Regulation E requires accurate
disclosure of the costs, terms, and rights relating to electronic
fund transfer services to consumers. It also requires financial
institutions to retain records sufficient to show compliance with
the Regulation. Given their generally shared enforcement
jurisdiction for Regulation E under the Dodd-Frank Act, the Bureau
of Consumer Financial Protection (“BCFP”) and the Federal Trade
Commission ("FTC") have divided the FTC’s previously cleared PRA
burden between them, except that the FTC has wholly assumed all of
the burden estimates associated with motor vehicle dealers and is
also doing so, when appropriate, regarding estimated burden for
state-chartered credit unions. This clearance renewal request
reflects these considerations in addition to updating the FTC
estimates based on evolving market conditions.
Estimated yearly burden hours
(7,435,958) is reduced 76,407 hours from the previously cleared
burden estimate (7,506,730). This is due to a reduced estimated
number of entities under FTC jurisdiction occasioned by business
shifts and other market changes.
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.
Reg E 2018 Supptg Stmt fin.pdf
Recordkeeping for firms offering EFT services to consumers