Notice2022-25968
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, 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 228 (Tuesday, November 29, 2022)</title>
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[Federal Register Volume 87, Number 228 (Tuesday, November 29, 2022)]
[Notices]
[Pages 73302-73303]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-25968]
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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, 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).
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#b8d6cdd0d996ddd4d5d9dfd0cad9dad1f8decada96dfd7ce"><span class="__cf_email__" data-cfemail="3e504b565f105b52535f59564c5f5c577e584c5c10595148">[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.
[[Page 73303]]
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of 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 and 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 Fund 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 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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Current actions: On July 25, 2022, the Board published an initial
notice in the Federal Register (87 FR 44116) requesting public comment
for 60 days on the extension, without revision, of the FR E. The
comment period for this notice expired on September 23, 2022. The Board
did not receive any comments.
Board of Governors of the Federal Reserve System, November 22,
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-25968 Filed 11-28-22; 8:45 am]
BILLING CODE 6210-01-P
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