Federal agencies and private litigants
use the records to ascertain whether accurate and complete
disclosures of EFT services and other required actions (for
example, error resolution and limitation of consumer liability for
unauthorized transfers) have been provided. This information will
provide the primary evidence of law violations in EFTA enforcement
actions brought by the CFPB. Without the Regulation E recordkeeping
requirement, the CFPB's ability to enforce the EFTA would be
significantly impaired. Consumers rely on the disclosures required
by the EFTA and Regulation E to facilitate informed EFT decision
making. Without this information, consumers would be severely
hindered in their ability to assess the true costs and terms of the
transactions offered. Also, without the special error resolution
and limitation of consumer liability provisions, consumers would be
unable to detect and correct errors in their EFT transactions and
fraudulent transfers. These disclosures and provisions are
necessary for the CFPB and private litigants to enforce the EFTA
and Regulation E.
US Code:
15
USC 1693 Name of Law: Electronic Funds Transfer Act
PL: Pub.L. 111 - 203 X Name of Law: Wall
Street Reform and Consumer Protection Act
The Board estimated that the
proposed rule would increase the total annual burden of Regulation
E by approximately 9.8 million hours. This consists of
approximately 7.8 million hours of one-time burden and 2 million
hours of ongoing annual burden. The Bureau estimates that the
proposed rule would increase the total annual burden of Regulation
E by approximately 7.7 million hours. This consists of
approximately 3.4 million hours of one-time burden and 4.3 million
hours of ongoing burden. Regarding the difference in the total
annual burden: the Board assumed 19,000 "depository institutions"
would be covered by the rule. The Bureau assumes there are
approximately 7,445 insured depository institutions and 7,325
insured credit unions and approximately half of the latter (3,662)
send consumer international wire transfer. The difference between
19,000 and 11,000 (approximately 7,445+3,662) in the Bureau's
calculations accounts in large part for the difference in the
totals. Regarding the increase in ongoing annual burden relative to
one-time burden: the Board assumed 19,000 money transmitters would
incur both one-time burden and ongoing annual burden. The Board
obtained this estimate from FinCEN. In response to comments on the
Board's estimates and review of the FinCEN data, the Bureau
developed different estimates using research conducted by KPMG and
the World Bank. Using this research, the Bureau estimates that
6,000 money transmitters would incur one-time burden and 67,000
would incur ongoing burden. The far larger number of entities
experiencing ongoing annual burden and far smaller number of
entities experiencing one-time burden accounts for the increase in
ongoing annual burden relative to one-time burden. The Bureau is
eliminating it's reporting of labor costs in order to be consistent
with the reporting of other agencies covered under Regulation
E.
No
No
No
Yes
No
Uncollected
Lea Mosena 202 435-7152
No
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:
(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;
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.
Amended_Supporting_Statement_for_Regulation_E_(Concurrent Proposal).doc
Maintenance and Error Resolution, Non-Depository Institutions (ongoing)