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

Forms and Documents

Document Name	Status
Reg E_201505_83c.pdf Justification for No Material/Nonsubstantive Change	2015-05-28

IC Document Collections

IC ID	Document Title	Status
46158	Error resolution (1005.8(b) & 1005.11)	Modified
46157	Periodic statements (1005.9(b) & 1005.18(b))	Modified
46155	Change-in-terms (1005.8(a))	Modified
36218	Initial disclosures (1005.7(b) & 1005.18(c)(1)	Modified
191445	Policy and procedures (1005.20(e)(1)	Modified
191443	Gift card exclusion policies and procedures (1005.20(b)(2))	Modified

ICR Details

OMB Control No: 7100-0200	ICR Reference No: 201505-7100-006
Status: Historical Active	Previous ICR Reference No: 201201-7100-007
Agency/Subagency: FRS	Agency Tracking No: Reg E
Title: Recordkeeping and Disclosure Requirements Associated with the CFPB's Regulation E (Electronic Fund Transfer Act)
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/22/2015
	Date Received in OIRA: 06/22/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2015	07/31/2015	07/31/2015
Responses	635,476	0	642,690
Time Burden (Hours)	59,650	0	62,725
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 29902	05/23/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 4322	01/27/2012
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 6

IC Title	Form No.	Form Name
Change-in-terms (1005.8(a))
Periodic statements (1005.9(b) & 1005.18(b))
Error resolution (1005.8(b) & 1005.11)
Initial disclosures (1005.7(b) & 1005.18(c)(1)
Gift card exclusion policies and procedures (1005.20(b)(2))
Policy and procedures (1005.20(e)(1)

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ICR Summary of Burden

	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

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Decrease in burden reflects decrease in the respondent panel.

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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]? No

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: 06/22/2015

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