Payments Research Survey

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FR3067_20160930_omb.pdf	Supporting Statement A	Uploaded 2016-09-30	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
223589	State and Local Government Agencies	Other-Sample Survey Topics	New
223492	Individual Consumers or Households	Other-Sample Survey Topics	New
206949	Private Sector	Other-Sample Survey Topics	Modified

ICR Details

OMB Control No: 7100-0355	ICR Reference No: 201609-7100-005
Status: Historical Active	Previous ICR Reference No: 201305-7100-010
Agency/Subagency: FRS	Agency Tracking No: FR 3067
Title: Payments Research Survey
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/30/2016
	Date Received in OIRA: 09/30/2016
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2019	36 Months From Approved	09/30/2016
Responses	20,000	0	20,000
Time Burden (Hours)	30,000	0	60,000
Cost Burden (Dollars)	0	0	0

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Abstract: The Payments Research Survey collects information, as needed, on specific and time sensitive issues, which may affect the Federal Reserve’s decision making. Respondents may comprise depository institutions, financial and nonfinancial businesses and related entities, individual consumers, or households. This survey may be mandatory for a certain subset of entities and voluntary for all other respondents. The Board uses this event-driven survey to obtain information specifically tailored to the Federal Reserve System’s supervisory, regulatory, fiscal, and operational responsibilities. The Board may conduct various versions of the survey, as needed, and may survey respondents up to four times per year. The frequency and content of the questions depends on changing economic, regulatory, supervisory, or legislative developments.

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Authorizing Statute(s): US Code: 12 USC 263 Name of Law: Federal Reserve Act
   US Code: 12 USC 4008 Name of Law: Expedited Funds Availability Act
   US Code: 15 USC 1693o-2 Name of Law: Electronic Fund Transfer Act
   US Code: 12 USC 5014 Name of Law: Check Clearing for the 21st Century Act
   US Code: 12 USC 248, 248a, 342, 360, and 411 Name of Law: Federal Reserve Act
   US Code: 12 USC 225a Name of Law: Federal Reserve 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:
	81 FR 31635	05/19/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 51447	08/04/2016
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

table that charts list of burden

IC Title	Form No.	Form Name
Private Sector
State and Local Government Agencies
Individual Consumers or Households

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ICR Summary of Burden

table that charts list 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	20,000	20,000	0	0	0	0
Annual Time Burden (Hours)	30,000	60,000	0	-30,000	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The Board is adjusting the burden by decreasing the estimated number of responses per respondent per year from four to two, decreasing the hours per response from 3.0 to 1.5, and increasing the estimated number of respondents from 5,000 to 10,000.

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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: 09/30/2016

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