Payment Systems Surveys

Forms and Documents

Document Name	Status
Form FR 3054d Currency Functionality and Perception Survey (FR 3054d) Form	Modified
Form FR 3054c Currency Quality Survey (FR 3054c) Form and Instruction	Modified
Form FR 3054b Currency Quality Sampling Survey (FR 3054b) Form and Instruction	Modified
Form FR 3054a Ad Hoc Payment Systems Survey (FR 3054a) Form	Modified
FR3054abcd_20140529_omb.docx Supporting Statement A	2014-05-29

IC Document Collections

IC ID	Document Title	Status
195991	Currency Functionality and Perception Survey (FR 3054d) Form	Modified
195990	Currency Quality Survey (FR 3054c) Form and Instruction	Modified
195989	Currency Quality Sampling Survey (FR 3054b) Form and Instruction	Modified
195988	Ad Hoc Payment Systems Survey (FR 3054a) Form	Modified

ICR Details

OMB Control No: 7100-0332	ICR Reference No: 201405-7100-005
Status: Historical Active	Previous ICR Reference No: 201101-7100-009
Agency/Subagency: FRS	Agency Tracking No: FR 3054a, b, c, d
Title: Payment Systems Surveys
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/29/2014
	Date Received in OIRA: 05/29/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2017	36 Months From Approved	09/30/2014
Responses	13,230	0	1,250
Time Burden (Hours)	13,090	0	17,550
Cost Burden (Dollars)	0	0	0

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Abstract: The FR 3054a is an event-driven survey used to obtain information specifically tailored to the Federal Reserve's operational and fiscal agency responsibilities. The FR 3054a may be conducted independently by the Federal Reserve Board or jointly with another government agency, a Federal Reserve Bank, or a private firm. The FR 3054b is an annual survey used to assess the quality of currency in circulation and may be conducted by the Federal Reserve Board, jointly with the Federal Reserve Bank of San Francisco's Cash Product Office (CPO), the Federal Reserve Bank of Richmond's Currency Technology Office (CTO), and each Federal Reserve Bank's cash department. The FR 3054c is a semi-annual survey used to determine depository institutions' and Banknote Equipment Manufacturers' (BEMs) opinions of currency quality and may be conducted jointly with the CPO and CTO. The FR 3054d is an annual survey used to assess the functionality of Federal Reserve notes in banknote handling equipment. The data collected from the FR 3054d are used as inputs for future designs of Federal Reserve notes. The FR 3054d may be conducted jointly with the U.S. Treasury's Bureau of Engraving and Printing (BEP) and the CTO. The FR 3054a, FR 3054b, FR 3054c, and FR 3054d are sent to financial and nonfinancial businesses. The Federal Reserve uses data collected from these surveys to determine (1) demand for currency and coin, (2) market preferences regarding currency quality, (3) quality of currency in circulation, (4) features used by the public and bank note authentication equipment to denominate and authenticate bank notes, and (5) whether changes to Federal Reserve Bank sorting algorithms are necessary to ensure that currency in circulation remains fit for commerce.

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Authorizing Statute(s): US Code: 5 USC 552(b)(4) and (b)(6) Name of Law: Freedom of Information Act
   US Code: 12 USC 248(d) Name of Law: Federal Reserve 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:
	79 FR 4468	01/28/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 21243	04/15/2014
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Currency Functionality and Perception Survey (FR 3054d)	FR 3054d	the Currency Quality Survey
Currency Quality Sampling Survey (FR 3054b)	FR 3054b	the Currency Quality Sampling Survey
Currency Quality Survey (FR 3054c)	FR 3054c	the Currency Quality Survey
Ad Hoc Payment Systems Survey (FR 3054a)	FR 3054a, FR 3054a	Government Prepaid Card Survey - Depository Institutions Survey ,   Government Prepaid Card Survey - State Government 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	13,230	1,250	0	11,980	0	0
Annual Time Burden (Hours)	13,090	17,550	0	-4,460	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The Federal Reserve proposes to revise the FR 3054a by (1) adding individuals and law enforcement agencies to its respondent panel, (2) reducing the annual frequency from 10 times to 1 time per year, (3) reducing the estimated time to complete a survey from 15 hours to 0.75 hours, and (4) increasing the number of respondents from 100 to 12,000. The Federal Reserve proposes to revise the FR 3054d by (1) renaming the survey as Currency Functionality and Perception Survey, (2) adding individuals to its respondent panel, (3) increasing the frequency of the survey from one time per year to four times per year, (4) reducing the estimated time to complete the survey from 48 hours to 2.5 hours, and (5) increasing the number of respondents from 20 to 250.

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Annual Cost to Federal Government: $3,000,000

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]? No

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: 05/29/2014

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