Recordkeeping and Disclosure Requirements in Connection with Regulation E (Electronic Funds Transfer)

ICR 200611-7100-011

OMB: 7100-0200

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2006-11-27
Justification for No Material/Nonsubstantive Change
2006-11-24
ICR Details
7100-0200 200611-7100-011
Historical Active 200611-7100-010
FRS Reg E (R-1247)
Recordkeeping and Disclosure Requirements in Connection with Regulation E (Electronic Funds Transfer)
Revision of a currently approved collection   No
Delegated
Approved without change 11/28/2006
Retrieve Notice of Action (NOA) 11/28/2006
  Inventory as of this Action Requested Previously Approved
01/31/2009 01/31/2009 01/31/2009
805,875 0 805,860
83,866 0 83,751
0 0 0

Regulation E establishes the rights, liabilities, and responsibilities of parties in electronic fund transfers (EFTs) and protects consumers using EFT systems. The information is also used to ensure adequate disclosure of basic terms, costs, and rights related to EFT services.

US Code: 15 USC 1693 Name of Law: Electronic Fund Transfer Act
  
None

7100-AD01 Final or interim final rulemaking 71 FR 51437 08/30/2006

Yes

  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 805,875 805,860 0 15 0 0
Annual Time Burden (Hours) 83,866 83,751 0 115 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
To ease institutions’ burden and cost of complying with the disclosure requirements of Regulation E (particularly for small entities), the Federal Reserve publishes model forms and disclosure clauses. Payroll Card Issuers Initial Disclosures, Periodic Disclosures, and Error Resolution Rules (section 205.2(b)(2)) This disclosure is required when one or more parties that meet the definition of “financial institution” are involved in offering payroll card accounts as defined in § 205.2(b)(2) – whether the financial institution is an employer, a depository institution, or other third party involved in holding the payroll card account or in the issuance of a payroll card. Such entities would be required to fully comply with Regulation E, and provide disclosure of basic terms, costs, and rights relating to electronic fund transfer services in connection with the payroll card account. The parties may contract among themselves to comply with the regulation by providing one set of disclosures. Certain information must be disclosed to consumers, including: initial and updated EFT terms, transaction information, periodic statements of activity, the consumer’s potential liability for unauthorized transfers, and error resolution rights and procedures. The disclosures are standardized and machine-generated and do not substantively change from one individual account to another; thus, the average time for providing the disclosure to all consumers would be small.

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
John Schmidt 202-728-5859 [email protected]

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
11/28/2006


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