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:
201907-7100-010
Status:
Historical Active
Previous ICR Reference No:
201603-7100-001
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:
07/22/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/22/2019
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2022
36 Months From Approved
09/30/2019
Responses
577
0
1,975
Time Burden (Hours)
11,546
0
48,300
Cost Burden (Dollars)
0
0
0
Abstract:
These surveys collect information from depository and financial institutions, general-purpose payment networks, third-party payment processors, issuers of private-label cards, and providers of various alternative payment initiation methods and systems and help to support the Federal Reserve System’s (Federal Reserve’s) role in the payments system. The FR 3066a and FR 3066b consist of a full set of surveys for 2019 and, following the pattern established in the previous three-year period, smaller versions of the surveys for 2020 and 2021. The reference period for each survey is the previous calendar year. The Federal Reserve Payments Study (FRPS) publishes aggregate estimates of payment volumes and related information derived from the surveys.
Authorizing Statute(s):
US Code:
12 USC 4008
Name of Law: Expedited Funds Availability Act
US Code:
15 USC 1693b and 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: Check Clearing for the 21st Century Act
US Code:
12 USC 248, 248a, 342, 248-1, 360
Name of Law: Federal Reserve Act
US Code:
12 USC 411
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:
84 FR 11541
03/27/2019
30-day Notice:
Federal Register Citation:
Citation Date:
84 FR 33264
07/12/2019
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
Check Sample Survey 2016
FR 3066c
Check Sample Survey
Depository and Financial Institutions Payments Survey
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
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
577
1,975
0
-1,398
0
0
Annual Time Burden (Hours)
11,546
48,300
0
-36,754
0
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:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The estimated total annual burden for the FR 3066 surveys, averaged over three years, is 17,117 hours and decreases to 11,546 hours with the adopted revisions. For the FR 3066a the Board estimates 1,350 respondents in 2019, and 67 respondents for each of the annual supplements in 2020 and 2021. This yields an average of 495 respondents per year for the FR 3066a. For the FR 3066b the Board estimates 125 respondents in 2019, and 60 respondents for each of the annual supplements in 2020 and 2021. This yields an average of 82 respondents per year for the FR 3066b. The Board estimates that the average hours per response are the same across all years for both the FR 3066a and FR 3066b. The Board estimates a decrease of 12 hours per response from the 2016 survey for the FR 3066a to account for the removal of questions on the surveys.
Annual Cost to Federal Government:
$1,466,700
Does this IC contain surveys, censuses, or employ statistical methods?
Yes
Part B of Supporting Statement
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:
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:
07/22/2019
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