Retail Foreign Exchange Transactions

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FR2 Nov 85 FR 76571 Nov 30 2020.pdf	Supplementary Document	Uploaded 2020-11-29	Missing upstream
FR1 Nov 85 FR 59797 Sept 23 2020.pdf	Supplementary Document	Uploaded 2020-11-29	Repair queued
SPST-0182 Renewal (2020) Final.docx	Supporting Statement A	Uploaded 2020-11-30	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
197596	Customer dispute resolution		Removed
197595	Third Party Disclosure Requirements		Modified
197593	Bank oversight of service providers		Removed
197592	Margin requirements; trading & operational standards; handling of accounts; related person of FDIC-supervised bank		Removed
197591	Production & maintenance by service providers; ongoing maintenance by service provider of transactions		Removed
197589	Recordkeeping Requirements		Modified
197459	Documentation of written acknowledgement of risk disclosure statement		Removed
197458	Written risk disclosure statement/disclosure of profitable accounts ratio		Removed
197457	Reporting Requirements		Modified

ICR Details

OMB Control No: 3064-0182	ICR Reference No: 202011-3064-012
Status: Received in OIRA	Previous ICR Reference No: 201702-3064-012
Agency/Subagency: FDIC	Agency Tracking No:
Title: Retail Foreign Exchange Transactions
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/30/2020

table that charts list comparision

	Requested	Previously Approved
Expiration Date	36 Months From Approved	01/31/2021
Responses	3	377
Time Burden (Hours)	1,514	726
Cost Burden (Dollars)	0	0

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Abstract: Section 742(c)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Commodity Exchange Act to provide that a U.S. financial institution for which there is a federal regulatory agency shall not enter into, or offer to enter into, a transaction described in section 2(c)(2)(B)(i)(I) of the CEA with a retail customer except pursuant to a rule or regulation of a Federal regulatory agency allowing the transaction under such terms and conditions as the Federal regulatory agency shall prescribe (a retail forex rule). The FDIC has adopted a retail forex rule that sets forth appropriate requirements (including certain reporting, recordkeeping and disclosure requirements) for FDIC-supervised institutions engaged in such transactions.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 742(c)(2) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 12 USC 3(q) Name of Law: Federal Deposit Insurance Act
   US Code: 7 USC 2(c)(2)(E) Name of Law: Commodity Exchange 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:
	85 FR 59797	09/23/2020
30-day Notice:	Federal Register Citation:	Citation Date:
	85 FR 76571	11/30/2020
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

table that charts list of burden

IC Title	Form No.	Form Name
Third Party Disclosure Requirements
Written risk disclosure statement/disclosure of profitable accounts ratio
Reporting Requirements
Production & maintenance by service providers; ongoing maintenance by service provider of transactions
Bank oversight of service providers
Documentation of written acknowledgement of risk disclosure statement
Customer dispute resolution
Margin requirements; trading & operational standards; handling of accounts; related person of FDIC-supervised bank
Recordkeeping Requirements

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ICR Summary of Burden

table that charts list of burden

	Total Request	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	3	377	0	0	-374	0
Annual Time Burden (Hours)	1,514	726	0	0	788	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:

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Annual Cost to Federal Government:

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]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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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: 11/30/2020

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