Once the
rulemaking for other portions of Regulation E is complete, the
burden numbers in the next renewal for this collection should be
based on CFPB analysis, not on those inherited from other
agencies.
Inventory as of this Action
Requested
Previously Approved
06/30/2016
36 Months From Approved
03/31/2015
7,237,760
0
7,237,309
4,014,300
0
4,005,122
0
0
0
The Electronic Fund Transfer Act
(EFTA), 15 U.S.C. 1693 et seq., requires accurate disclosure of the
costs, terms, and rights relating to electronic fund transfer (EFT)
services and remittance transfer services to consumers. Entities
offering EFT services must provide consumers with full and accurate
information regarding consumers' rights and responsibilities in
connection with EFT services. These disclosures are intended to
protect the rights of consumers using EFT services, such as
automated teller machine (ATM) transfers, telephone bill-payment
services, point-of-sale transfers at retail establishments,
electronic check conversion, payroll cards, and preauthorized
transfers from or to a consumer's account. The EFTA also
establishes error resolution procedures and limits consumer
liability for unauthorized transfers in connection with EFT
services. The EFTA and Regulation E impose disclosure and other
requirements on issuers and sellers of gift cards, gift
certificates, and general-use prepaid cards. Further, the EFTA and
Regulation E were recently amended to provide protections for
consumers in the United States who send remittance transfers to
persons in a foreign country. Federal agencies and private
litigants use the records to ascertain whether accurate and
complete disclosures of EFT services and other services covered
under Regulation E have been provided and other required actions
(for example, error resolution and limitation of consumer liability
for unauthorized transfers) have been taken. This information will
provide the primary evidence of law violations in EFTA enforcement
actions brought by the CFPB and other Federal agencies. Without
recordkeeping requirements of Regulation E, the Federal agencies'
abilities to enforce the EFTA would be significantly impaired.
Consumers rely on the disclosures required by the EFTA and
Regulation E to facilitate informed EFT, gift card, and remittance
transfer 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 unauthorized
transfers and errors in their EFT and remittance transfer
transactions. These disclosures and provisions are also necessary
for the enforcement agencies to enforce the EFTA and Regulation
E.
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
The Bureau is requesting a
program change resulting from the Final Rule amending 12 CFR Part
1005 ("Regulation E). The increase in burden results primarily from
a one-time burden associated with the new requirements; however,
the Final Rule is projected to reduce ongoing burden.
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.
Regulation_E__supporting_statement -- FINAL 5-22-13.pdf
System and Policy Updates, Non-Depository Institutions, 2013 Final Rule (one-time)