Recordkeeping and Disclosure Requirements Associated with the CFPB's Regulation E (Electronic Fund Transfer Act)

ICR 201505-7100-006

OMB: 7100-0200

Federal Form Document

Forms and Documents
Document
Name
Status
Justification for No Material/Nonsubstantive Change
2015-05-28
ICR Details
7100-0200 201505-7100-006
Historical Active 201201-7100-007
FRS Reg E
Recordkeeping and Disclosure Requirements Associated with the CFPB's Regulation E (Electronic Fund Transfer Act)
No material or nonsubstantive change to a currently approved collection   No
Delegated
Approved without change 06/22/2015
Retrieve Notice of Action (NOA) 06/22/2015
  Inventory as of this Action Requested Previously Approved
07/31/2015 07/31/2015 07/31/2015
635,476 0 642,690
59,650 0 62,725
0 0 0

The EFTA ensures adequate disclosure of basic terms, costs, and rights relating to electronic fund transfer (EFT) services debiting or crediting a consumer's account. The disclosures required by the EFTA 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. To ease institutions' burden and cost of complying with the disclosure requirements of Regulation E (particularly for small entities), Regulation E includes model forms and disclosure clauses. Regulation E applies to all financial institutions. In addition, certain provisions in Regulation E apply to entities that are not financial institutions, including those that act as service providers or automated teller machine (ATM) operators, merchants and other payees that engage in electronic check conversion (ECK) transactions, the electronic collection of returned item fees, or preauthorized transfers, issuers and sellers of gift cards and gift certificates, and remittance transfer providers.

US Code: 15 USC 1693 Name of Law: Electronic Fund Transfer Act
  
None

Not associated with rulemaking

  76 FR 29902 05/23/2011
77 FR 4322 01/27/2012
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 635,476 642,690 0 0 -7,214 0
Annual Time Burden (Hours) 59,650 62,725 0 0 -3,075 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
Decrease in burden reflects decrease in the respondent panel.

$0
No
No
No
No
No
Uncollected
Jennifer Williams 202 452-2446 [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.
06/22/2015


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