Since 2011, the Bureau of Consumer Financial Protectionâs (Bureau) has been responsible for issuing most of the Electronic Funds Transfer Act (EFTA) regulations that apply to financial institutions and other entities (except for certain motor vehicle dealers), other than the EFTA provisions governing debit card interchange fees and routing of debit card transactions. However, the Board continues to be responsible under the Paperwork Reduction Act (PRA) for implementing the information collections mandated by the Bureauâs Regulation E for institutions that are supervised by the Board.
US Code:
15 USC 1693b
Name of Law: Electronic Fund Transfer Act
The estimated total annual burden for the FR E is 210,925 hours, and would increase to 214,569 hours with the adopted revisions. The revisions result in a net increase in burden of 3,644 hours. There is no reporting requirement associated with Regulation E. Moreover, no burden for receipts or disclosures related to preauthorized transfers is shown below because that burden is believed to be negligible. Receipts provided at electronic terminals are handled entirely by machine. For preauthorized transfers to a consumerâs account, banks ordinarily provide a readily available telephone number that the consumer can call to verify receipt of the deposit. Finally, for preauthorized transfers from a consumerâs account, the payee, rather than the bank, ordinarily discloses amounts to be transferred to the consumer.
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.
FRE_20191104_omb.pdf
Recordkeeping Section 1005.36 Remittance transfers scheduled before date of transfer