[Federal Register Volume 87, Number 228 (Tuesday, November 29, 2022)]
[Notices]
[Pages 73302-73303]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25968]


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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, 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).

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.

[[Page 73303]]

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of 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 and 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 Fund 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 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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    Current actions: On July 25, 2022, the Board published an initial 
notice in the Federal Register (87 FR 44116) requesting public comment 
for 60 days on the extension, without revision, of the FR E. The 
comment period for this notice expired on September 23, 2022. The Board 
did not receive any comments.

    Board of Governors of the Federal Reserve System, November 22, 
2022.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2022-25968 Filed 11-28-22; 8:45 am]
BILLING CODE 6210-01-P