[Federal Register Volume 80, Number 111 (Wednesday, June 10, 2015)]
[Notices]
[Pages 32953-32954]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-14113]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: On June 15, 1984, the Office of Management and Budget (OMB) 
delegated to the Board of Governors of the Federal Reserve System 
(Board) its approval authority under the Paperwork Reduction Act (PRA), 
to approve of and assign OMB numbers to collection of information 
requests and requirements conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. Copies 
of the PRA Submission, supporting statements and approved collection of 
information instruments are placed into OMB's public docket files. The 
Federal Reserve may not conduct or sponsor, and the respondent is not 
required to respond to, an information collection that has been 
extended, revised, or implemented on or after October 1, 1995, unless 
it displays a currently valid OMB number.

DATES: Comments must be submitted on or before August 10, 2015.

ADDRESSES: You may submit comments, identified by Reg E, by any of the 
following methods:
     Agency Web site: http://www.federalreserve.gov. Follow the 
instructions for submitting comments at http://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include OMB 
number in the subject line of the message.
     FAX: (202) 452-3819 or (202) 452-3102.
     Mail: Robert deV. Frierson, Secretary, Board of Governors 
of the Federal Reserve System, 20th Street and Constitution Avenue NW., 
Washington, DC 20551.
    All public comments are available from the Board's Web site at 
http://www.federalreserve.gov/apps/foia/proposedregs.aspx as submitted, 
unless modified for technical reasons. Accordingly, your comments will 
not be edited to remove any identifying or contact information. Public 
comments may also be viewed electronically or in paper form in Room 
3515, 1801 K Street (between 18th and 19th Streets NW.) Washington, DC 
20006 between 9:00 a.m. and 5:00 p.m. on weekdays.
    Additionally, commenters may send a copy of their comments to the 
OMB Desk Officer--Shagufta Ahmed--Office of Information and Regulatory 
Affairs, Office of Management and Budget, New Executive Office 
Building, Room 10235 725 17th Street NW., Washington, DC 20503 or by 
fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: A copy of the PRA OMB submission, 
including the proposed reporting form and instructions, supporting 
statement, and other documentation will be placed into OMB's public 
docket files, once approved. These documents will also be made 
available on the Federal Reserve Board's public Web site at: http://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears below.
    Federal Reserve Board Clearance Officer--Nuha Elmaghrabi--Office of 
the Chief Data Officer, Board of Governors of the Federal Reserve 
System, Washington, DC 20551 (202) 452-3829. Telecommunications Device 
for the Deaf (TDD) users may contact (202) 263-4869, Board of Governors 
of the Federal Reserve System, Washington, DC 20551.

SUPPLEMENTARY INFORMATION: 

Request for Comment on Information Collection Proposal

    The following information collections, which are being handled 
under this delegated authority, have received initial Board approval 
and are hereby published for comment. At the end of the comment period, 
the proposed information collections, along with an analysis of 
comments and recommendations received, will be submitted to the Board 
for final approval under OMB delegated authority. Comments are invited 
on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Federal Reserve's functions; including 
whether the information has practical utility;
    b. The accuracy of the Federal Reserve's estimate of the burden of 
the proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or start up costs and costs of operation, 
maintenance, and purchase of services to provide information.

Proposal To Approve Under OMB Delegated Authority the Extension for 
Three Years, With Revision, of the Following Report

    Report title: Recordkeeping and Disclosure Requirements Associated 
with the Consumer Financial Protection Bureau's (CFPB) Regulation E 
(Electronic Fund Transfer Act).
    Agency form number: Reg E.
    OMB control number: 7100-0200.
    Frequency: Event-generated.
    Reporters: State member banks, their subsidiaries, subsidiaries of 
bank holding companies, U.S. branches and agencies of foreign banks 
(other than federal branches, federal agencies, and insured state 
branches of foreign banks), commercial lending companies owned or 
controlled by foreign banks, and organizations operating under section 
25 or 25A of the Federal Reserve Act (12 U.S.C. 601-604a; 611-631).

[[Page 32954]]

    Estimated annual reporting hours: Initial disclosures, 6,363 hours; 
Change-in-terms, 5,769 hours; Periodic statements, 15,960 hours; Error 
resolution, 15,270 hours; Gift card exclusion policies and procedures, 
8,144 hours; Gift card policy and procedures, 8,144 hours; Remittance 
transfer disclosures (one-time), 122,160 hours; Remittance transfer 
disclosures (ongoing), 97,728 hours; Error notice from sender 
(consumers) (ongoing), 61,083 hours; Time limits and extent of 
investigation (ongoing), 54,972 hours; Transmitter error resolution 
standards and recordkeeping requirements (one-time), 40,720 hours; 
Transmitter error resolution standards and recordkeeping requirements 
(ongoing), 8,144 hours; Acts of agents (one-time), 40,720 hours; Acts 
of agents (ongoing), 8,144 hours.
    Estimated average hours per response: Initial disclosures, 1.5 
minutes; Change-in-terms, 1 minute; Periodic statements, 7 hours; Error 
resolution, 30 minutes; Gift card exclusion policies and procedures, 8 
hours; Gift card policy and procedures, 8 hours; Remittance transfer 
disclosures (one-time), 120 hours; Remittance transfer disclosures 
(ongoing), 8 hours; Error notice from sender (consumers) (ongoing), 5 
minutes; Time limits and extent of investigation (ongoing), 4.5 hours; 
Transmitter error resolution standards and recordkeeping requirements 
(one-time), 40 hours; Transmitter error resolution standards and 
recordkeeping requirements (ongoing), 8 hours; Acts of agents (one-
time), 40 hours; Acts of agents (ongoing), 8 hours.
    Number of respondents: Initial disclosures, 1,018 respondents; 
Change-in-terms, 1,018 respondents; Periodic statements, 190 
respondents; Error resolution, 1,018 respondents; Gift card exclusion 
policies and procedures, 1,018 respondents; Gift card policy and 
procedures, 1,018 respondents; Remittance transfer disclosures (one-
time), 1,018 respondents; Remittance transfer disclosures (ongoing), 
1,018 respondents; Error notice from sender (consumers) (ongoing), 
733,000 respondents; Time limits and extent of investigation (ongoing), 
1,018 respondents; Transmitter error resolution standards and 
recordkeeping requirements (one-time), 1,018 respondents; Transmitter 
error resolution standards and recordkeeping requirements (ongoing), 
1,018 respondents; Acts of agents (one-time), 1,018 respondents; Acts 
of agents (ongoing), 1,018 respondents.
    General description of report: This information collection is 
mandatory (15 U.S.C. 1693b(a)). The Federal Reserve does not collect 
any information under the CFPB's Regulation E, so no issue of 
confidentially arises. However, in the event the Federal Reserve were 
to obtain this any of the recordkeeping or disclosure documentation 
during the course of an examination, the information may be protected 
from disclosure under exemptions 4, 6, or 8 of the Freedom of 
Information Act (5 U.S.C. 552(b)(4), (6), & (8)).
    Abstract: The Electronic Funds Transfer Act (EFTA) ensures adequate 
disclosure of basic terms, costs, and rights relating to electronic 
fund transfer (EFT) services debiting or crediting a consumer's 
account. The disclosures required by the EFTA are triggered by certain 
specified events. The disclosures inform consumers about the terms of 
the electronic fund transfer service, activity on the account, 
potential liability for unauthorized transfers, and the process for 
resolving errors. To ease institutions' burden and cost of complying 
with the disclosure requirements of Regulation E (particularly for 
small entities), Regulation E includes model forms and disclosure 
clauses.
    Regulation E applies to all financial institutions. In addition, 
certain provisions in Regulation E apply to entities that are not 
financial institutions, including those that act as service providers 
or automated teller machine (ATM) operators, merchants and other payees 
that engage in electronic check conversion (ECK) transactions, the 
electronic collection of returned item fees, or preauthorized 
transfers, issuers and sellers of gift cards and gift certificates, and 
remittance transfer providers.

    Board of Governors of the Federal Reserve System, June 4, 2015.
Robert deV. Frierson,
Secretary of the Board.
[FR Doc. 2015-14113 Filed 6-9-15; 8:45 am]
 BILLING CODE 6210-01-P