Notice2022-23114
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Regulation E-Electronic Fund Transfer Act; Prepaid Account Provisions
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
October 25, 2022
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). An agency may not conduct or sponsor, and respondents are not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning its information collection titled "Regulation E--Electronic Fund Transfer Act; Prepaid Card Provisions." The OCC also is giving notice that it has sent the collection to OMB for review.
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 205 (Tuesday, October 25, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 205 (Tuesday, October 25, 2022)]
[Notices]
[Pages 64541-64543]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-23114]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Regulation E--Electronic Fund
Transfer Act; Prepaid Account Provisions
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites comment on a continuing information
collection as required by the Paperwork Reduction Act of 1995 (PRA). An
agency may not conduct or sponsor, and respondents are not required to
respond to, an information collection unless it displays a currently
valid Office of Management and Budget (OMB) control number. The OCC is
soliciting comment concerning its information collection titled
``Regulation E--Electronic Fund Transfer Act; Prepaid Card
Provisions.'' The OCC also is giving notice that it has sent the
collection to OMB for review.
DATES: Comments must be submitted on or before November 25, 2022.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#d8a8aab9b1b6beb798b7bbbbf6acaabdb9abf6bfb7ae"><span class="__cf_email__" data-cfemail="99e9ebf8f0f7fff6d9f6fafab7edebfcf8eab7fef6ef">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0346, Office of the Comptroller of the Currency, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0346'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Written comments and recommendations for the proposed information
collection should also be sent within 30 days of publication of this
notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. You can find this
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
On June 29, 2022, the OCC published a 60-day notice for this
information collection, 87 FR 38827. You may review comments and other
related materials that pertain to this information collection following
the close of the 30-day comment period for this notice by the method
set forth in the next bullet.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the
[[Page 64542]]
``Information Collection Review'' tab and click on ``Information
Collection Review'' from the drop-down menu. From the ``Currently under
Review'' drop-down menu, select ``Department of Treasury'' and then
click ``submit.'' This information collection can be located by
searching by OMB control number ``1557-0346'' or ``Regulation E--
Electronic Fund Transfer Act; Prepaid Card Provisions.'' Upon finding
the appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
If you are deaf, hard of hearing, or have a speech disability, please
dial 7-1-1 to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from the OMB for each collection
of information that they conduct or sponsor. ``Collection of
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to
include agency requests or requirements that members of the public
submit reports, keep records, or disclose information to a third party.
The OCC asks that OMB approve the revision of the collection in this
notice.
Title: Regulation E--Electronic Fund Transfer Act; Prepaid Account
Provisions.
OMB Control No.: 1557-0346.
Type of Review: Regular review.
Abstract: The Electronic Fund Transfer Act (EFTA) \1\ and
Regulation E \2\ require disclosure of basic terms, costs, and rights
relating to electronic fund transfer services debiting or crediting a
consumer's account.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 1693 et seq.
\2\ 12 CFR part 1005.
---------------------------------------------------------------------------
The prepaid accounts final rules issued by the Consumer Financial
Protection Bureau (CFPB) \3\ require financial institutions to make
disclosures available to consumers before a consumer acquires a prepaid
account. This notice outlines the requirements of the 2016 rule as
amended by the 2017 and 2018 rules. The remainder of Regulation E is
approved under OMB Control No. 1557-0176.
---------------------------------------------------------------------------
\3\ 81 FR 83934 (November 22, 2016), 82 FR 18975 (April 25,
2017), and 83 FR 6364 (February 13, 2018).
---------------------------------------------------------------------------
Under 12 CFR 1005.18(b), a financial institution is required to
make available a short form and a long form disclosure before the
consumer acquires a prepaid account, subject to certain exceptions.
Section 1005.18(f)(3) generally requires that certain disclosures,
including the name of the financial institution and the URL of its
website, and a telephone number the consumer may use to contact the
financial institution about the prepaid account, be made on the actual
prepaid account access device.
Financial institutions offering prepaid accounts that qualify for
the retail location exception in Sec. 1005.18(b)(1)(ii) may meet the
requirement of providing the long form disclosure after acquisition by
allowing the long form disclosure to be delivered electronically,
without receiving consumer consent under the E-Sign Act,\4\ if the
disclosure is not provided inside the prepaid account packaging
material and the financial institution is not otherwise mailing or
delivering to the consumer written account-related communications
within 30 days of obtaining the consumer's contact information. If a
financial institution provides pre-acquisition disclosures in writing
and a consumer subsequently completes the acquisition process online or
by telephone, the financial institution is not required to provide the
disclosures again either electronically or orally.
---------------------------------------------------------------------------
\4\ Electronic Signatures in Global and National Commerce Act
(E-Sign Act) (15 U.S.C. 7001 et seq.).
---------------------------------------------------------------------------
Section 1005.18(b)(9)(i) includes a requirement that a financial
institution provide pre-acquisition disclosures in a foreign language
if the financial institution provides a means for the consumer to
acquire a prepaid account by telephone or electronically principally in
that foreign language. That requirement is not applicable to payroll
card accounts and government benefit accounts where the foreign
language is offered by telephone only via a real-time language
interpretation service provided by a third party or directly by an
employer or government agency on an informal or ad hoc basis as an
accommodation to prospective payroll card account or government benefit
account recipients.
Under Sec. 1005.18(c)(1), a financial institution need not furnish
periodic statements to the consumer if the provider uses the
alternative method of compliance. Under this alternative method, the
periodic statements must include: (1) the consumer's account balance,
through a readily available phone number; (2) the means by which the
consumer can obtain an electronic account history, such as the address
of a website; and (3) a written history of the consumer's account
transactions that is provided promptly in response to an oral or
written request and that covers at least 24 months preceding the date
the financial institution receives the consumer's request. Section
1005.18(c)(5) requires that financial institutions disclose to
consumers a summary total of the amount of fees assessed against the
consumer's prepaid account for both the prior month as well as the
calendar year to date. This information must be disclosed on any
periodic statement and any history of account transactions provided or
made available by the financial institution.
For prepaid accounts that are not payroll card accounts or
government benefit accounts, a financial institution is not required to
comply with the liability limits and error resolution requirements of
Regulation E for any prepaid account for which it has not successfully
completed its consumer identification and verification process,
provided certain disclosures are given. Regarding accounts where the
consumer's identity is later verified, financial institutions must
limit the consumer's liability for unauthorized transfers and resolve
errors that occur following verification in accordance with relevant
Regulation E provisions. For accounts in programs where there is no
verification process, financial institutions must either explain in
their initial disclosures their error resolution process and
limitations on consumers' liability for unauthorized transfers or
explain that there are no such protections and that such financial
institutions comply with the process (if any) that they disclose.\5\
---------------------------------------------------------------------------
\5\ 12 CFR 1005.18(e)(3)(ii)(C).
---------------------------------------------------------------------------
Pursuant to Sec. 1005.18(h)(1), except as provided in Sec.
1005.18(h)(2) and (3), the effective date for the prepaid accounts
rules is April 1, 2019. If, as a result of Sec. 1005.18(h)(1), a
financial institution changes the terms and conditions of a prepaid
account, such that a change-in-terms notice would have been required
under Sec. 1005.8(a) or Sec. 1005.18(f)(2) for existing customers,
the financial institution must notify consumers with accounts acquired
before April 1, 2019, at least 21 days in advance of the change
becoming effective, provided the financial institution has the
consumer's contact information. If the financial institution obtains
the consumer's contact information fewer than 30 days in advance of the
change becoming
[[Page 64543]]
effective or after it has become effective, the financial institution
is permitted instead to provide notice of the change within 30 days of
obtaining the consumer's contact information.
If a financial institution has not obtained a consumer's consent to
provide disclosures in electronic form pursuant to the E-Sign Act, or
is not otherwise already mailing or delivering to the consumer written
account-related communications, the financial institution may provide
to the consumer a notice of a change in terms and conditions or
required or voluntary updated initial disclosures under Reg. E taking
effect in electronic form without regard to the consumer notice and
consent requirements of the E-Sign Act.
Section 1005.18(h)(2)(ii) requires that financial institutions
notify any consumer who acquires a prepaid account after the effective
date specified in packaging produced prior to the effective date of any
changes as a result of Sec. 1005.18(h)(1) taking effect that would
have caused a change-in-terms notice to be required under Sec.
1005.8(a) (or Sec. 1005.18(f)(2) for existing customers) within 30
days of acquiring the customer's contact information. In addition,
financial institutions must mail or deliver updated initial disclosures
pursuant to Sec. Sec. 1005.7 and 1005.18(f)(1) within 30 days of
obtaining the consumer's contact information. Financial institutions
that are affected should not incur significant costs associated with
notifying consumers and providing updated initial disclosures.
Consumers who have consented to electronic communication may receive
the notices and updated disclosures electronically at a minimal cost to
financial institutions. A financial institution that has not obtained
the consumer's contact information is not required to comply with the
requirements set forth in Sec. 1005.18(h)(2)(ii) or (iii).
Section 1005.19(b) requires certain issuers to submit to the CFPB,
on a rolling basis, prepaid account agreements (including fee
schedules) that are offered, amended, or withdrawn. Prepaid account
issuers are permitted to delay submitting a change in the list of names
of other relevant parties to a particular prepaid account agreement
until the earlier of such time as the issuer is otherwise submitting an
amended agreement or changes to other identifying information about the
issuer and its submitted agreements to the CFPB or May 1 of each year
(for updates between the last submission and April 1 of that year).
Changes in agreement provisions or fee information may be integrated
into the text of the agreement or provided through fee addenda.
Affected Public: Businesses or other for-profit.
Burden Estimates:
Estimated Number of Respondents: 1,106.
Estimated Annual Burden: 6,605 hours.
Frequency of Response: On occasion.
Comments: On June 29, 2022, the OCC published a 60-day notice for
this information collection, 87 FR 38827. No comments were received.
Comments continue to be invited on:
(a) Whether the collections of information are necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimates of the information
collection burden;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Patrick T. Tierney,
Assistant Director, Bank Advisory, Office of the Comptroller of the
Currency.
[FR Doc. 2022-23114 Filed 10-24-22; 8:45 am]
BILLING CODE 4810-33-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on October 25, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.