Notice2022-15814
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
July 25, 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, without revision, the Recordkeeping and Disclosure Requirements Associated with the Consumer Financial Protection Bureau's (CFPB) Regulation E (Electronic Fund Transfers) (FR E; OMB No. 7100-0200).
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 44116-44118]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-15814]
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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, without
revision, the Recordkeeping and Disclosure Requirements Associated with
the Consumer Financial Protection Bureau's (CFPB) Regulation E
(Electronic Fund Transfers) (FR E; OMB No. 7100-0200).
DATES: Comments must be submitted on or before September 23, 2022.
ADDRESSES: You may submit comments, identified by FR E, 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#5a283f3d2974393537373f342e291a3c3f3e3f283b36283f293f282c3f743d352c"><span class="__cf_email__" data-cfemail="087a6d6f7b266b6765656d667c7b486e6d6c6d7a69647a6d7b6d7a7e6d266f677e">[email protected]</span></a>. Include the OMB
number or FR number in the subject line of the message.
[[Page 44117]]
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> Mail: Federal Reserve Board of Governors, Attn: Ann E.
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St 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 a.m. and 5 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, 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,
Without Revision, the Following Information Collection
Collection title: Recordkeeping and Disclosure Requirements
Associated with the Consumer Financial Protection Bureau's (CFPB)
Regulation E (Electronic Fund Transfers).
Collection identifier: FR E.
OMB control number: 7100-0200.
Frequency: Event generated.
Respondents: State member banks, their subsidiaries, subsidiaries
of bank holding companies, U.S. branches and agencies of foreign banks
(other than federal branches, federal agencies, and insured state
branches of foreign banks), commercial lending companies owned or
controlled by foreign banks, and organizations operating under section
25 or 25A of the Federal Reserve Act (12 U.S.C. 601-604a; 611-631).
Estimated number of respondents: Recordkeeping, 874; Initial
disclosures, 874; Change-in-terms, 874; Periodic statements, 67; Error
resolution, 874; Pre-acquisition disclosures (short form disclosure),
5; internet posting and submission of prepaid account agreements, 6;
Remittance transfer disclosures, 874; Error resolution for remittance
transfers, 874; and Remittance transfers scheduled before the date of
transfer, 874.
Estimated average hours per response: Recordkeeping, 0.97; Initial
disclosures, 0.03; Change-in-terms, 0.02; Periodic statements, 7; Error
resolution, 0.5; Pre-acquisition disclosures (short form disclosure),
4; internet posting and submission of prepaid account agreements, 0.08;
Remittance transfer disclosures, 8; Error resolution for remittance
transfers, 4.5; and Remittance transfers scheduled before the date of
transfer, 8.
Estimated annual burden hours: Recordkeeping, 848; Initial
disclosures, 6,555; Change-in-terms, 5,943; Periodic statements, 5,628;
Error resolution, 13,110; Pre-acquisition disclosures (short form
disclosure), 191; internet posting and submission of prepaid account
agreements, 2; Remittance transfer disclosures, 83,904; Error
resolution for remittance transfers, 47,196; and Remittance transfers
scheduled before the date of transfer, 6,992.
General description of report: 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.
Legal authorization and confidentiality: The FR E is authorized
pursuant to section 904 of the EFTA,\1\ which requires that the CFPB
prescribe regulations to carry out the purposes of the EFTA, including
disclosure and recordkeeping requirements relating to consumer EFT
transactions. The FR E is mandatory.
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\1\ 15 U.S.C. 1693b.
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The disclosures and records required under Regulation E are not
required to be submitted to the Board, so normally no confidentiality
issues would be implicated. To the extent such disclosures and records
are obtained by
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the Board through the examination process, they may be kept
confidential under exemption 8 of the Freedom of Information Act, which
protects information contained in or related to an examination of a
financial institution.\2\
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\2\ 5 U.S.C. 552(b)(8).
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Consultation outside the agency: The Board consulted with the CFPB
regarding the estimated burden of the FR E.
Board of Governors of the Federal Reserve System, July 19, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-15814 Filed 7-22-22; 8:45 am]
BILLING CODE 6210-01-P
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