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

Forms and Documents

Document Name	Status
RegE_20120131_83i.pdf Supplementary Document	2012-01-31
RegE_20120131_omb.docx Supporting Statement A	2012-01-31
Reg_E_20120119_83-c.pdf Justification for No Material/Nonsubstantive Change	2012-01-23

IC Document Collections

IC ID	Document Title	Status
46158	Error resolution ((205.8(b) & 205.11))	Modified
46157	Periodic statements (205.9(b) & 205.18(b))	Modified
46155	Change-in-terms (205.8(a))	Unchanged
36218	Initial disclosures (205.7(b)) & (205.18(c)(1))	Unchanged
191445	Policy and procedures (205.20(e)(1)	Unchanged
191443	Exclusion policies and procedures (205.20(b)(2))	Unchanged

ICR Details

OMB Control No: 7100-0200	ICR Reference No: 201201-7100-007
Status: Historical Active	Previous ICR Reference No: 201201-7100-002
Agency/Subagency: FRS	Agency Tracking No: Reg E
Title: Recordkeeping and Disclosure Requirements in Connection with Regulation E (Electronic Funds Transfer)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/31/2012
	Date Received in OIRA: 01/31/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2015	36 Months From Approved	01/31/2012
Responses	642,690	0	642,690
Time Burden (Hours)	62,725	0	62,725
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. The disclosures required by the EFTA and Regulation E are triggered by certain specified events. The disclosures inform consumers about the terms of the electronic fund transfer service, activity on the account, potential liability for unauthorized transfers, and the process for resolving errors.

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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

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 29902	05/23/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 4322	01/27/2012
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Initial disclosures (205.7(b)) & (205.18(c)(1))
Exclusion policies and procedures (205.20(b)(2))
Policy and procedures (205.20(e)(1)
Change-in-terms (205.8(a))
Periodic statements (205.9(b) & 205.18(b))
Error resolution ((205.8(b) & 205.11))

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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	642,690	642,690	0	0	0	0
Annual Time Burden (Hours)	62,725	62,725	0	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:

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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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

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: 01/31/2012

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