Regulation E requires accurate
disclosure of the costs, terms, and rights relating to electronic
fund transfer services to consumers. It also requires financial
institutions to retain records sufficient to show compliance with
the Regulation. Because the Federal Trade Commission ("FTC") has
shared enforcement jurisdiction for this regulation with the
Consumer Financial Protection Board ("CFPB") under the Dodd-Frank
Act, the CFPB has incorporated into its recently submitted burden
estimates for this regulation, net of an estimate covering motor
vehicle dealers (which the FTC is fully assuming within its own
burden estimates), half of the residual portion of the FTC's
pre-existing, cleared burden hour estimate for this regulation. OMB
granted emergency clearance to the CFPB for its recent request.
This clearance renewal request reflects these considerations in
addition to updating the FTC estimates for declining market
conditions.
Staff has adjusted upward the
FTC's previous annual burden estimate by 679,574 hours.
Notwithstanding the burden splitting noted above regarding shared
enforcement authority with the CFPB, staff has increased its prior
estimate because of an increase in entities offering EFT services
to consumers, and new requirements for gift cards, overdraft
services, and remittance transfers. Moreover, estimated
preauthorized transfers have greatly increased from the FTC's 2009
cleared estimate.
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.
Reg E '12 SS final_mtd.pdf
Recordkeeping for firms offering EFT services to consumers