Notice2022-15813
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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
July 25, 2022
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting 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 141 (Monday, July 25, 2022)</title>
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[Federal Register Volume 87, Number 141 (Monday, July 25, 2022)]
[Notices]
[Pages 44119-44120]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-15813]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, with revision, the
Federal Reserve Payments Study (FR 3066a and FR 3066b; OMB No. 7100-
0351).
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.
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, Washington, DC 20503, or by fax to (202) 395-6974.
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. Board-approved collections of information are
incorporated into the official OMB inventory of currently approved
collections of information. The OMB inventory, as well as copies of the
PRA Submission, supporting statements, and approved collection of
information instrument(s) are available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents are also available on the Federal
Reserve 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 Approval Under OMB Delegated Authority of the Extension for Three
Years, With Revision, of the Following Information Collection
Collection title: Federal Reserve Payments Study.
Collection identifier: FR 3066a and FR 3066b.
OMB control number: 7100-0351.
Effective date: The revisions are applicable as of July 25, 2022.
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,
person-to-person (P2P) and money transfer processors, online bill
payment processors, walk-in bill payment processors, private-label
Automated Clearninghouse (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 collection: 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.
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
[[Page 44120]]
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
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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Current actions: On April 6, 2022, the Board published a notice in
the Federal Register (87 FR 19924) requesting public comment for 60
days on the extension, with revision, of the FR 3066a and FR 3066b. The
Board has revised 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 adopted 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. The
comment period for this notice expired on June 6, 2022. The Board did
not receive any comments. The revisions will be implemented as
proposed.
Board of Governors of the Federal Reserve System, July 19, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-15813 Filed 7-22-22; 8:45 am]
BILLING CODE 6210-01-P
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