Recordkeeping and Disclosure Requirements Associated with the CFPB's Regulation E

Forms and Documents

Document Name	Status
FR E 83C.pdf Justification for No Material/Nonsubstantive Change	2022-01-11

IC Document Collections

IC ID	Document Title	Status
46158	Recordkeeping Section 1005.36 Remittance transfers scheduled before date of transfer	Removed
46157	Recordkeeping Section 1005.33(g) Transmitter error resolution standards and recordkeeping requirements	Removed
46155	Recordkeeping Section 1005.20(e)(1) Gift card policy and procedures	Removed
36218	Recordkeeping Section 1005.20(b)(2), 1005.20(e)(1), and 1005.33(g)	Modified
251089	Disclosure Section 1005.36 Remittance transfers scheduled before the date of transfer	New
237953	Disclosure Section 1005.33 Error resolution for remittance transfers	Modified
237952	Disclosure Section 1005.31 Remittance transfer disclosures	Modified
237951	Disclosure Section 1005.19(b) Internet posting and submission of prepaid account agreements one time	Removed
237950	Disclosure Sections 1005.18(c)(5) and 1005.15(d) Periodic statement alternative one time	Removed
237874	Disclosure Sections 1005.18(b)(4) and 1005.15(c) Pre-acquisition disclosures (long form) one time	Removed
237870	Disclosure Sections 1005.18(b)(2) and 1005.15(c) Pre-acquisition disclosures (short form disclosure) one time	Removed
217957	Disclosure Section 1005.19(b) Internet posting and submission of prepaid account agreements	Modified
217955	Disclosure Section 1005.18(b)(2)(ix) Pre-acquisition disclosures (short form disclosure)	Modified
217953	Disclosure Sections 1005.8(b) , 1005.11, 1005.18(d)(1)(ii), 1005.18(d)(2), and 1005.18(e) Error resolution	Modified
217951	Disclosure Section 1005.9(b) and 1005.18(c) Periodic statements	Modified
191445	Disclosure Section 1005.8(a) and 1005.18 (f)(2) Change-in-terms	Modified
191443	Disclosure Sections 1005.7(b) and 1005.18(d)(1)(i), and (f)(1) Initial disclosures	Modified

ICR Details

OMB Control No: 7100-0200	ICR Reference No: 202201-7100-003
Status: Active	Previous ICR Reference No: 201909-7100-008
Agency/Subagency: FRS	Agency Tracking No: FR E
Title: Recordkeeping and Disclosure Requirements Associated with the CFPB'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: 01/11/2022
	Date Received in OIRA: 01/11/2022
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2022	11/30/2022	11/30/2022
Responses	565,486	0	629,640
Time Burden (Hours)	170,369	0	214,569
Cost Burden (Dollars)	0	0	0

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Abstract: The Electronic Funds Transfer Act (EFTA) requires consumers be provided meaningful disclosures about the basic terms, costs, and rights relating to electronic fund transfer (EFT) services involving a consumer’s account. The disclosures required by the EFTA are triggered by specific events. The disclosures inform consumers, for example, about the terms of the EFT service, activity on the account, potential liability for unauthorized transfers, and the process for resolving errors.

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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: 10

IC Title	Form No.	Form Name
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
Disclosure Section 1005.19(b) Internet posting and submission of prepaid account agreements one time
Disclosure Section 1005.31 Remittance transfer disclosures
Disclosure Section 1005.33 Error resolution for remittance transfers
Disclosure Section 1005.36 Remittance transfers scheduled before the date of transfer
Disclosure Section 1005.8(a) and 1005.18 (f)(2) Change-in-terms
Disclosure Section 1005.9(b) and 1005.18(c) Periodic statements
Disclosure Sections 1005.18(b)(2) and 1005.15(c) Pre-acquisition disclosures (short form disclosure) one time
Disclosure Sections 1005.18(b)(4) and 1005.15(c) Pre-acquisition disclosures (long form) one time
Disclosure Sections 1005.18(c)(5) and 1005.15(d) Periodic statement alternative one time
Disclosure Sections 1005.7(b) and 1005.18(d)(1)(i), and (f)(1) Initial disclosures
Disclosure Sections 1005.8(b) , 1005.11, 1005.18(d)(1)(ii), 1005.18(d)(2), and 1005.18(e) Error resolution
Recordkeeping Section 1005.20(b)(2), 1005.20(e)(1), and 1005.33(g)
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

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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	565,486	629,640	0	0	-64,154	0
Annual Time Burden (Hours)	170,369	214,569	0	0	-44,200	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 consolidation of recordkeeping requirements (consistent with CFPB), elimination of one-time burden, and a decrease in respondent counts.

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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? 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: 01/11/2022

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