[Federal Register Volume 87, Number 141 (Monday, July 25, 2022)]
[Notices]
[Pages 44116-44118]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-15814]


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FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Recordkeeping and Disclosure Requirements Associated with 
the Consumer Financial Protection Bureau's (CFPB) Regulation E 
(Electronic Fund Transfers) (FR E; OMB No. 7100-0200).

DATES: Comments must be submitted on or before September 23, 2022.

ADDRESSES: You may submit comments, identified by FR E, by any of the 
following methods:
     Agency Website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number or FR number in the subject line of the message.

[[Page 44117]]

     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Federal Reserve Board of Governors, Attn: Ann E. 
Misback, Secretary of the Board, Mailstop M-4775, 2001 C St NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any confidential 
business information, identifying information, or contact information. 
Public comments may also be viewed electronically or in paper in Room 
M-4365A, 2001 C St NW, Washington, DC 20551, between 9 a.m. and 5 p.m. 
on weekdays. For security reasons, the Board requires that visitors 
make an appointment to inspect comments. You may do so by calling (202) 
452-3684. Upon arrival, visitors will be required to present valid 
government-issued photo identification and to submit to security 
screening in order to inspect and photocopy comments.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, 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: 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.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information conducted or 
sponsored by the Board. In exercising this delegated authority, the 
Board is directed to take every reasonable step to solicit comment. In 
determining whether to approve a collection of information, the Board 
will consider all comments received from the public and other agencies.
    During the comment period for this proposal, a copy of the proposed 
PRA OMB submission, including the draft reporting form and 
instructions, supporting statement, and other documentation, will be 
made available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears above. Final 
versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board'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 startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Collection title: Recordkeeping and Disclosure Requirements 
Associated with the Consumer Financial Protection Bureau's (CFPB) 
Regulation E (Electronic Fund Transfers).
    Collection identifier: FR E.
    OMB control number: 7100-0200.
    Frequency: Event generated.
    Respondents: 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).
    Estimated number of respondents: Recordkeeping, 874; Initial 
disclosures, 874; Change-in-terms, 874; Periodic statements, 67; Error 
resolution, 874; Pre-acquisition disclosures (short form disclosure), 
5; internet posting and submission of prepaid account agreements, 6; 
Remittance transfer disclosures, 874; Error resolution for remittance 
transfers, 874; and Remittance transfers scheduled before the date of 
transfer, 874.
    Estimated average hours per response: Recordkeeping, 0.97; Initial 
disclosures, 0.03; Change-in-terms, 0.02; Periodic statements, 7; Error 
resolution, 0.5; Pre-acquisition disclosures (short form disclosure), 
4; internet posting and submission of prepaid account agreements, 0.08; 
Remittance transfer disclosures, 8; Error resolution for remittance 
transfers, 4.5; and Remittance transfers scheduled before the date of 
transfer, 8.
    Estimated annual burden hours: Recordkeeping, 848; Initial 
disclosures, 6,555; Change-in-terms, 5,943; Periodic statements, 5,628; 
Error resolution, 13,110; Pre-acquisition disclosures (short form 
disclosure), 191; internet posting and submission of prepaid account 
agreements, 2; Remittance transfer disclosures, 83,904; Error 
resolution for remittance transfers, 47,196; and Remittance transfers 
scheduled before the date of transfer, 6,992.
    General description of report: 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.
    Legal authorization and confidentiality: The FR E is authorized 
pursuant to section 904 of the EFTA,\1\ which requires that the CFPB 
prescribe regulations to carry out the purposes of the EFTA, including 
disclosure and recordkeeping requirements relating to consumer EFT 
transactions. The FR E is mandatory.
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    \1\ 15 U.S.C. 1693b.
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    The disclosures and records required under Regulation E are not 
required to be submitted to the Board, so normally no confidentiality 
issues would be implicated. To the extent such disclosures and records 
are obtained by

[[Page 44118]]

the Board through the examination process, they may be kept 
confidential under exemption 8 of the Freedom of Information Act, which 
protects information contained in or related to an examination of a 
financial institution.\2\
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    \2\ 5 U.S.C. 552(b)(8).
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    Consultation outside the agency: The Board consulted with the CFPB 
regarding the estimated burden of the FR E.

    Board of Governors of the Federal Reserve System, July 19, 2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-15814 Filed 7-22-22; 8:45 am]
BILLING CODE 6210-01-P