[Federal Register Volume 87, Number 228 (Tuesday, November 29, 2022)]
[Notices]
[Pages 73301-73302]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25967]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, with revision, the 
Interchange Transaction Fees Survey (FR 3064; OMB No. 7100-0344).

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, [email protected], (202) 452-3884.
    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.

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. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements, and approved collection of 
information instrument(s) are available at https://www.reginfo.gov/public/do/PRAMain. These documents are also available on the Federal 
Reserve 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 Approval Under OMB Delegated Authority of the Extension for Three 
Years, With Revision, of the Following Information Collection

    Collection title: Interchange Transaction Fees Survey.
    Collection identifier: FR 3064.
    OMB control number: 7100-0344.
    Effective date: The revisions will be implemented starting from the 
next iteration of the Debit Card Issuer Survey.
    Frequency: Annual.
    Respondents: Debit card issuers and payment card networks.
    Estimated number of respondents: FR 3064a, 527; FR 3064b, 15.
    Estimated average hours per response: FR 3064a, 160; FR 3064b, 75.
    Estimated annual burden hours: FR 3064a, 84,320; FR 3064b, 1,125.
    General description of collection: The FR 3064 consists of two 
parts: the Debit Card Issuer Survey (FR 3064a) and the Payment Card 
Network Survey (FR 3064b).
    The FR 3064a collects data from issuers of debit cards (including 
general-use prepaid cards) that, together with their affiliates, have 
assets of $10 billion or more. The 3064a collects information regarding 
the volume and value of debit card transactions; chargebacks and 
returns; costs of authorization, clearance, and settlement of debit 
card transactions; other costs incurred in connection with particular 
debit card transactions; fraud prevention costs and fraud losses; and 
interchange fee revenue.\1\
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    \1\ See 12 CFR 235.2(k) for the definition of ``Issuer.''
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    The FR 3064b collects data from payment card networks. The survey 
includes the volume and value of debit card transactions; interchange 
fees; network fees; and payments and incentives paid by networks to 
acquirers, merchants, and issuers.\2\
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    \2\ See 12 CFR 235.2(m) for the definition of ``Payment card 
network.''
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    The data from the FR 3064a and FR 3064b are used to fulfill a 
statutory requirement that the Board disclose certain information 
regarding debit card transactions on a biennial basis.\3\ In addition, 
the Board uses data from the FR 3064b to publicly report on an annual 
basis the extent to which networks have established separate

[[Page 73302]]

interchange fees for exempt and covered issuers.\4\
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    \3\ See 12 U.S.C. 1693o-2(a)(3)(B). The Board's biennial reports 
are available at https://www.federalreserve.gov/paymentsystems/regii-data-collections.htm.
    \4\ See Average Debit Card Interchange Fee by Payment Card 
Network https://www.federalreserve.gov/paymentsystems/regii-average-interchange-fee.htm.
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    Legal authorization and confidentiality: The FR 3064 surveys are 
authorized by section 920(a) of the Electronic Fund Transfer Act, as 
amended by section 1075(a) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act. This provision requires the Board, at least 
once every two years, to disclose aggregate or summary information 
concerning the costs incurred and interchange transaction fees charged 
or received by issuers or payment card networks in connection with the 
authorization, clearance, or settlement of electronic debit 
transactions as the Board considers appropriate and in the public 
interest. It also provides the Board with authority to require issuers 
and payment card networks to provide information to enable the Board to 
carry out the provisions of the subsection. The FR 3064 surveys are 
mandatory.
    The Board is required to release aggregate information from 
responses to the FR 3064 surveys. The Board additionally releases, at 
the network level, the percentage of total number of transactions, the 
percentage of total value of transactions, and the average transaction 
value for exempt and non-exempt issuers obtained on the FR 3064b 
because it can be calculated based on information the Board already 
releases and may be useful to issuers, merchants, and policymakers in 
choosing payment card networks and assessing the effects of interchange 
regulations. The information contained in individual responses to the 
FR 3064 surveys is nonpublic commercial or financial information, which 
is both customarily and actually treated as private by the respondent. 
The Board may therefore keep such information confidential pursuant to 
exemption 4 of the Freedom of Information Act.
    Current actions: On July 13, 2022, the Board published a notice in 
the Federal Register (87 FR 41718) requesting public comment for 60 
days on the extension, with revision, of the Interchange Transaction 
Fees Survey. The comment period for this notice expired on September 
12, 2022. The Board did not receive any comments. The revisions will be 
implemented as proposed.

    Board of Governors of the Federal Reserve System, November 22, 
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-25967 Filed 11-28-22; 8:45 am]
BILLING CODE 6210-01-P