Interchange Transaction Fees Surveys

Forms and Documents

Document Name	Status
Form FR 3062 Network survey to PCNs Form	New
Form FR 3062 Issuer survey Form	New
FR_3062_InterchangeFees_20100913_OMB_Part_B.docx Supporting Statement B	2010-09-13
FR_3062_InterchangeFees_20100907_OMB.docx Supporting Statement A	2010-09-08

IC Document Collections

IC ID	Document Title	Status
194501	Network survey to PCNs Form	New
194500	Issuer survey Form	New

ICR Details

OMB Control No: 7100-0329	ICR Reference No: 201009-7100-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: FRS	Agency Tracking No: FR 3062
Title: Interchange Transaction Fees Surveys
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 09/13/2010
OIRA Conclusion Action: Approved with change	Conclusion Date: 09/13/2010
	Date Received in OIRA: 09/08/2010
Terms of Clearance: Per OMB request, since information collection includes a survey, agency included supporting statement part B. Emergency clearance is requested to implement Dodd-Frank legislation.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2011	6 Months From Approved
Responses	143	0	0
Time Burden (Hours)	34,250	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The FR 3062 would comprise two surveys: (1) the issuer survey that would collect data on interchange fees and costs from issuers of debit or prepaid cards that, together with affiliates, have assets of $10 billion or more and (2) the network survey that would collect data from payment card networks (PCNs) on interchange fees and network restrictions. Data from these surveys would be used to prescribe regulations that implement provisions of the Dodd Frank Act with respect to interchange fees and network restrictions.

Emergency Justfication: Due to the limited time between enactment of the Dodd-Frank Act and the statutory deadline for the Board to publish final rules, the Board cannot reasonably comply with the usual clearance process for information collections in the PRA, including seeking public comment and notice requirements. If the Board were to follow the usual process for obtaining approval, the Board would be unable to issue final rules by its statutory deadline. In publishing the final rules related to interchange fees, the Board must disclose “aggregate or summary information concerning the costs incurred, and interchange transaction fees charged or received” by issuers and PCNs, if the Board determines that disclosing such information is appropriate and in the public interest. The Board must disclose such aggregate or summary information every other year going forward. Future information collections that are necessary to comply with the Board’s obligation to disclose summary and aggregate data every two years will be reviewed in accordance with the usual clearance procedures at a later date.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 1075, 124 Stat. 1376 Name of Law: Dodd-Frank Act
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1075, 124 Stat. 1376 Name of Law: Dodd-Frank Act

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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

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Network survey to PCNs	FR 3062	Payment Card Network Survey
Issuer survey	FR 3062	Issuer survey

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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	143	0	143	0	0	0
Annual Time Burden (Hours)	34,250	0	34,250	0	0	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: P.L. 111-203 -- Dodd Frank Act implementation.

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Annual Cost to Federal Government: $250,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

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]? No

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: 09/08/2010

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