OMB files this
comment in accordance with 5 CFR 1320.11( c ). Agency will resubmit
collection responding to any PRA related comments in the supporting
statement of the ICR submitted at the final rule stage.
Inventory as of this Action
Requested
Previously Approved
03/31/2015
36 Months From Approved
03/31/2015
7,237,309
0
7,237,309
4,005,122
0
4,005,122
0
0
0
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 Bureau is requesting a
program change of 11,625 hours (from 4,005,122 to 4,016,747). This
change in burden results from the proposal to amend 12 CFR Part
1005 (
$0
No
No
No
Yes
No
Uncollected
Stacy Kane 202 754-0135
stacy.kane@cfpb.gov
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.