Retail Foreign Exchange Transactions

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
SPST 0182 Retail Foreign Exchange Transactions 2017 renewal.doc	Supporting Statement A	Uploaded 2017-07-27	Available
FR2-0182 Retail Foreign Exchange Transactions 82 FR 34946 July 27 2017.pdf	Supplementary Document	Uploaded 2017-07-27	Available
FR1-0182 Retail Foreign Exchange Transactions 82 FR 22665 May 17 2017.pdf	Supplementary Document	Uploaded 2017-07-24	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
197596	Customer dispute resolution		Modified
197595	Monthly statements		Modified
197593	Bank oversight of service providers		Modified
197592	Margin requirements; trading & operational standards; handling of accounts; related person of FDIC-supervised bank		Modified
197591	Production & maintenance by service providers; ongoing maintenance by service provider of transactions		Modified
197589	Establishing recordkeeping		Modified
197586	Consumer receipt & execution of acknowledgment		Removed
197459	Documentation of written acknowledgement of risk disclosure statement		Modified
197458	Written risk disclosure statement/disclosure of profitable accounts ratio		Modified
197457	Filing procedures		Modified

ICR Details

OMB Control No: 3064-0182	ICR Reference No: 201702-3064-012
Status: Active	Previous ICR Reference No: 201403-3064-002
Agency/Subagency: FDIC	Agency Tracking No:
Title: Retail Foreign Exchange Transactions
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/20/2017
	Date Received in OIRA: 07/27/2017
Terms of Clearance: Prior to its next submission, FDIC will identify in the supporting statement whether any personally identifiable information is being collected and, if a SORN is necessary, provide information regarding the SORN and any corresponding PIA.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2020	36 Months From Approved	11/30/2017
Responses	377	0	5,478
Time Burden (Hours)	726	0	6,038
Cost Burden (Dollars)	0	0	0

---

Abstract: Section 742(c)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Commodity Exchange Act to provide that a U.S. financial institution for which there is a federal regulatory agency shall not enter into, or offer to enter into, a transaction described in section 2(c)(2)(B)(i)(I) of the CEA with a retail customer except pursuant to a rule or regulation of a Federal regulatory agency allowing the transaction under such terms and conditions as the Federal regulatory agency shall prescribe (a retail forex rule). The FDIC has adopted a retail forex rule that sets forth appropriate requirements (including certain reporting, recordkeeping and disclosure requirements) for FDIC-supervised institutions engaged in such transactions.

---

Authorizing Statute(s): US Code: 7 USC 2(c)(2)(E) Name of Law: Commodity Exchange Act
   PL: Pub.L. 111 - 203 742(c)(2) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 12 USC 3(q) Name of Law: Federal Deposit Insurance Act
  

Citations for New Statutory Requirements: None

---

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

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 22665	05/17/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 34946	07/27/2017
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 9

table that charts list of burden

IC Title	Form No.	Form Name
Establishing recordkeeping
Written risk disclosure statement/disclosure of profitable accounts ratio
Monthly statements
Documentation of written acknowledgement of risk disclosure statement
Bank oversight of service providers
Production & maintenance by service providers; ongoing maintenance by service provider of transactions
Customer dispute resolution
Filing procedures
Margin requirements; trading & operational standards; handling of accounts; related person of FDIC-supervised bank
Consumer receipt & execution of acknowledgment

---

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	377	5,478	0	0	-5,101	0
Annual Time Burden (Hours)	726	6,038	0	0	-5,312	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:

---

Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

---

Common Form ICR:  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:

(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: 07/27/2017

---