Federal Reserve Payments Study

Forms and Documents

Document Name	Status
Form FR 3066b FR 3066b Form	Modified
Form FR 3066a FR 3066a Form	Modified
FR3066_20220729_omb_B.pdf Supporting Statement B	2022-07-29
FR3066_20220729_omb.pdf Supporting Statement A	2022-07-29

IC Document Collections

IC ID	Document Title	Status
205089	FR 3066b Form	Modified
205088	FR 3066a Form	Modified

ICR Details

OMB Control No: 7100-0351	ICR Reference No: 202207-7100-009
Status: Active	Previous ICR Reference No: 202110-7100-001
Agency/Subagency: FRS	Agency Tracking No: FR 3066
Title: Federal Reserve Payments Study
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: 07/29/2022
	Date Received in OIRA: 07/29/2022
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2025	36 Months From Approved	07/31/2022
Responses	646	0	646
Time Burden (Hours)	12,350	0	12,350
Cost Burden (Dollars)	0	0	0

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Abstract: The Federal Reserve Payments Study (FRPS) is supported by the following surveys: • Depository and Financial Institutions Payments Survey (FR 3066a), and • Networks, Processors, and Issuers Payments Surveys (FR 3066b). The FRPS collects information from organizations with a significant role in processing payments, including depository and financial institutions, general-purpose payment networks, third-party payment processors, issuers of private-label payment instruments, and providers of various alternative payment methods and systems and help to support the Federal Reserve System’s (Federal Reserve’s) role in the payments system. The FR 3066a and FR 3066b consist of a full set of surveys every three years and smaller versions of the surveys (fewer surveys, questions, or respondents) in each year between. The FRPS publishes aggregate estimates of noncash payment volumes, cash deposits and withdrawals, and related information derived from the surveys.

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Authorizing Statute(s): US Code: 12 USC 360 Name of Law: Federal Reserve Act
   US Code: 12 USC 248-1 Name of Law: Federal Reserve Act
   US Code: 12 USC 4008(c) Name of Law: Expedited Funds Availability Act
   US Code: 15 USC 1693b Name of Law: Electronic Fund Transfer Act
   US Code: 15 USC 1693o-2 Name of Law: Electronic Fund Transfer Act
   US Code: 12 USC 5014 Name of Law: Check Clearing for the 21st Century Act
   US Code: 12 USC 225a Name of Law: Federal Reserve Act
   US Code: 12 USC 248 Name of Law: Federal Reserve Act
   US Code: 12 USC 248a Name of Law: Federal Reserve Act
   US Code: 12 USC 342 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:
	87 FR 19924	04/06/2022
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 44119	07/25/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
FR 3066a	FR 3066a	Depository and Financial Institutions Payments Survey
FR 3066b	FR 3066b	Networks, Processors, and Issuers Payments Surveys

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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	646	646	0	0	0	0
Annual Time Burden (Hours)	12,350	12,350	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $1,700,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 07/29/2022

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