Regulation E (Electronic Fund Transfers)

Forms and Documents

Document Name	Status
Reg E '09 SS fin_mtd.pdf Supporting Statement A	2009-03-09

IC Document Collections

IC ID	Document Title	Status
32258	Recordkeeping for firms offering EFT services to consumers	Modified
188284	Payroll cards transactions	New
188283	Electronic check conversion transactions	New
188282	ATM transactions	New
188281	Gov't benefit notices transactions	New
188280	Service provider notices transactions	New
188279	Preauthorized transfers transactions	New
188278	Transaction receipts	New
188277	Error resolution transactions	New
188276	Periodic statements transactions	New
188275	Change in terms transactions	New
188274	Initial terms transactions	New
188273	Startup/monitoring for payroll cards	New
188272	Startup/monitoring for electronic check conversion	New
188271	Startup/monitoring for ATM	New
188270	Setup/monitoring for Gov't benefit notices	New
188269	Setup/monitoring for service provider notices	New
188268	Setup/monitoring for preauthorized transfers	New
188267	Startup/monitoring for transaction receipts	New
188266	Startup/monitoring for error resolution	New
188265	Setup/monitoring for periodic statements	New
188264	Setup/monitoring for change in terms	New
188263	Setup/monitoring for initial terms	New

ICR Details

OMB Control No: 3084-0085	ICR Reference No: 200903-3084-003
Status: Historical Active	Previous ICR Reference No: 200601-3084-003
Agency/Subagency: FTC	Agency Tracking No:
Title: Regulation E (Electronic Fund Transfers)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/03/2009
	Date Received in OIRA: 03/11/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2012	36 Months From Approved	04/30/2009
Responses	6,342,488,100	0	6,392,500,000
Time Burden (Hours)	3,731,343	0	3,580,000
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation E requires accurate disclosure of the costs, terms, and rights relating to electronic fund transfer services to consumers. It also requires financial institutions to retain records sufficient to show compliance with the Regulation.

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Authorizing Statute(s): US Code: 15 USC 1693 et seq. Name of Law: Electronic Fund Transfer Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 70347	11/20/2008
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 10584	03/11/2009
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 23

IC Title	Form No.	Form Name
Preauthorized transfers transactions
Payroll cards transactions
Transaction receipts
Startup/monitoring for error resolution
Initial terms transactions
Setup/monitoring for change in terms
Setup/monitoring for periodic statements
Setup/monitoring for preauthorized transfers
Setup/monitoring for Gov't benefit notices
Setup/monitoring for service provider notices
Startup/monitoring for ATM
Recordkeeping for firms offering EFT services to consumers
Periodic statements transactions
Electronic check conversion transactions
Change in terms transactions
Startup/monitoring for electronic check conversion
Gov't benefit notices transactions
Startup/monitoring for payroll cards
Setup/monitoring for initial terms
Startup/monitoring for transaction receipts
ATM transactions
Service provider notices transactions
Error resolution transactions

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	6,342,488,100	6,392,500,000	0	0	-50,011,900	0
Annual Time Burden (Hours)	3,731,343	3,580,000	0	0	151,343	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Staff has adjusted upward the FTC’s previous annual burden estimate by 151,343 hours (from 3,580,000 to 3,731,343). This reflects an increase in entities offering EFT services to consumers, and new requirements for electronic check conversion and payroll cards.

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Annual Cost to Federal Government: $167,008

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 03/11/2009

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