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:
202301-7100-002
Status:
Historical Active
Previous ICR Reference No:
201910-7100-007
Agency/Subagency:
FRS
Agency Tracking No:
FR 3054
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:
01/30/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
01/30/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
01/31/2026
36 Months From Approved
05/31/2023
Responses
24,300
0
23,850
Time Burden (Hours)
21,125
0
20,400
Cost Burden (Dollars)
0
0
0
Abstract:
The Payment Systems Surveys are used to obtain information specifically tailored to the Federal Reserve’s operational and fiscal agency responsibilities. The Payment Systems Surveys family of surveys currently comprises of the following: • Ad Hoc Payments Systems Survey (FR 3054a), • Currency Quality Sampling Survey (FR 3054b), • Currency Quality Survey (FR 3054c), • Currency Functionality and Perception Survey (FR 3054d), and • Currency Education Usability Survey (FR 3045e).
Authorizing Statute(s):
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 411
Name of Law: Federal Reserve Act
US Code:
12 USC 412
Name of Law: Federal Reserve Act
US Code:
12 USC 413
Name of Law: Federal Reserve Act
US Code:
12 USC 414
Name of Law: Federal Reserve Act
US Code:
12 USC 415
Name of Law: Federal Reserve Act
US Code:
12 USC 416
Name of Law: Federal Reserve Act
US Code:
12 USC 417
Name of Law: Federal Reserve Act
US Code:
12 USC 420
Name of Law: Federal Reserve Act
US Code:
12 USC 422
Name of Law: Federal Reserve 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:
87 FR 56053
09/13/2022
30-day Notice:
Federal Register Citation:
Citation Date:
87 FR 78964
12/23/2022
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
5
IC Title
Form No.
Form Name
FR 3054a
FR 3054b
FR 3054b
Currency Quality Sampling Survey
FR 3054c
FR 3054c
Currency Quality Survey
FR 3054d
FR 3054d, FR 3054d
Currency Functionality and Perception Survey (General)
,
Currency Functionality and Perception Survey (Specialized)
FR 3054e
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
24,300
23,850
0
450
0
0
Annual Time Burden (Hours)
21,125
20,400
0
725
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:
No
Burden Reduction Due to:
Short Statement:
The estimated total annual burden for the FR 3054 is 20,400 hours, and would increase to 21,125 hours with the revisions. The Board has increased the estimated respondents for the FR 3054b from 300 to 500, increased the estimated frequency for the FR 3054d from four times a year to five times a year, and increased the estimated frequency from five times a year to ten times a year, and decreased the estimated number of respondents from 500 to 250 for the FR 3054e. The increase in the frequency of surveys allows the Federal Reserve System flexibility to respond to diverse needs for data by surveying groups of respondents multiple times throughout a year. Increasing the number of estimated respondents of the FR 3054b will help ensure statistical significance of the sample pool and decreasing the estimated number of respondents while increasing the frequency of the FR 3054e will facilitate more survey agility.
Annual Cost to Federal Government:
$2,010,000
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.
Yes
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?
No
Agency Contact:
Kaitlin Merritt 202 452-3752 kaitlin.m.merritt@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:
01/30/2023
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