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

Forms and Documents

Document Name	Status
FRE_20191104_omb.pdf Supporting Statement A	2019-11-04

IC Document Collections

IC ID	Document Title	Status
46158	Recordkeeping Section 1005.36 Remittance transfers scheduled before date of transfer	Modified
46157	Recordkeeping Section 1005.33(g) Transmitter error resolution standards and recordkeeping requirements	Modified
46155	Recordkeeping Section 1005.20(e)(1) Gift card policy and procedures	Modified
36218	Recordkeeping Section 1005.20(b)(2) Gift card exclusion policies and procedures	Modified
237953	Disclosure Section 1005.19(b) Internet posting and submission of prepaid account agreements	New
237952	Disclosure Section 1005.18(b)(2)(ix) Pre-acquisition disclosures (short form disclosure)	New
237951	Disclosure Section 1005.19(b) Internet posting and submission of prepaid account agreements one time	New
237950	Disclosure Sections 1005.18(c)(5) and 1005.15(d) Periodic statement alternative one time	New
237874	Disclosure Sections 1005.18(b)(4) and 1005.15(c) Pre-acquisition disclosures (long form) one time	New
237870	Disclosure Sections 1005.18(b)(2) and 1005.15(c) Pre-acquisition disclosures (short form disclosure) one time	New
217957	Disclosure Section 1005.33(c)(1) Time limits and extent of investigation	Modified
217955	Disclosure Section 1005.31 Remittance transfer disclosures	Modified
217953	Disclosure Sections 1005.8(b) and 1005.11 Error resolution	Modified
217951	Disclosure Section 1005.9(b) Periodic statements	Modified
191445	Disclosure Section 1005.8(a) Change-in-terms	Modified
191443	Disclosure Sections 1005.7(b) and 1005.18(c)(1) Initial disclosures	Modified

ICR Details

OMB Control No: 7100-0200	ICR Reference No: 201909-7100-008
Status: Active	Previous ICR Reference No: 201808-7100-010
Agency/Subagency: FRS	Agency Tracking No: FR E
Title: Recordkeeping and Disclosure Requirements Associated with the Bureau’s Regulation E
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: 11/04/2019
	Date Received in OIRA: 11/04/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2022	36 Months From Approved	01/31/2020
Responses	629,640	0	629,412
Time Burden (Hours)	214,569	0	210,925
Cost Burden (Dollars)	0	0	0

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Abstract: Since 2011, the Bureau of Consumer Financial Protection’s (Bureau) has been responsible for issuing most of the Electronic Funds Transfer Act (EFTA) regulations that apply to financial institutions and other entities (except for certain motor vehicle dealers), other than the EFTA provisions governing debit card interchange fees and routing of debit card transactions. However, the Board continues to be responsible under the Paperwork Reduction Act (PRA) for implementing the information collections mandated by the Bureau’s Regulation E for institutions that are supervised by the Board.

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Authorizing Statute(s): US Code: 15 USC 1693b Name of Law: Electronic Fund Transfer 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 18286	04/30/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 47505	09/10/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 16

IC Title	Form No.	Form Name
Disclosure Sections 1005.18(b)(2) and 1005.15(c) Pre-acquisition disclosures (short form disclosure) one time
Recordkeeping Section 1005.20(b)(2) Gift card exclusion policies and procedures
Disclosure Sections 1005.18(b)(4) and 1005.15(c) Pre-acquisition disclosures (long form) one time
Disclosure Section 1005.8(a) Change-in-terms
Disclosure Sections 1005.7(b) and 1005.18(c)(1) Initial disclosures
Recordkeeping Section 1005.20(e)(1) Gift card policy and procedures
Recordkeeping Section 1005.33(g) Transmitter error resolution standards and recordkeeping requirements
Recordkeeping Section 1005.36 Remittance transfers scheduled before date of transfer
Disclosure Sections 1005.8(b) and 1005.11 Error resolution
Disclosure Section 1005.9(b) Periodic statements
Disclosure Section 1005.33(c)(1) Time limits and extent of investigation
Disclosure Section 1005.31 Remittance transfer disclosures
Disclosure Sections 1005.18(c)(5) and 1005.15(d) Periodic statement alternative one time
Disclosure Section 1005.18(b)(2)(ix) Pre-acquisition disclosures (short form disclosure)
Disclosure Section 1005.19(b) Internet posting and submission of prepaid account agreements one time
Disclosure Section 1005.19(b) Internet posting and submission of prepaid account agreements

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ICR Summary 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	629,640	629,412	0	228	0	0
Annual Time Burden (Hours)	214,569	210,925	0	3,644	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The estimated total annual burden for the FR E is 210,925 hours, and would increase to 214,569 hours with the adopted revisions. The revisions result in a net increase in burden of 3,644 hours. There is no reporting requirement associated with Regulation E. Moreover, no burden for receipts or disclosures related to preauthorized transfers is shown below because that burden is believed to be negligible. Receipts provided at electronic terminals are handled entirely by machine. For preauthorized transfers to a consumer’s account, banks ordinarily provide a readily available telephone number that the consumer can call to verify receipt of the deposit. Finally, for preauthorized transfers from a consumer’s account, the payee, rather than the bank, ordinarily discloses amounts to be transferred to the consumer.

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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: 11/04/2019

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