Regulation E requires accurate disclosure of the costs, terms, and rights relating to electronic fund transfer services to consumers. It also requires financial institutions to retain records sufficient to show compliance with the Regulation. Because the Federal Trade Commission ("FTC") has shared enforcement jurisdiction for this regulation with the Consumer Financial Protection Board ("CFPB") under the Dodd-Frank Act, the CFPB has incorporated into its recently submitted burden estimates for this regulation, net of an estimate covering motor vehicle dealers (which the FTC is fully assuming within its own burden estimates), half of the residual portion of the FTC's pre-existing, cleared burden hour estimate for this regulation. OMB granted emergency clearance to the CFPB for its recent request. This clearance renewal request reflects these considerations in addition to updating the FTC estimates for declining market conditions.
Staff has adjusted upward the FTC's previous annual burden estimate by 679,574 hours. Notwithstanding the burden splitting noted above regarding shared enforcement authority with the CFPB, staff has increased its prior estimate because of an increase in entities offering EFT services to consumers, and new requirements for gift cards, overdraft services, and remittance transfers. Moreover, estimated preauthorized transfers have greatly increased from the FTC's 2009 cleared estimate.
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:
(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;
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.
Reg E '12 SS final_mtd.pdf
Recordkeeping for firms offering EFT services to consumers