005
Status: Historical Active	Previous ICR Reference No: 201505-7100-006
Agency/Subagency: FRS	Agency Tracking No: Reg E
Title: Recordkeeping and Disclosure Requirements Associated with the CFPB’s Regulation E (Electronic Fund Transfer Act)
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: 01/29/2016
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/29/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2019	36 Months From Approved	01/31/2016
Responses	1,397,998	0	635,476
Time Burden (Hours)	493,321	0	59,650
Cost Burden (Dollars)	0	0	0

Abstract: The EFTA ensures adequate disclosure of basic terms, costs, and rights relating to electronic fund transfer (EFT) services debiting or crediting a consumer’s account. The disclosures required by the EFTA are triggered by certain specified events. The disclosures inform consumers about the terms of the electronic fund transfer service, activity on the account, potential liability for unauthorized transfers, and the process for resolving errors. To ease institutions’ burden and cost of complying with the disclosure requirements of Regulation E (particularly for small entities), Regulation E includes model forms and disclosure clauses. Regulation E applies to all financial institutions. In addition, certain provisions in Regulation E apply to entities that are not financial institutions, including: those that act as service providers or automated teller machine (ATM) operators; merchants and other payees that engage in electronic check conversion (ECK) transactions, the electronic collection of returned item fees, or preauthorized transfers; issuers and sellers of gift cards and gift certificates; and remittance transfer providers.

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

Citations for New Statutory Requirements: US Code: 15 USC 1693b(a) Name of Law: Electronic Fund Transfer Act

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 32953	06/10/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 52279	08/28/2015
Did the Agency receive public comments on this ICR? No

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute
Annual Number of Responses	1,397,998	635,476	762,522
Annual Time Burden (Hours)	493,321	59,650	433,671
Annual Cost Burden (Dollars)	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: The Federal Reserve estimates that the 1,018 respondents would take, on average, 120 hours (three business weeks) to update their systems to comply with the disclosure requirements addressed in section 1005.31, resulting in a one-time increase of 122,160 hours. On a continuing basis, the Federal Reserve estimates that 1,018 institutions would take, on average, 8 hours (one business day) per month to comply with disclosure requirements in accordance with section 1005.31 resulting in an increase to ongoing burden of 97,728 hours. The Federal Reserve estimates that 733,000 consumers would spend, on average, 5 minutes in order to provide a notice of error as required under section 1005.33(b), resulting in an increase to the total annual burden of 61,083 hours. The Federal Reserve estimates that its respondents would take, on average, 4.5 hours per month to address a sender's notice of error as required by section 1005.33(c)(1), resulting in an increase to the ongoing burden of 54,972 hours. The Federal Reserve estimates that its respondents would take, on average, 40 hours (one business week) annually to ensure compliance with the error resolution requirements under section 1005.33, resulting in a one-time increase to the burden of 40,720 hours. On a continuing basis, the Federal Reserve estimates that its respondents would take, on average, 8 hours (one business day) annually to maintain the requirements under section 1005.33, resulting in an increase to the ongoing burden of 8,144 hours. The Federal Reserve estimates that its respondents would take, on average, 40 hours (one business week) to establish policies and procedures for agent compliance under section 1005.35, resulting in a one-time increase to the burden of 40,720 hours. On a continuing basis, the Federal Reserve estimates that its respondents would take, on average, 8 hours (one business day) annually to maintain the requirements under section 1005.35, resulting in an increase to the ongoing burden of 8,144 hours.

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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: Jennifer Williams 202 452-2446 jennifer.l.williams@frb.gov

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