The Electronic Funds Transfer Act
(EFTA) requires consumers be provided meaningful disclosures about
the basic terms, costs, and rights relating to electronic fund
transfer (EFT) services involving a consumer’s account. The
disclosures required by the EFTA are triggered by specific events.
The disclosures inform consumers, for example, about the terms of
the EFT service, activity on the account, potential liability for
unauthorized transfers, and the process for resolving
errors.
US Code:
15
USC 1693b Name of Law: Electronic Fund Transfer Act
The decrease in burden hours
reflects consolidation of recordkeeping requirements (consistent
with CFPB), elimination of one-time burden, and a decrease in
respondent counts.
$0
No
No
No
No
No
No
No
Jennifer Williams 202 452-2446
jennifer.l.williams@frb.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.
FR E 83C.pdf
Recordkeeping Section 1005.36 Remittance transfers scheduled before date of transfer