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

Forms and Documents

Document	Type	Status	Availability
RegE_R1377_GiftCard_20100402_omb.doc	Supporting Statement A	Uploaded 2010-04-02	Available
RegE_R1377_GiftCards_20100323.nfrm.pr.pdf	Supplementary Document	Uploaded 2010-04-02	Available
RegE_R1377.20091116.nprm.pr.pdf	Supplementary Document	Uploaded 2009-11-27	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
46158	Error resolution (205.11)		Unchanged
46157	Periodic statements (205.9(b))		Unchanged
46155	Change-in-terms (205.8(a))		Unchanged
36218	Initial disclosures (205.7(b)) & (205.18(c)(1))		Unchanged
191446	Gift Card disclosure update (205.20(e)(3)) One-time (R-1377)		New
191445	Policy and procedures (205.20(e)(1) ongoing(R-1377)		New
191444	Policy & procedures (205.20(e)(1) one-time (R-1377)		New
191443	Exclusion policies and procedures (205.20(b)(2)) ongoing (R-1377)		New
191442	Exclusion policies and procedures (205.20(b)(2)) One-time (R-1377)		New
191199	Consumer response to opt-in disclosures (R-1343)		Unchanged
191198	One-time change existing opt-in disclosures (R-1343)		Unchanged
191197	One-time change new opt-in disclosures (R-1343)		Unchanged

ICR Details

OMB Control No: 7100-0200	ICR Reference No: 200911-7100-009
Status: Historical Active	Previous ICR Reference No: 200911-7100-004
Agency/Subagency: FRS	Agency Tracking No: Reg E (R-1377) Gift Cards
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: 04/02/2010
	Date Received in OIRA: 04/02/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2012	01/31/2012	01/31/2012
Responses	5,896,152	0	5,890,127
Time Burden (Hours)	738,600	0	526,520
Cost Burden (Dollars)	0	0	0

---

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.

---

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

Citations for New Statutory Requirements: PL: Pub.L. 111 - 24 123 Stat. 1734 Name of Law: Credit Card Accountability Responsibility and Disclosure Act of 2009

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
7100-AD27	Final or interim final rulemaking	75 FR 16580	04/01/2010

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

---

Number of Information Collection (IC) in this ICR: 12

IC Title	Form No.	Form Name
One-time change new opt-in disclosures (R-1343)
Consumer response to opt-in disclosures (R-1343)
Exclusion policies and procedures (205.20(b)(2)) One-time (R-1377)
Exclusion policies and procedures (205.20(b)(2)) ongoing (R-1377)
Policy & procedures (205.20(e)(1) one-time (R-1377)
Policy and procedures (205.20(e)(1) ongoing(R-1377)
Gift Card disclosure update (205.20(e)(3)) One-time (R-1377)
Initial disclosures (205.7(b)) & (205.18(c)(1))
Change-in-terms (205.8(a))
Periodic statements (205.9(b))
Error resolution (205.11)
One-time change existing opt-in disclosures (R-1343)

---

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	5,896,152	5,890,127	6,025	0	0	0
Annual Time Burden (Hours)	738,600	526,520	212,080	0	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: No

Burden Reduction Due to:

Short Statement: On November 20, 2009, a notice of proposed rulemaking was published in the Federal Register for public comment (74 FR 60986). The proposed amendments would restrict an institution’s ability to impose dormancy, inactivity, or service fees for certain prepaid products, primarily gift cards. In addition, the proposed amendments would generally prohibit the sale or issuance of such products if they have an expiration date of less than five years. The proposed amendments implement statutory requirements set forth in the Credit Card Accountability Responsibility and Disclosure Act of 2009 that are effective on August 22, 2010. The comment period expired December 21, 2009. The Federal Reserve received over 230 comments; no comments specifically addressing the paperwork burden estimates were received. One comment referenced PRA; however the Federal Reserve believes the points raised were related to regulatory burden (beyond the scope of PRA). The estimates therefore will remain unchanged as published in the proposed rule. On April 1, 2010, a notice of final rulemaking was published in the Federal Register adopting the amendments largely as proposed, with mandatory compliance by August 22, 2010 (75 FR 16580).

---

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)? No

Is this ICR related to the Pandemic Response? Uncollected

---

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: 04/02/2010

---