View Information Collection Request (ICR) Package
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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:
7100-0332
ICR Reference No:
201405-7100-005
Status:
Historical Active
Previous ICR Reference No:
201101-7100-009
Agency/Subagency:
FRS
Agency Tracking No:
FR 3054a, b, c, d
Title:
Payment Systems Surveys
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:
05/29/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/29/2014
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
05/31/2017
36 Months From Approved
09/30/2014
Responses
13,230
0
1,250
Time Burden (Hours)
13,090
0
17,550
Cost Burden (Dollars)
0
0
0
Abstract:
The FR 3054a is an event-driven survey used to obtain information specifically tailored to the Federal Reserve's operational and fiscal agency responsibilities. The FR 3054a may be conducted independently by the Federal Reserve Board or jointly with another government agency, a Federal Reserve Bank, or a private firm. The FR 3054b is an annual survey used to assess the quality of currency in circulation and may be conducted by the Federal Reserve Board, jointly with the Federal Reserve Bank of San Francisco's Cash Product Office (CPO), the Federal Reserve Bank of Richmond's Currency Technology Office (CTO), and each Federal Reserve Bank's cash department. The FR 3054c is a semi-annual survey used to determine depository institutions' and Banknote Equipment Manufacturers' (BEMs) opinions of currency quality and may be conducted jointly with the CPO and CTO. The FR 3054d is an annual survey used to assess the functionality of Federal Reserve notes in banknote handling equipment. The data collected from the FR 3054d are used as inputs for future designs of Federal Reserve notes. The FR 3054d may be conducted jointly with the U.S. Treasury's Bureau of Engraving and Printing (BEP) and the CTO. The FR 3054a, FR 3054b, FR 3054c, and FR 3054d are sent to financial and nonfinancial businesses. The Federal Reserve uses data collected from these surveys to determine (1) demand for currency and coin, (2) market preferences regarding currency quality, (3) quality of currency in circulation, (4) features used by the public and bank note authentication equipment to denominate and authenticate bank notes, and (5) whether changes to Federal Reserve Bank sorting algorithms are necessary to ensure that currency in circulation remains fit for commerce.
Authorizing Statute(s):
US Code:
5 USC 552(b)(4) and (b)(6)
Name of Law: Freedom of Information Act
US Code:
12 USC 248(d)
Name of Law: Federal Reserve Act
Citations for New Statutory Requirements:
None
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:
79 FR 4468
01/28/2014
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 21243
04/15/2014
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Ad Hoc Payment Systems Survey (FR 3054a)
FR 3054a, FR 3054a
Government Prepaid Card Survey - Depository Institutions Survey
,
Government Prepaid Card Survey - State Government Survey
Currency Functionality and Perception Survey (FR 3054d)
FR 3054d
the Currency Quality Survey
Currency Quality Sampling Survey (FR 3054b)
FR 3054b
the Currency Quality Sampling Survey
Currency Quality Survey (FR 3054c)
FR 3054c
the Currency Quality Survey
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
13,230
1,250
0
11,980
0
0
Annual Time Burden (Hours)
13,090
17,550
0
-4,460
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The Federal Reserve proposes to revise the FR 3054a by (1) adding individuals and law enforcement agencies to its respondent panel, (2) reducing the annual frequency from 10 times to 1 time per year, (3) reducing the estimated time to complete a survey from 15 hours to 0.75 hours, and (4) increasing the number of respondents from 100 to 12,000. The Federal Reserve proposes to revise the FR 3054d by (1) renaming the survey as Currency Functionality and Perception Survey, (2) adding individuals to its respondent panel, (3) increasing the frequency of the survey from one time per year to four times per year, (4) reducing the estimated time to complete the survey from 48 hours to 2.5 hours, and (5) increasing the number of respondents from 20 to 250.
Annual Cost to Federal Government:
$3,000,000
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:
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:
05/29/2014
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