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

Forms and Documents

Document Name	Status
RegE_R1270.20070730.omb.doc Supporting Statement A	2007-08-06

IC Document Collections

IC ID	Document Title	Status
46170	Payroll card disclosures - Error resolution (205.18)	Modified
46169	Payroll card disclosures - Periodic (205.18)	Modified
46168	Payroll card disclosures - Initial (205.18)	Modified
46162	One-time change - Disclosure at ATM (205.16(c))	Modified
46161	One-time change - Coverage (merchants & payees disclosures) (205.3(a) and 205.3(b)(2))	Modified
46160	One-time change - Initial disclosures (205.7)	Modified
46158	Error resolution (205.8(b)) (205.11)	Modified
46157	Periodic statements (205.10(b))	Modified
46155	Change-in-terms (205.8)	Modified
36218	Initial disclosures (205.7)	Modified
180817	One-time change - Transaction Disclosures (205.9)	New

ICR Details

OMB Control No: 7100-0200	ICR Reference No: 200706-7100-005
Status: Historical Active	Previous ICR Reference No: 200612-7100-009
Agency/Subagency: FRS	Agency Tracking No: Reg E (R-1270)
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation E (Electronic Funds Transfer)
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: 08/06/2007
	Date Received in OIRA: 08/06/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2009	01/31/2009	01/31/2009
Responses	805,975	0	805,875
Time Burden (Hours)	84,666	0	83,866
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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Authorizing Statute(s): US Code: 15 USC 1693 Name of Law: Electronic Fund Transfer Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD06	Final or interim final rulemaking	72 FR 36589	07/05/2007

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	71 FR 69430	12/01/2006
30-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 36589	07/05/2007
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 11

IC Title	Form No.	Form Name
One-time change - Transaction Disclosures (205.9)
Payroll card disclosures - Periodic (205.18)
Payroll card disclosures - Error resolution (205.18)
Initial disclosures (205.7)
Change-in-terms (205.8)
Periodic statements (205.10(b))
Error resolution (205.8(b)) (205.11)
One-time change - Initial disclosures (205.7)
One-time change - Coverage (merchants & payees disclosures) (205.3(a) and 205.3(b)(2))
One-time change - Disclosure at ATM (205.16(c))
Payroll card disclosures - Initial (205.18)

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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	805,975	805,875	0	100	0	0
Annual Time Burden (Hours)	84,666	83,866	0	800	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: No

Burden Reduction Due to:

Short Statement: One-time Change to Transaction Disclosures (Receipts at Electronic Terminals; Periodic Statements (205.9))The Federal Reserve amended § 205.9 to except EFTs of $15 or less from the requirement that financial institutions make a terminal receipt available at the time of the transaction.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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: 08/06/2007

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