Federal agencies and private litigants
use the records to ascertain whether accurate and complete
disclosures of EFT services and other required actions (for
example, error resolution and limitation of consumer liability for
unauthorized transfers) have been provided. This information will
provide the primary evidence of law violations in EFTA enforcement
actions brought by the CFPB. Without the Regulation E recordkeeping
requirement, the CFPB's ability to enforce the EFTA would be
significantly impaired. Consumers rely on the disclosures required
by the EFTA and Regulation E to facilitate informed EFT decision
making. Without this information, consumers would be severely
hindered in their ability to assess the true costs and terms of the
transactions offered. Also, without the special error resolution
and limitation of consumer liability provisions, consumers would be
unable to detect and correct errors in their EFT transactions and
fraudulent transfers. These disclosures and provisions are
necessary for the CFPB and private litigants to enforce the EFTA
and Regulation E.
The Bureau of Consumer
Financial Protection (CFPB) respectfully requests emergency
processing and approval of the collection of information discussed
below because the use of normal clearance procedures is reasonably
likely to prevent and disrupt an existing collection of
information. Under the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act), Pub. L. 111203,124 Stat. 1376
(2010), rulemaking authority for the Electronic Fund Transfer Act
(EFTA), 15 U.S.C. 1693 et seq., transferred from the Board of
Governors of the Federal Reserve System (Board) to the CFPB on July
21, 2011, except with respect to Section 920 of the EFTA, dealing
with debit card interchange fees, network arrangements, and routing
restrictions. In addition to the transfer of rulemaking authority
under the Dodd-Frank Act, the CFPB received certain enforcement
authorities with respect to the EFTA. The CFPB is in the process of
publishing for public comment an interim final rule establishing a
new regulation in 12 CFR Part 1005 (Regulation E). This interim
final rule substantially replicates the Boards EFTA rule, and will
not impose any new substantive obligations on regulated entities or
any new information collection requirements. As the CFPB now has
enforcement authority over certain populations that have been under
the jurisdiction of other agencies, the CFPB is requesting approval
of a new OMB control number for its collection activities under
Regulation E. To prevent disruption of an approved information
collection, the CFPB is requesting emergency processing and
approval of the following information collection request. Upon
receipt of emergency approval from the Office of Management and
Budget, the CFPB will begin a standard approval process for this
collection and will seek public input at that time.
US Code:
15
USC 1693 Name of Law: Electronic Funds Transfer Act
PL: Pub.L. 111 - 203 X Name of Law: Wall
Street Reform and Consumer Protection Act
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.
Supporting Statement for Regulation E 20111019 v1.docx
Recordkeeping