Retail Foreign Exchange Transactions

Forms and Documents

Document Name	Status
SPST Retail Forex -Final.doc Supporting Statement A	2011-05-16

IC Document Collections

IC ID	Document Title	Status
197596	Customer dispute resolution	New
197595	Monthly statements	New
197593	Bank oversight of service providers	New
197592	Margin requirements; trading & operational standards; handling of accounts; related person of FDIC-supervised bank	New
197591	Production & maintenance by service providers; ongoing maintenance by service provider of transactions	New
197589	Establishing recordkeeping	New
197586	Consumer receipt & execution of acknowledgment	New
197459	Documentation of written acknowledgement of risk disclosure statement	New
197458	Written risk disclosure statement/disclosure of profitable accounts ratio	New
197457	Filing procedures	New

ICR Details

OMB Control No: 3064-0182	ICR Reference No: 201104-3064-012
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: FDIC	Agency Tracking No:
Title: Retail Foreign Exchange Transactions
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 06/17/2011
	Date Received in OIRA: 05/17/2011
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Section 742(c)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Commodity Exchange Act to provide that a U.S. financial institution for which there is a federal regulatory agency shall not enter into, or offer to enter into, a transaction described in section 2(c)(2)(B)(i)(I) of the CEA with a retail customer except pursuant to a rule or regulation of a Federal regulatory agency allowing the transaction under such terms and conditions as the Federal regulatory agency shall prescribe (a retail forex rule). The FDIC has proposed a retail forex rule that sets forth appropriate requirements (including certain reporting, recordkeeping and disclosure requirements) for FDIC-supervised institutions engaged in such transactions.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 742(c)(2) Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 7 USC 2(c)(2)(E) Name of Law: Commodity Exchange Act
   US Code: 12 USC 3(q) Name of Law: Federal Deposit Insurance Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3064-AD81	Proposed rulemaking	76 FR 28358	05/17/2011

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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: 10

IC Title	Form No.	Form Name
Consumer receipt & execution of acknowledgment
Establishing recordkeeping
Written risk disclosure statement/disclosure of profitable accounts ratio
Monthly statements
Documentation of written acknowledgement of risk disclosure statement
Bank oversight of service providers
Production & maintenance by service providers; ongoing maintenance by service provider of transactions
Customer dispute resolution
Filing procedures
Margin requirements; trading & operational standards; handling of accounts; related person of FDIC-supervised bank

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Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

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

Burden Reduction Due to:

Short Statement: The burden of 6,038 hours is a new information collection arising from the reporting, recordkeeping and disclosure requirements included in a notice of proposed rulemaking setting forth requirements for FDIC-supervised institutions engaging in retail foreign exchange transactions.

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Annual Cost to Federal Government:

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]? No

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

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: 05/17/2011

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