Notice2025-00482
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
Primary source
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Published
January 13, 2025
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 Federal Reserve Payments Study (FR 3066; OMB No. 7100-0351).
Full Text
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<title>Federal Register, Volume 90 Issue 7 (Monday, January 13, 2025)</title>
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[Federal Register Volume 90, Number 7 (Monday, January 13, 2025)]
[Notices]
[Pages 2702-2703]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-00482]
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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
Federal Reserve Payments Study (FR 3066; 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, <a href="/cdn-cgi/l/email-protection#dcb2a9b4bdf2b9b0b1bdbbb4aebdbeb59cbaaebef2bbb3aa"><span class="__cf_email__" data-cfemail="fe908b969fd09b92939f99968c9f9c97be988c9cd0999188">[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 (which contain more detailed
information about the information collections and burden estimates than
this notice), 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/reportingforms/review">https://www.federalreserve.gov/apps/reportingforms/review</a> or may be
requested from the agency clearance officer, whose name appears above.
On the page displayed at the link above, you can find the supporting
information by referencing the collection identifier, FR 3066.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Collection title: Federal Reserve Payments Study.
Collection identifier: FR 3066.
OMB control number: 7100-0351.
General description of collection: The Federal Reserve Payments
Study (FRPS) is supported by the following surveys: Depository and
Financial Institutions Payments Survey (FR 3066a), and Networks,
Processors, and Issuers Payments Surveys (FR 3066b).
The information on these surveys is used by the Federal Reserve to
estimate the aggregate number and value of all cash and noncash
payments, as well as cash withdrawals and deposits, made by
[[Page 2703]]
U.S. consumers and businesses, including for-profit and not-for-profit
enterprises, and federal, state, and local government agencies. The
aggregate estimates produced from the survey data are widely cited in
academic working papers, journal articles, and industry publications;
reported in the media; and used by the public, industry, and policy
makers as a quantitative aggregate benchmark of noncash payments and
cash withdrawal and deposit activity in the United States.
Frequency: Annually.
Respondents: 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.
Total estimated number of respondents: FR 3066a, 513, FR 3066b,
170.
Estimated average hours per response: FR 3066a, 22; FR 3066b, 8.
Total estimated annual burden hours: 12,646.
Current actions: On July 30, 2024, the Board published a notice in
the Federal Register (89 FR 61116) requesting public comment for 60
days on the extension, without revision, of the FR 3066. The comment
period for this notice expired on September 30, 2024. The Board
received one comment.
Detailed Discussion of Public Comments
The Board received one public comment from a payments industry
association. The commenter was supportive of renewing and continuing
this information collection. The commenter also urged the Board to
publish timely and comprehensive results from the FRPS.
The Board strives to release detailed results from the FRPS
expeditiously. Both the Board and FRB Atlanta are working continuously
to improve both the quality and the timing of FRPS releases. The Board
intends to publish any releases as soon as practicable with the goal of
making information available while not sacrificing the quality and
accuracy of that information. Achieving the necessary quality standard
for detailed data is particularly important when constructing national
estimates upon which policymakers, the industry, and the public can
rely.
To that end, the Board expects to continue the practice of
releasing results in stages, with an initial release of topline
estimates followed by more extensive detailed releases at a later
stage. Results from annual supplements will periodically complement the
initial and detailed triennial releases. Focused reports or releases on
specific topics may also be published periodically. The Board has
released some detailed data for the 2022 Federal Reserve Payments Study
and 2023 Annual Supplement, and more is expected to be released in the
near future.
The Board has adopted the extension, without revision, of the FR
3066 as originally proposed.
Board of Governors of the Federal Reserve System, January 7,
2025.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2025-00482 Filed 1-10-25; 8:45 am]
BILLING CODE 6210-01-P
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