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:
7100-0351
ICR Reference No:
201603-7100-001
Status:
Historical Active
Previous ICR Reference No:
201601-7100-007
Agency/Subagency:
FRS
Agency Tracking No:
FR 3066
Title:
Federal Reserve Payments Study
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:
03/28/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
03/28/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2019
36 Months From Approved
06/30/2016
Responses
1,975
0
1,675
Time Burden (Hours)
48,300
0
49,100
Cost Burden (Dollars)
0
0
0
Abstract:
The FR 3066a, FR 3066b, and FR 3066c are triennial surveys. The FR 3066d is conducted up to one time per year. These surveys are designed to collect information needed to support the Federal Reserve System’s (FRS) role in the retail payments system. These surveys are the latest iteration in a series of surveys of depository institutions, payment networks, processors, and issuers, collectively called the Federal Reserve Payments Study (FRPS) that were conducted at 3-year intervals from 2001 to 2013.
Authorizing Statute(s):
US Code:
12 USC 3105(c)(2)
Name of Law: International Banking Act of 1978
US Code:
12 USC 1817(a)
Name of Law: Federal Deposit Insurance Act
US Code:
12 USC 225a
Name of Law: Federal Reserve Act
US Code:
12 USC 263
Name of Law: Federal Reserve Act
US Code:
12 USC 4008
Name of Law: Expedited Funds Availability Act
US Code:
15 USC 1693b
Name of Law: Electronic Fund Transfer Act
US Code:
15 USC 1693o-2
Name of Law: Electronic Fund Transfer Act
US Code:
15 USC 1604
Name of Law: Truth In Lending Act
US Code:
12 USC 5014
Name of Law: The Check Clearing for the 21st Century Act
US Code:
12 USC 248
Name of Law: Federal Reserve Act
US Code:
12 USC 248a
Name of Law: Federal Reserve Act
US Code:
12 USC 342
Name of Law: Federal Reserve Act
US Code:
12 USC 248-1, 360, and 411
Name of Law: Federal Reserve Act
US Code:
12 USC 324
Name of Law: Federal Reserve Act
US Code:
12 USC 1844(c)
Name of Law: Bank Holding Company Act
US Code:
12 USC 1467a(b)
Name of Law: Home Owners Loan Act
US Code:
12 USC 5412
Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
US Code:
12 USC 602 and 625
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:
80 FR 73760
11/25/2015
30-day Notice:
Federal Register Citation:
Citation Date:
81 FR 11270
03/03/2016
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
7
IC Title
Form No.
Form Name
Check Sample Survey 2016
FR 3066c
Check Sample Survey
Depository and Financial Institution Payments Survey 2016
FR 3066a
Depository and Financial Institutions Payments Survey
Depository and Financial Institutions Payments Survey 2017 and 2018
FR 3066a
Depository and Financial Institutions Payments Survey
Networks, Processors, and Issuers Payments Surveys 2016
FR 3066b
Networks, Processors, and Issuers Payments Surveys
Networks, Processors, and Issuers Payments Surveys 2017 and 2018
FR 3066b
Networks, Processors, and Issuers Payments Surveys
Retail Payments Survey Supplement 2016
Retail Payments Survey Supplement 2017 and 2018
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
1,975
1,675
0
300
0
0
Annual Time Burden (Hours)
48,300
49,100
0
-800
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 assumes response rates that are lower than were assumed for the current FR 3066 surveys. While current estimates of burden assumed that all responses would be complete, the level of completeness of surveys varied considerably. Proposed estimates of average burden hours also account for the varying levels of completeness that are expected to arise from the adaptive design. While the number of response items has grown since the 2013 surveys, some institutions would be asked and some would independently choose to submit partial responses.
Annual Cost to Federal Government:
$2,800,000
Does this IC contain surveys, censuses, or employ statistical methods?
Yes
Part B of Supporting Statement
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:
Richard Palmer 202 502-8438 Richard.Palmer@ferc.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:
03/28/2016
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