Credit Card support sttmt section B v3

SUPPORTING STATEMENT

BUREAU OF ECONOMIC ANALYSIS

QUARTERLY SURVEY OF CROSS-BORDER CREDIT,

DEBIT, AND CHARGE CARD TRANSACTIONS

(OMB Control Number: To be assigned)

B. COLLECTIONS OF INFORMATION EMPLOYING STATISTICAL METHODS

1. Describe (including a numerical estimate) the potential respondent universe and any sampling or other respondent selection method to be used. Data on the number of entities (e.g. establishments, State and local governmental units, households, or persons) in the universe and the corresponding sample are to be provided in tabular form. The tabulation must also include expected response rates for the collection as a whole. If the collection has been conducted before, provide the actual response rate achieved.

The potential respondent universe is the major U.S. credit card companies. BEA plans to send the survey to each of the companies on a quarterly basis. Therefore, BEA expects four reports each quarter, or 16 annually. BEA expects the response rate to be 100%. This is a new collection, so actual response rates are not available.

2. Describe the procedures for the collection, including: the statistical methodology for stratification and sample selection; the estimation procedure; the degree of accuracy needed for the purpose described in the justification; any unusual problems requiring specialized sampling procedures; and any use of periodic (less frequent than annual) data collection cycles to reduce burden.

The survey will be administered to the four major U.S. credit card companies. BEA expects each of the potential respondents to file the survey on a timely basis. In the case that a survey is not filed, or is filed too late to be used for the current estimate, BEA will generate an estimate based upon data previously reported or estimated for the non-respondent, in conjunction with information on changes in the data for companies that did respond. A high degree of accuracy is needed for the purposes stated in the justification. No unusual problems have been identified that would require the use of specialized sampling procedures – because the universe is small (four companies) we will be collecting data from the entire universe. The data tabulated from this proposed survey will be used to produce monthly and quarterly estimates, so any use of periodic data collection cycles would reduce the effectiveness of these travel estimates.

3. Describe the methods used to maximize response rates and to deal with nonresponse. The accuracy and reliability of the information collected must be shown to be adequate for the intended uses. For collections based on sampling, a special justification must be provided if they will not yield "reliable" data that can be generalized to the universe studied.

BEA plans to maximize response rates by sending the survey electronically to the respondents according to a schedule provided by BEA to the respondents. Nonrespondents will be contacted by BEA staff and, in the event of continued nonresponse, will be referred to the Office of General Counsel for further action.

4. Describe any tests of procedures or methods to be undertaken. Tests are encouraged as effective means to refine collections, but if ten or more test respondents are involved OMB must give prior approval.

BEA has provided a draft of the proposed survey to the four companies inviting comments and offering to discuss its proposal. Subsequently, it spoke by phone with two of them. The companies indicated that the survey design and instructions were clear and that they would be able to file the survey based on data from their records and on the proposed timetable.

5. Provide the name and telephone number of individuals consulted on the statistical aspects of the design, and the name of the agency unit, contractor(s), grantee(s), or other person(s) who will actually collect and/or analyze the information for the agency.

The survey is designed and conducted within BEA by the Balance of Payments Division (BPD). For further information, contact Patricia Abaroa via email at [email protected] or by phone at 202-606-9591 or Chris Emond via email at [email protected] or by phone at 202-606-9826.

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