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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:
201808-7100-010
Status:
Historical Active
Previous ICR Reference No:
201508-7100-005
Agency/Subagency:
FRS
Agency Tracking No:
FR E
Title:
Recordkeeping and Disclosure Requirements Associated with the Bureau’s Regulation E
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
01/28/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/28/2019
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2019
01/31/2019
01/31/2019
Responses
629,412
0
1,397,998
Time Burden (Hours)
210,925
0
493,321
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
Number of Information Collection (IC) in this ICR:
10
IC Title
Form No.
Form Name
Acts of agents (Section 1005.35) one time
Disclosure: Section 1005.31 - Remittance transfer disclosures
Disclosure: Section 1005.33(c)(1) - Time limits and extent of investigation
Disclosure: Section 1005.8(a) - Change-in-terms
Disclosure: Sections 1005.8(b) and 1005.11 - Error resolution
Disclosure: Sections 1005.9(b) and 1005.18(b) - Periodic statements
Disclosure: Sections1005.7(b) and 1005.18(c)(1) - Initial disclosures
Error notice from sender (consumers) (Section 1005.33(b))
Recordkeeping: Section 1005.20(b)(2) - Gift card exclusion policies and procedures
Recordkeeping: Section 1005.20(e)(1) - Gift Card policy and procedures
Recordkeeping: Section 1005.35 - Acts of agents
Recordkeeping:Section 1005.33(g) - Transmitter error resolution standards and recordkeeping
Remittance transfer disclosures (Section 1005.31) one-time
Transmitter error resolution standards and recordkeeping (Section 1005.33(g) one time
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
629,412
1,397,998
0
0
-768,586
0
Annual Time Burden (Hours)
210,925
493,321
0
0
-282,396
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:
The decrease in burden hours reflects an update to respondent counts and the removal of one time burden associated with rule revisions under Docket R-1343 and Docket R-1377.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
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
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:
01/28/2019
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