Payment Systems Surveys

ICR 201405-7100-005

OMB: 7100-0332

Federal Form Document

ICR Details
7100-0332 201405-7100-005
Historical Active 201101-7100-009
FRS FR 3054a, b, c, d
Payment Systems Surveys
Revision of a currently approved collection   No
Delegated
Approved without change 05/29/2014
Retrieve Notice of Action (NOA) 05/29/2014
  Inventory as of this Action Requested Previously Approved
05/31/2017 36 Months From Approved 09/30/2014
13,230 0 1,250
13,090 0 17,550
0 0 0

The FR 3054a is an event-driven survey used to obtain information specifically tailored to the Federal Reserve's operational and fiscal agency responsibilities. The FR 3054a may be conducted independently by the Federal Reserve Board or jointly with another government agency, a Federal Reserve Bank, or a private firm. The FR 3054b is an annual survey used to assess the quality of currency in circulation and may be conducted by the Federal Reserve Board, jointly with the Federal Reserve Bank of San Francisco's Cash Product Office (CPO), the Federal Reserve Bank of Richmond's Currency Technology Office (CTO), and each Federal Reserve Bank's cash department. The FR 3054c is a semi-annual survey used to determine depository institutions' and Banknote Equipment Manufacturers' (BEMs) opinions of currency quality and may be conducted jointly with the CPO and CTO. The FR 3054d is an annual survey used to assess the functionality of Federal Reserve notes in banknote handling equipment. The data collected from the FR 3054d are used as inputs for future designs of Federal Reserve notes. The FR 3054d may be conducted jointly with the U.S. Treasury's Bureau of Engraving and Printing (BEP) and the CTO. The FR 3054a, FR 3054b, FR 3054c, and FR 3054d are sent to financial and nonfinancial businesses. The Federal Reserve uses data collected from these surveys to determine (1) demand for currency and coin, (2) market preferences regarding currency quality, (3) quality of currency in circulation, (4) features used by the public and bank note authentication equipment to denominate and authenticate bank notes, and (5) whether changes to Federal Reserve Bank sorting algorithms are necessary to ensure that currency in circulation remains fit for commerce.

US Code: 5 USC 552(b)(4) and (b)(6) Name of Law: Freedom of Information Act
   US Code: 12 USC 248(d) Name of Law: Federal Reserve Act
  
None

Not associated with rulemaking

  79 FR 4468 01/28/2014
79 FR 21243 04/15/2014
No

  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 13,230 1,250 0 11,980 0 0
Annual Time Burden (Hours) 13,090 17,550 0 -4,460 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
Yes
Miscellaneous Actions
The Federal Reserve proposes to revise the FR 3054a by (1) adding individuals and law enforcement agencies to its respondent panel, (2) reducing the annual frequency from 10 times to 1 time per year, (3) reducing the estimated time to complete a survey from 15 hours to 0.75 hours, and (4) increasing the number of respondents from 100 to 12,000. The Federal Reserve proposes to revise the FR 3054d by (1) renaming the survey as Currency Functionality and Perception Survey, (2) adding individuals to its respondent panel, (3) increasing the frequency of the survey from one time per year to four times per year, (4) reducing the estimated time to complete the survey from 48 hours to 2.5 hours, and (5) increasing the number of respondents from 20 to 250.

$3,000,000
No
No
No
No
No
Uncollected
John Schmidt 202-728-5859 [email protected]

  No

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.
05/29/2014


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