Payment Systems Surveys

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form FR 3054d Currency Functionality and Perception Survey (Specialized)	Form and Instruction	Modified	Available
Form FR 3054d Currency Functionality and Perception Survey (General)	Form and Instruction	Modified	Available
Form FR 3054c Currency Quality Survey	Form and Instruction	Modified	Available
Form FR 3054b Currency Quality Sampling Survey	Form and Instruction	Modified	Repair queued
FR3054_20230130_omb_B.pdf	Supporting Statement B	Uploaded 2023-01-30	Available
FR3054_20230130_omb.pdf	Supporting Statement A	Uploaded 2023-01-30	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
238342	FR 3054e	Other-Sample Survey	Modified
195991	FR 3054d	Form and Instruction	Modified	Currency Functionality and Perception Survey (Specialized)
195991	FR 3054d	Form and Instruction	Modified	Currency Functionality and Perception Survey (General)
195990	FR 3054c	Form and Instruction	Modified	Currency Quality Survey
195989	FR 3054b	Form and Instruction	Modified	Currency Quality Sampling Survey
195988	FR 3054a	Other-Sample Survey	Modified

ICR Details

OMB Control No: 7100-0332	ICR Reference No: 202301-7100-002
Status: Historical Active	Previous ICR Reference No: 201910-7100-007
Agency/Subagency: FRS	Agency Tracking No: FR 3054
Title: Payment Systems Surveys
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: 01/30/2023
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/30/2023
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2026	36 Months From Approved	05/31/2023
Responses	24,300	0	23,850
Time Burden (Hours)	21,125	0	20,400
Cost Burden (Dollars)	0	0	0

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Abstract: The Payment Systems Surveys are used to obtain information specifically tailored to the Federal Reserve’s operational and fiscal agency responsibilities. The Payment Systems Surveys family of surveys currently comprises of the following: • Ad Hoc Payments Systems Survey (FR 3054a), • Currency Quality Sampling Survey (FR 3054b), • Currency Quality Survey (FR 3054c), • Currency Functionality and Perception Survey (FR 3054d), and • Currency Education Usability Survey (FR 3045e).

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Authorizing Statute(s): US Code: 12 USC 248a Name of Law: Federal Reserve Act
   US Code: 12 USC 342 Name of Law: Federal Reserve Act
   US Code: 12 USC 411 Name of Law: Federal Reserve Act
   US Code: 12 USC 412 Name of Law: Federal Reserve Act
   US Code: 12 USC 413 Name of Law: Federal Reserve Act
   US Code: 12 USC 414 Name of Law: Federal Reserve Act
   US Code: 12 USC 415 Name of Law: Federal Reserve Act
   US Code: 12 USC 416 Name of Law: Federal Reserve Act
   US Code: 12 USC 417 Name of Law: Federal Reserve Act
   US Code: 12 USC 420 Name of Law: Federal Reserve Act
   US Code: 12 USC 422 Name of Law: Federal Reserve Act
   US Code: 12 USC 248(d) Name of Law: Federal Reserve 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:
	87 FR 56053	09/13/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 78964	12/23/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 5

table that charts list of burden

IC Title	Form No.	Form Name
FR 3054a
FR 3054b	FR 3054b	Currency Quality Sampling Survey
FR 3054c	FR 3054c	Currency Quality Survey
FR 3054d	FR 3054d, FR 3054d	Currency Functionality and Perception Survey (General) ,   Currency Functionality and Perception Survey (Specialized)
FR 3054e

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ICR Summary of Burden

table that charts list 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	24,300	23,850	0	450	0	0
Annual Time Burden (Hours)	21,125	20,400	0	725	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: Miscellaneous Actions

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 3054 is 20,400 hours, and would increase to 21,125 hours with the revisions. The Board has increased the estimated respondents for the FR 3054b from 300 to 500, increased the estimated frequency for the FR 3054d from four times a year to five times a year, and increased the estimated frequency from five times a year to ten times a year, and decreased the estimated number of respondents from 500 to 250 for the FR 3054e. The increase in the frequency of surveys allows the Federal Reserve System flexibility to respond to diverse needs for data by surveying groups of respondents multiple times throughout a year. Increasing the number of estimated respondents of the FR 3054b will help ensure statistical significance of the sample pool and decreasing the estimated number of respondents while increasing the frequency of the FR 3054e will facilitate more survey agility.

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Annual Cost to Federal Government: $2,010,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

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.     Yes

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: 01/30/2023

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