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:
7100-0235
ICR Reference No:
201709-7100-013
Status:
Historical Active
Previous ICR Reference No:
201409-7100-012
Agency/Subagency:
FRS
Agency Tracking No:
Reg CC
Title:
Disclosure Requirements in Connection with Regulation CC to Implement the Expedited Funds Availability Act
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:
09/27/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/27/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2017
09/30/2017
09/30/2017
Responses
4,453,799
0
4,578,875
Time Burden (Hours)
190,605
0
195,846
Cost Burden (Dollars)
0
0
0
Abstract:
Regulation CC requires banks to make funds deposited in transaction accounts available within specified time periods, disclose their availability policies to customers, and begin accruing interest on such deposits promptly. The disclosures are intended to alert customers that their ability to use deposited funds may be delayed, prevent unintentional (and potentially costly) overdrafts, and allow customers to compare the policies of different banks before deciding at which bank to deposit funds. The regulation also requires notice to the depositary bank and to a customer of nonpayment of a check. Model disclosure forms, clauses, and notices are appended to the regulation to ease compliance.
Authorizing Statute(s):
US Code:
12 USC 4008
Name of Law: Expedited Funds Availability Act
US Code:
12 USC 5014
Name of Law: Check 21 Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AD68
Proposed rulemaking
79 FR 6673
02/04/2014
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
79 FR 6673
02/04/2014
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 56581
09/22/2014
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
11
IC Title
Form No.
Form Name
ATM changes in policy (229.18(e))
Annual notice of new ATMs (229.18(e))
Consumer awareness (229.57)
Consumers - Expedited recredit claim notice (229.54(b)(2))
Expedited recredit for banks (229.55)
Expedited recredit for consumers (229.54(a))
Locations where employees accept consumer deposits (229.18(b)) ATMs (229.18(c))
Longer delays on a case-by-case basis. Notice in specific policy disclosure. (229.16(c))
Notice of exceptions (229.13(g))
Notice of nonpayment (229.33(a) & (d))
Specific availability policy disclosure (229.16) & Initial disclosures (229.17)
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
4,453,799
4,578,875
0
0
-125,076
0
Annual Time Burden (Hours)
190,605
195,846
0
0
-5,241
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:
Decrease in burden hours reflects update to the Reg CC respondent count.
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:
09/27/2017
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