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

ICR 202201-7100-003

OMB: 7100-0200

Federal Form Document

Forms and Documents
Document
Name
Status
Justification for No Material/Nonsubstantive Change
2022-01-11
IC Document Collections
IC ID
Document
Title
Status
46158
Removed
46157
Removed
46155
Removed
36218
Modified
251089
New
237953
Modified
237952
Modified
237951
Removed
237950
Removed
237874
Removed
237870
Removed
217957
Modified
217955
Modified
217953
Modified
217951
Modified
191445
Modified
191443
Modified
ICR Details
7100-0200 202201-7100-003
Active 201909-7100-008
FRS FR E
Recordkeeping and Disclosure Requirements Associated with the CFPB's Regulation E
No material or nonsubstantive change to a currently approved collection   No
Delegated
Approved without change 01/11/2022
Retrieve Notice of Action (NOA) 01/11/2022
  Inventory as of this Action Requested Previously Approved
11/30/2022 11/30/2022 11/30/2022
565,486 0 629,640
170,369 0 214,569
0 0 0

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.

US Code: 15 USC 1693b Name of Law: Electronic Fund Transfer Act
  
None

Not associated with rulemaking

  84 FR 18286 04/30/2019
84 FR 47505 09/10/2019
No

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

  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
No
No
The decrease in burden hours reflects consolidation of recordkeeping requirements (consistent with CFPB), elimination of one-time burden, and a decrease in respondent counts.

$0
No
    No
    No
No
No
No
No
Jennifer Williams 202 452-2446 [email protected]

  No

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.
01/11/2022


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