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.
US Code:
15
USC 1693b Name of Law: Electronic Fund Transfer Act
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.
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.