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 1693b(a) Name of Law: Electronic Fund Transfer Act
US Code: 15 USC 1693b(a) Name of Law:
Electronic Fund Transfer Act
The Federal Reserve estimates
that the 1,018 respondents would take, on average, 120 hours (three
business weeks) to update their systems to comply with the
disclosure requirements addressed in section 1005.31, resulting in
a one-time increase of 122,160 hours. On a continuing basis, the
Federal Reserve estimates that 1,018 institutions would take, on
average, 8 hours (one business day) per month to comply with
disclosure requirements in accordance with section 1005.31
resulting in an increase to ongoing burden of 97,728 hours. The
Federal Reserve estimates that 733,000 consumers would spend, on
average, 5 minutes in order to provide a notice of error as
required under section 1005.33(b), resulting in an increase to the
total annual burden of 61,083 hours. The Federal Reserve estimates
that its respondents would take, on average, 4.5 hours per month to
address a sender's notice of error as required by section
1005.33(c)(1), resulting in an increase to the ongoing burden of
54,972 hours. The Federal Reserve estimates that its respondents
would take, on average, 40 hours (one business week) annually to
ensure compliance with the error resolution requirements under
section 1005.33, resulting in a one-time increase to the burden of
40,720 hours. On a continuing basis, the Federal Reserve estimates
that its respondents would take, on average, 8 hours (one business
day) annually to maintain the requirements under section 1005.33,
resulting in an increase to the ongoing burden of 8,144 hours. The
Federal Reserve estimates that its respondents would take, on
average, 40 hours (one business week) to establish policies and
procedures for agent compliance under section 1005.35, resulting in
a one-time increase to the burden of 40,720 hours. On a continuing
basis, the Federal Reserve estimates that its respondents would
take, on average, 8 hours (one business day) annually to maintain
the requirements under section 1005.35, resulting in an increase to
the ongoing burden of 8,144 hours.
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.
RegE_20160128_omb.pdf
Error resolution (Sections 1005.8(b) and 1005.11)