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Federal forms, ICRs, and supporting documents

Information Collection Request

Recordkeeping and Disclosure Requirements Associated with Regulation II

ICR 202207-7100-004 · OMB 7100-0349 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
FRII_20220726_83c.pdf Justification for No Material/Nonsubstantive Change Uploaded 2022-07-26 Available
IC Document Collections
IC IDCollectionTypeStatusForm
254886 Disclosure Sections 235.4(c) and (d) Annual fraud-prevention compliance notification and change-in-status notification New
198927 Recordkeeping Section 235.8(c) General compliance records retention Modified
198926 Recordkeeping Section 235.4(b)(3) Review and update fraud-prevention policies and procedures Modified
198925 Recordkeeping Sections 235.4(b)(1) and (2) Develop and implement fraud-prevention policies and procedures (one-time) Modified
ICR Details
7100-0349 202207-7100-004
Historical Active 201907-7100-015
FRS FR II
Recordkeeping and Disclosure Requirements Associated with Regulation II
No material or nonsubstantive change to a currently approved collection   No
Delegated
Approved without change 07/26/2022
Retrieve Notice of Action (NOA) 07/26/2022
  Inventory as of this Action Requested Previously Approved
07/31/2022 07/31/2022 07/31/2022
1,582 0 1,083
22,294 0 22,341
0 0 0
Regulation II - Debit Card Interchange Fees and Routing (12 CFR Part 235) implements, among other things, standards for assessing whether interchange transaction fees for electronic debit transactions are reasonable and proportional to the cost incurred by the issuer with respect to the transaction, as required by section 920(a) of the Electronic Fund Transfer Act (EFTA) (15 U.S.C. § 1693o-2(a)). Regulation II limits the interchange transaction fee that covered issuers can charge for debit card transactions. Under the rule a covered debit card issuer is allowed to receive or charge an amount of no more than 1 cent per transaction for the costs associated with preventing fraudulent electronic debit transactions (fraud-prevention adjustment), if the issuer complies with the standards and requirements set forth in the rule. In addition, issuers must retain records demonstrating their compliance with the requirements in Regulation II for at least five years after the end of the calendar year in which the electronic debit transaction occurred, any person or issuer subject to an investigation or enforcement proceeding involving Regulation II must retain records pertaining to the matter until the final disposition of the matter, unless an earlier time is allowed by court or agency order.
US Code: 15 USC 1693o-2(a)(3) Name of Law: Electronic Fund Transfer Act
   US Code: 15 USC 1693o-2(a)(5) Name of Law: Electronic Fund Transfer Act
   US Code: 12 USC 601 et seq. Name of Law: Federal Reserve Act
   US Code: 15 USC 1693o(a) and 1693o-2(d) Name of Law: Electronic Fund Transfer Act
   US Code: 12 USC 1818 Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 611 et seq. Name of Law: Federal Reserve Act
  
None
Not associated with rulemaking
  84 FR 13919 04/08/2019
84 FR 34393 07/18/2019
Yes
  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 1,582 1,083 0 0 499 0
Annual Time Burden (Hours) 22,294 22,341 0 0 -47 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The decrease in total annual burden hours reflects an update to the respondent count.
$0
No
    No
    No
No
No
No
No
Brenda Simms 202 475-6340 [email protected]
  No
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.
07/26/2022