Federal Reserve Payments Study

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form FR 3066b Networks, Processors, and Issuers Payments Surveys	Form and Instruction	Removed	Available
Form FR 3066a Depository and Financial Institutions Payments Survey	Form and Instruction	Removed	Available
Form FR 3066c Check Sample Survey	Form and Instruction	Removed	Available
Form FR 3066b Networks, Processors, and Issuers Payments Surveys	Form and Instruction	Modified	Available
Form FR 3066a Depository and Financial Institutions Payments Survey	Form and Instruction	Modified	Available
FR3066_20190722_omb_B.pdf	Supporting Statement B	Uploaded 2019-07-22	Available
FR3066_20190722_omb.pdf	Supporting Statement A	Uploaded 2019-07-22	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
220371	Retail Payments Survey Supplement 2017 and 2018	Other-Sample	Removed
220370	Networks, Processors, and Issuers Payments Surveys 2017 and 2018	Form and Instruction	Removed	Networks, Processors, and Issuers Payments Surveys
220368	Depository and Financial Institutions Payments Survey 2017 and 2018	Form and Instruction	Removed	Depository and Financial Institutions Payments Survey
205091	Retail Payments Survey Supplement 2016	Other-Sample	Removed
205090	Check Sample Survey 2016	Form and Instruction	Removed	Check Sample Survey
205089	Networks, Processors, and Issuers Payments Surveys	Form and Instruction	Modified	Networks, Processors, and Issuers Payments Surveys
205088	Depository and Financial Institutions Payments Survey	Form and Instruction	Modified	Depository and Financial Institutions Payments Survey

ICR Details

OMB Control No: 7100-0351	ICR Reference No: 201907-7100-010
Status: Historical Active	Previous ICR Reference No: 201603-7100-001
Agency/Subagency: FRS	Agency Tracking No: FR 3066
Title: Federal Reserve Payments Study
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: 07/22/2019
Retrieve Notice of Action (NOA)	Date Received in OIRA: 07/22/2019
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2022	36 Months From Approved	09/30/2019
Responses	577	0	1,975
Time Burden (Hours)	11,546	0	48,300
Cost Burden (Dollars)	0	0	0

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Abstract: These surveys collect information from depository and financial institutions, general-purpose payment networks, third-party payment processors, issuers of private-label cards, and providers of various alternative payment initiation methods and systems and help to support the Federal Reserve System’s (Federal Reserve’s) role in the payments system. The FR 3066a and FR 3066b consist of a full set of surveys for 2019 and, following the pattern established in the previous three-year period, smaller versions of the surveys for 2020 and 2021. The reference period for each survey is the previous calendar year. The Federal Reserve Payments Study (FRPS) publishes aggregate estimates of payment volumes and related information derived from the surveys.

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Authorizing Statute(s): US Code: 12 USC 4008 Name of Law: Expedited Funds Availability Act
   US Code: 15 USC 1693b and 1693o-2 Name of Law: Electronic Fund Transfer Act
   US Code: 15 USC 1604 Name of Law: Truth In Lending Act
   US Code: 12 USC 5014 Name of Law: Check Clearing for the 21st Century Act
   US Code: 12 USC 248, 248a, 342, 248-1, 360 Name of Law: Federal Reserve Act
   US Code: 12 USC 411 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:
	84 FR 11541	03/27/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 33264	07/12/2019
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

table that charts list of burden

IC Title	Form No.	Form Name
Check Sample Survey 2016	FR 3066c	Check Sample Survey
Depository and Financial Institutions Payments Survey	FR 3066a	Depository and Financial Institutions Payments Survey
Depository and Financial Institutions Payments Survey 2017 and 2018	FR 3066a	Depository and Financial Institutions Payments Survey
Networks, Processors, and Issuers Payments Surveys	FR 3066b	Networks, Processors, and Issuers Payments Surveys
Networks, Processors, and Issuers Payments Surveys 2017 and 2018	FR 3066b	Networks, Processors, and Issuers Payments Surveys
Retail Payments Survey Supplement 2016
Retail Payments Survey Supplement 2017 and 2018

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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	577	1,975	0	-1,398	0	0
Annual Time Burden (Hours)	11,546	48,300	0	-36,754	0	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The estimated total annual burden for the FR 3066 surveys, averaged over three years, is 17,117 hours and decreases to 11,546 hours with the adopted revisions. For the FR 3066a the Board estimates 1,350 respondents in 2019, and 67 respondents for each of the annual supplements in 2020 and 2021. This yields an average of 495 respondents per year for the FR 3066a. For the FR 3066b the Board estimates 125 respondents in 2019, and 60 respondents for each of the annual supplements in 2020 and 2021. This yields an average of 82 respondents per year for the FR 3066b. The Board estimates that the average hours per response are the same across all years for both the FR 3066a and FR 3066b. The Board estimates a decrease of 12 hours per response from the 2016 survey for the FR 3066a to account for the removal of questions on the surveys.

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Annual Cost to Federal Government: $1,466,700

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

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: 07/22/2019

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