Recordkeeping and Disclosure Requirements Associated with the Bureau’s Regulation E

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FRE_20190128_83c.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2019-01-28	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
46158	Disclosure: Sections 1005.8(b) and 1005.11 - Error resolution		Modified
46157	Disclosure: Sections 1005.9(b) and 1005.18(b) - Periodic statements		Modified
46155	Disclosure: Section 1005.8(a) - Change-in-terms		Modified
36218	Disclosure: Sections1005.7(b) and 1005.18(c)(1) - Initial disclosures		Modified
217957	Recordkeeping: Section 1005.35 - Acts of agents		Modified
217956	Acts of agents (Section 1005.35) one time		Removed
217955	Recordkeeping:Section 1005.33(g) - Transmitter error resolution standards and recordkeeping		Modified
217954	Transmitter error resolution standards and recordkeeping (Section 1005.33(g) one time		Removed
217953	Disclosure: Section 1005.33(c)(1) - Time limits and extent of investigation		Modified
217952	Error notice from sender (consumers) (Section 1005.33(b))		Removed
217951	Disclosure: Section 1005.31 - Remittance transfer disclosures		Modified
217950	Remittance transfer disclosures (Section 1005.31) one-time		Removed
191445	Recordkeeping: Section 1005.20(e)(1) - Gift Card policy and procedures		Modified
191443	Recordkeeping: Section 1005.20(b)(2) - Gift card exclusion policies and procedures		Modified

ICR Details

OMB Control No: 7100-0200	ICR Reference No: 201808-7100-010
Status: Historical Active	Previous ICR Reference No: 201508-7100-005
Agency/Subagency: FRS	Agency Tracking No: FR E
Title: Recordkeeping and Disclosure Requirements Associated with the Bureau’s Regulation E
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 01/28/2019
	Date Received in OIRA: 01/28/2019
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2019	01/31/2019	01/31/2019
Responses	629,412	0	1,397,998
Time Burden (Hours)	210,925	0	493,321
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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Authorizing Statute(s): US Code: 15 USC 1693b(a) Name of Law: Electronic Fund Transfer Act
  

Citations for New Statutory Requirements: US Code: 15 USC 1693b(a) Name of Law: Electronic Fund Transfer Act

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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:
	80 FR 32953	06/10/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 52279	08/28/2015
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 10

table that charts list of burden

IC Title	Form No.	Form Name
Disclosure: Sections 1005.9(b) and 1005.18(b) - Periodic statements
Disclosure: Sections 1005.8(b) and 1005.11 - Error resolution
Disclosure: Section 1005.33(c)(1) - Time limits and extent of investigation
Disclosure: Section 1005.31 - Remittance transfer disclosures
Remittance transfer disclosures (Section 1005.31) one-time
Recordkeeping: Section 1005.35 - Acts of agents
Disclosure: Sections1005.7(b) and 1005.18(c)(1) - Initial disclosures
Recordkeeping: Section 1005.20(e)(1) - Gift Card policy and procedures
Recordkeeping: Section 1005.20(b)(2) - Gift card exclusion policies and procedures
Disclosure: Section 1005.8(a) - Change-in-terms
Recordkeeping:Section 1005.33(g) - Transmitter error resolution standards and recordkeeping
Acts of agents (Section 1005.35) one time
Transmitter error resolution standards and recordkeeping (Section 1005.33(g) one time
Error notice from sender (consumers) (Section 1005.33(b))

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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	629,412	1,397,998	0	0	-768,586	0
Annual Time Burden (Hours)	210,925	493,321	0	0	-282,396	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: The decrease in burden hours reflects an update to respondent counts and the removal of one time burden associated with rule revisions under Docket R-1343 and Docket R-1377.

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Annual Cost to Federal Government: $0

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]? 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: 01/28/2019

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