Electronic Fund Transfer Act (Regulation E) 12 CFR 1005

Forms and Documents

Document Name	Status
Regulation E supporting statement 12-21-12.doc Supporting Statement A	2012-12-21
Regulation_E_-_Amended_Supporting_Statement_8-3-2012.doc Supplementary Document	2012-12-21
Non-material change request - Remittances Final Rule.docx Justification for No Material/Nonsubstantive Change	2012-08-03

IC Document Collections

IC ID	Document Title	Status
205187	December Rule, System Policy Updates, Disclosure and Error Resolution Changes	New
203572	System and Policy Updates, Non-Depository Institutions, August Final Rule (one-time)	Unchanged
200863	Maintenance and Error Resolution, Non-Depository Institutions (ongoing)	Modified
200861	Maintenance and Error Resolution, Depository Institutions (ongoing)	Modified
200860	System and Policy Updates, Non-Depository Institutions (one-time)	Unchanged
200859	System and Policy Updates, Depository Institutions (one-time)	Unchanged
200269	Recordkeeping	Unchanged
200268	Payroll Disclosures Other-Model Form	Unchanged
199892	Error Resolution Other-Model Form	Unchanged
199891	Transaction Receipts Other-Model Form	Unchanged
199870	Change in Terms	Modified

ICR Details

OMB Control No: 3170-0014	ICR Reference No: 201212-3170-004
Status: Historical Inactive	Previous ICR Reference No: 201208-3170-001
Agency/Subagency: CFPB	Agency Tracking No:
Title: Electronic Fund Transfer Act (Regulation E) 12 CFR 1005
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 03/21/2013
	Date Received in OIRA: 01/01/2013
Terms of Clearance: OMB files this comment in accordance with 5 CFR 1320.11( c ). Agency will resubmit collection responding to any PRA related comments in the supporting statement of the ICR submitted at the final rule stage.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2015	36 Months From Approved	03/31/2015
Responses	7,237,309	0	7,237,309
Time Burden (Hours)	4,005,122	0	4,005,122
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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Authorizing Statute(s): US Code: 15 USC 1693 Name of Law: Electronic Funds Transfer Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 X Name of Law: Wall Street Reform and Consumer Protection Act

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3170-AA33	Proposed rulemaking	77 FR 77187	12/31/2012

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 11

IC Title	Form No.	Form Name
Recordkeeping
System and Policy Updates, Depository Institutions (one-time)
System and Policy Updates, Non-Depository Institutions (one-time)
Maintenance and Error Resolution, Depository Institutions (ongoing)
Maintenance and Error Resolution, Non-Depository Institutions (ongoing)
System and Policy Updates, Non-Depository Institutions, August Final Rule (one-time)
December Rule, System Policy Updates, Disclosure and Error Resolution Changes
Error Resolution
Transaction Receipts
Change in Terms
Payroll Disclosures

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: The Bureau is requesting a program change of 11,625 hours (from 4,005,122 to 4,016,747). This change in burden results from the proposal to amend 12 CFR Part 1005 (

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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]? Yes

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: 01/01/2013

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