View Information Collection Request (ICR) Package
Skip to main content
An official website of the United States government
The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Search:
Agenda
Reg Review
ICR
This script is used to control the display of information in this page.
Display additional information by clicking on the following:
All
Brief and OIRA conclusion
Abstract/Justification
Legal Statutes
Rulemaking
FR Notices/Comments
IC List
Burden
Misc.
Common Form Info.
Certification
View Information Collection (IC) List
View Supporting Statement and Other Documents
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:
201709-7100-014
Status:
Historical Active
Previous ICR Reference No:
201709-7100-013
Agency/Subagency:
FRS
Agency Tracking No:
FR CC
Title:
Disclosure Requirements Associated with Regulation CC
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:
09/28/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/28/2017
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2020
36 Months From Approved
09/30/2017
Responses
3,970,254
0
4,453,799
Time Burden (Hours)
182,546
0
190,605
Cost Burden (Dollars)
0
0
0
Abstract:
Regulation CC - Availability of Funds and Collection of Checks 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. Regulation CC 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 Clearing for the 21st Century Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
7100-AD68
Final or interim final rulemaking
82 FR 27552
06/15/2017
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
76 FR 16862
03/25/2011
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 6674
02/04/2014
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
12
IC Title
Form No.
Form Name
Disclosure Section 229.13(g) Bank burden - Notice of exceptions
Disclosure Section 229.16(c) Bank burden - Longer delays on a case-by-case basis: Notice in specific policy disclosure
Disclosure Section 229.18(e) Bank burden - Annual notice of new ATMs
Disclosure Section 229.18(e) Bank burden - Changes in policy
Disclosure Section 229.31(c) Bank burden - Notice of nonpayment on paying bank
Disclosure Section 229.33(h) Bank burden - Notification to customer
Disclosure Section 229.54 Bank burden - Expedited recredit for consumers
Disclosure Section 229.54(b)(2) Consumer burden - Expedited recredit claim notice
Disclosure Section 229.55 Bank burden - Expedited recredit for banks
Disclosure Section 229.57 Bank burden - Consumer awareness
Disclosure Sections 229.16 and 229.17 Bank burden - Specific availability policy disclosure and Initial disclosures
Disclosure Sections 229.18(b) and 229.18(c) Bank burden - Locations where employees accept consumer deposits, and ATMs
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
3,970,254
4,453,799
0
-483,545
0
0
Annual Time Burden (Hours)
182,546
190,605
0
-8,059
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:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
The Board adopted a final rule that revises the disclosure requirements in sections 229.31(c) and 229.33(h) of Regulation CC. Section 229.31 of the final rule imposes a notice of nonpayment requirement on paying banks that determine not to pay a check, both paper and electronic, in the amount of $5,000 or more. Section 229.33(h) requires a depositary bank to notify its customer if the depositary bank receives a returned check, notice of nonpayment, or notice of recovery under section 229.35(b).
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:
09/28/2017
An official website of the United States government
The .gov means it's official.
The site is secure.
