Notice2022-07220
Proposed Agency Information Collection Activities; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 6, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, with revision, the Federal Reserve Payments Study (FR 3066a and FR 3066b; OMB No. 7100-0351).
Full Text
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<title>Federal Register, Volume 87 Issue 66 (Wednesday, April 6, 2022)</title>
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[Federal Register Volume 87, Number 66 (Wednesday, April 6, 2022)]
[Notices]
[Pages 19924-19926]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07220]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, with revision,
the Federal Reserve Payments Study (FR 3066a and FR 3066b; OMB No.
7100-0351).
DATES: Comments must be submitted on or before June 6, 2022.
ADDRESSES: You may submit comments, identified by FR 3066, by any of
the following methods:
<bullet> Agency Website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#c3b1a6a4b0eda0acaeaea6adb7b083a5a6a7a6b1a2afb1a6b0a6b1b5a6eda4acb5"><span class="__cf_email__" data-cfemail="62100705114c010d0f0f070c1611220407060710030e100711071014074c050d14">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any confidential
business information, identifying information, or contact information.
Public comments may also be viewed electronically or in paper in Room
M-4365A, 2001 C St. NW, Washington, DC 20551, between 9:00 a.m. and
5:00 p.m. on weekdays. For security reasons, the Board requires that
visitors make an appointment to inspect comments. You may do so by
calling (202) 452-3684. Upon arrival, visitors will be required to
present valid government-issued photo identification and to submit to
security screening in order to inspect and photocopy comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW,
[[Page 19925]]
Washington, DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3829.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement, and other documentation, will be
made available on the Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> or may be requested
from the agency clearance officer, whose name appears above. Final
versions of these documents will be made available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years, With
Revision, the Following Information Collection
Report title: Federal Reserve Payments Study.
Agency form numbers: FR 3066a and FR 3066b.
OMB control number: 7100-0351.
Frequency: Annually.
Respondents: Depository institutions, general-purpose credit card
networks, private-label credit card merchant issuers, private-label
credit card processors, general-purpose debit card networks, general-
purpose prepaid card networks, automated teller machine card networks,
general-purpose prepaid card processors, electronic benefits transfer
card processors, private-label prepaid card issuers and processors, P2P
and money transfer processors, online bill payment processors, walk-in
bill payment processors, private-label ACH debit card processors, toll
collection processors, online payment authentication methods
processors, mobile wallet processors; and transit system operators.
Estimated number of respondents: FR 3066a, 513; FR 3066b, 133.
Estimated average hours per response: FR 3066a, 22; FR 3066b, 8.
Estimated annual burden hours: FR 3066a, 11,286; FR 3066b, 1,064.
General description of report: The Federal Reserve Payments Study
(FRPS) collects information from organizations with a significant role
in processing payments, including depository and financial
institutions, general-purpose payment networks, third-party payment
processors, issuers of private-label payment instruments, and providers
of various alternative payment methods and systems and help to support
the Federal Reserve System's (Federal Reserve's) role in the payments
system. The FR 3066a and FR 3066b consist of a full set of surveys
every three years and smaller versions of the surveys (fewer surveys,
questions, or respondents) in each year between. The FRPS publishes
aggregate estimates of noncash payment volumes, cash deposits and
withdrawals, and related information derived from the surveys.
Proposed revisions: The Board proposes to revise the FRPS by
structuring it as a partially ad hoc collection to improve its ability
to collect relevant information in response to changing conditions in
payments markets by streamlining the ability to add, remove, or modify
survey items and respondents based on the Federal Reserve's information
needs. Under the proposed revisions, the FRPS would contain the same
core substantive questions asked on prior FRPS surveys, which would
generally remain consistent from year to year. However, questions could
be added, modified, or removed from year to year based on the Federal
Reserve's information needs.
Legal authorization and confidentiality: The Board uses the
information obtained through the FR 3066a and FR 3066b to discharge its
statutory responsibilities, including those under the following
statutes: Section 609 of the Expedited Funds Availability Act; \1\
Sections 904 and 920 of the Electronic Fund Transfers Act; \2\ Section
15 of the Check Clearing for the 21st Century Act; \3\ and Sections 2A,
11, 11A, 13, and 16 of the Federal Reserve Act.\4\
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\1\ 12 U.S.C. 4008(c) (authorizing the Board to prescribe such
regulations as it may determine appropriate to carry out its
responsibility to regulate the payment system).
\2\ 15 U.S.C. 1693b, 1693o-2 (authorizing the Board to prescribe
regulations relating to interchange fees for electronic debit
transactions and require any debit card issuer or payment card
network to provide the Board with such information as may be
necessary to carry out its responsibility to regulate interchange
fees for electronic debit transactions).
\3\ 12 U.S.C. 5014 (authorizing the Board to prescribe such
regulations as it determines necessary to implement, prevent
circumvention or evasion of, or facilitate compliance with the
Expedited Funds Availability Act, as amended).
\4\ 12 U.S.C. 225a, 248, 248a, 342, 360, and 248-1 (inter alia,
requiring the Board to maintain long run growth of the monetary and
credit aggregates commensurate with the economy's long run potential
to increase production, so as to promote effectively the goals of
maximum employment, stable prices, and moderate long-term interest
rates).
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The FR 3066a and FR 3066b are voluntary. The information contained
in responses to the core questions of the FR 3066a and FR 3066b is
nonpublic commercial or financial information, which is both
customarily and actually treated as private by the respondent. The
Board therefore may keep such information confidential pursuant to
exemption 4 of the Freedom of Information Act (FOIA).\5\ Supplemental
questions asked on each survey may vary, and the Board's ability to
keep confidential responses to such questions must therefore be
determined on a case-by-case basis. Responses to supplemental questions
may contain nonpublic commercial information that may be kept
confidential by the Board pursuant to exemption 4 of the FOIA. Some
such responses may also contain information contained in or related to
[[Page 19926]]
an examination of a financial institution, which may be kept
confidential under exemption 8 of the FOIA.\6\
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\5\ 5 U.S.C. 552(b)(4).
\6\ 5 U.S.C. 552(b)(8).
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Consultation outside the agency: As part of the routine execution
of the surveys, the Federal Reserve's contractors that recruit
responses and collect survey data engage with potential participants to
review, explain, and obtain feedback about the surveys. These
conversations help to develop or revise proposed questions to make them
as relevant to and substantively consistent with industry practices as
possible.
Board of Governors of the Federal Reserve System, April 1, 2022.
Margaret Shanks,
Deputy Secretary of the Board.
[FR Doc. 2022-07220 Filed 4-5-22; 8:45 am]
BILLING CODE 6210-01-P
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