Notice2022-25967
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
November 29, 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 Interchange Transaction Fees Survey (FR 3064; OMB No. 7100-0344).
Full Text
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<title>Federal Register, Volume 87 Issue 228 (Tuesday, November 29, 2022)</title>
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[Federal Register Volume 87, Number 228 (Tuesday, November 29, 2022)]
[Notices]
[Pages 73301-73302]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-25967]
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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
Interchange Transaction Fees Survey (FR 3064; OMB No. 7100-0344).
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, <a href="/cdn-cgi/l/email-protection#f799829f96d9929b9a96909f8596959eb7918595d9909881"><span class="__cf_email__" data-cfemail="214f5449400f444d4c40464953404348614753430f464e57">[email protected]</span></a>, (202) 452-3884.
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: Interchange Transaction Fees Survey.
Collection identifier: FR 3064.
OMB control number: 7100-0344.
Effective date: The revisions will be implemented starting from the
next iteration of the Debit Card Issuer Survey.
Frequency: Annual.
Respondents: Debit card issuers and payment card networks.
Estimated number of respondents: FR 3064a, 527; FR 3064b, 15.
Estimated average hours per response: FR 3064a, 160; FR 3064b, 75.
Estimated annual burden hours: FR 3064a, 84,320; FR 3064b, 1,125.
General description of collection: The FR 3064 consists of two
parts: the Debit Card Issuer Survey (FR 3064a) and the Payment Card
Network Survey (FR 3064b).
The FR 3064a collects data from issuers of debit cards (including
general-use prepaid cards) that, together with their affiliates, have
assets of $10 billion or more. The 3064a collects information regarding
the volume and value of debit card transactions; chargebacks and
returns; costs of authorization, clearance, and settlement of debit
card transactions; other costs incurred in connection with particular
debit card transactions; fraud prevention costs and fraud losses; and
interchange fee revenue.\1\
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\1\ See 12 CFR 235.2(k) for the definition of ``Issuer.''
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The FR 3064b collects data from payment card networks. The survey
includes the volume and value of debit card transactions; interchange
fees; network fees; and payments and incentives paid by networks to
acquirers, merchants, and issuers.\2\
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\2\ See 12 CFR 235.2(m) for the definition of ``Payment card
network.''
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The data from the FR 3064a and FR 3064b are used to fulfill a
statutory requirement that the Board disclose certain information
regarding debit card transactions on a biennial basis.\3\ In addition,
the Board uses data from the FR 3064b to publicly report on an annual
basis the extent to which networks have established separate
[[Page 73302]]
interchange fees for exempt and covered issuers.\4\
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\3\ See 12 U.S.C. 1693o-2(a)(3)(B). The Board's biennial reports
are available at <a href="https://www.federalreserve.gov/paymentsystems/regii-data-collections.htm">https://www.federalreserve.gov/paymentsystems/regii-data-collections.htm</a>.
\4\ See Average Debit Card Interchange Fee by Payment Card
Network <a href="https://www.federalreserve.gov/paymentsystems/regii-average-interchange-fee.htm">https://www.federalreserve.gov/paymentsystems/regii-average-interchange-fee.htm</a>.
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Legal authorization and confidentiality: The FR 3064 surveys are
authorized by section 920(a) of the Electronic Fund Transfer Act, as
amended by section 1075(a) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act. This provision requires the Board, at least
once every two years, to disclose aggregate or summary information
concerning the costs incurred and interchange transaction fees charged
or received by issuers or payment card networks in connection with the
authorization, clearance, or settlement of electronic debit
transactions as the Board considers appropriate and in the public
interest. It also provides the Board with authority to require issuers
and payment card networks to provide information to enable the Board to
carry out the provisions of the subsection. The FR 3064 surveys are
mandatory.
The Board is required to release aggregate information from
responses to the FR 3064 surveys. The Board additionally releases, at
the network level, the percentage of total number of transactions, the
percentage of total value of transactions, and the average transaction
value for exempt and non-exempt issuers obtained on the FR 3064b
because it can be calculated based on information the Board already
releases and may be useful to issuers, merchants, and policymakers in
choosing payment card networks and assessing the effects of interchange
regulations. The information contained in individual responses to the
FR 3064 surveys is nonpublic commercial or financial information, which
is both customarily and actually treated as private by the respondent.
The Board may therefore keep such information confidential pursuant to
exemption 4 of the Freedom of Information Act.
Current actions: On July 13, 2022, the Board published a notice in
the Federal Register (87 FR 41718) requesting public comment for 60
days on the extension, with revision, of the Interchange Transaction
Fees Survey. The comment period for this notice expired on September
12, 2022. The Board did not receive any comments. The revisions will be
implemented as proposed.
Board of Governors of the Federal Reserve System, November 22,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-25967 Filed 11-28-22; 8:45 am]
BILLING CODE 6210-01-P
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