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 (âBCFPâ) and the Federal Trade Commission ("FTC") have divided the FTCâs 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