Justification for:
31 CFR PART 321, "Payments by Banks and Other Financial Institutions of United States Savings Bonds and United States Savings Notes (Freedom Shares)."
Explain the circumstances that make the collection of information necessary. Identify any legal or administrative requirements that necessitate the collection. Chapter 31 of Title 31 of the United States Code authorizes the Secretary of the Treasury to prescribe the terms and conditions of the sale of United States savings bonds. The offering circular under which Series E/EE and H/HH savings bonds are sold to the public prescribes the specific conditions of sale, ownership, and payment of interest on the bonds, including payment of interest by the Automated Clearing House (ACH) method of direct deposit upon the request of the owner or coowner. The collection of information is necessary to identify the direct deposit instructions of the owner.
Indicate how, by whom, and for what purpose the information is to be used. The information will be used only by employees of the Department of the Treasury, Bureau of the Public Debt, the various Federal Reserve Banks and Branches acting as fiscal agents of the United States, and qualified financial institutions acting as agents of the bond owners. The information will be used to direct the interest payments of the bond owner to his or her account at the financial institution of his or her choice. Without the information, the transaction cannot be completed.
Describe whether, and to what extent, the collection of information involves the use of automated, electronic, mechanical, or other technological collection techniques or other forms of information technology. What consideration is given to use information technology to reduce burden?
The ACH system is a direct deposit method of payment through which participating institutions exchange funds electronically, thereby eliminating unnecessary duplicate paperwork.
Describe efforts to identify duplication. Why can’t any similar information already available be used or modified for use for the purposes described in item 2 above? Duplicate information is not requested.
If the collection of information impacts small business or other small entities describe any methods used to minimize burden? This collection of information does not impact small business or other small entities.
What consequences to Federal program or policy activities and what, if any, technical or legal obstacles to reducing burden will occur if this collection is not conducted or is conducted less frequently? N/A
Is this collection of information conducted in a manner consistent with the guidelines of 5 CFR 1320.6? The collection of information cannot be conducted less frequently because the collection is initiated for a single purpose.
What effort was made to notify the general public about this collection of information? The Bureau’s notice was published in the Federal Register on March 26, 2010, Page 14659. No comments were received.
What decision was made to provide any payment or gift to respondents, other than reenumeration of contractors or grantees? N/A
10. What assurance of confidentiality was provided to respondents and what was the basis for the assurance in statute, regulations, or agency policy? In accordance with the Privacy Act of 1974, information furnished by the public is assured confidentiality.
11. What justification is there for questions of a sensitive nature? There are no questions of a sensitive nature.
12. What is the estimated hour burden of this collection of information? The burden for this collection is reflected in the burden for the various forms required to conduct savings bonds transactions.
What is the estimated total annual cost burden to respondents or recordkeepers resulting from this collection of information? Estimated cost burden to respondents is not available.
What is the annualized cost to the Federal Government? N/A
What is the reason for any program changes or adjustments reported in Items 13 or 14 of the OMB Form 83-I? N/A
For collections of information whose results will be published, outline plans for tabulation and publication. The results of the collection of this information will not be published for statistical use.
If seeking approval to not display the expiration date for OMB approval of this information collection, what are the reasons that the display would be inappropriate? N/A
What are the exceptions to the certification statement? N/A
| File Type | application/msword |
| File Title | SUPPORTING STATEMENT |
| Author | bmetz |
| Last Modified By | jlowens |
| File Modified | 2010-06-08 |
| File Created | 2007-01-12 |