Regulation E (Electronic Fund Transfers)

OMB Control No: 3084-0085	ICR Reference No: 202411-3084-003
Status: Received in OIRA	Previous ICR Reference No: 202106-3084-002
Agency/Subagency: FTC	Agency Tracking No:
Title: Regulation E (Electronic Fund Transfers)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/22/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2024
Responses	5,563,416,032	5,563,416,032
Time Burden (Hours)	7,435,956	7,435,958
Cost Burden (Dollars)	0	0

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Abstract: The Federal Trade Commission (FTC) seeks renewed clearance for the information collection requirements associated with the agency's enforcement of the Consumer Financial Protection Bureau's (CFPB) Regulation E. This regulation 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. Given their generally shared enforcement jurisdiction for Regulation E under the Dodd-Frank Act, the CFPB and the FTC have divided the FTC’s previously cleared PRA burden between them, except that the FTC has wholly assumed all of the burden estimates associated with motor vehicle dealers and is also doing so, when appropriate, regarding estimated burden for state-chartered credit unions.

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Authorizing Statute(s): US Code: 15 USC 1693 et seq. Name of Law: Electronic Fund Transfer Act    PL: Pub.L. 111 - 203 1024, 1029, 1061, 1100A Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act

Citations for New Statutory Requirements: PL: Pub.L. 111 - 203 1024, 1029, 1061, 1100E

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 62736	08/01/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 92685	11/01/2024
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 40

IC Title Form No. Form Name ATM notices transactions Change in terms transactions Electronic check conversion transactions Error resolution transactions Gift cards transactions Initial terms transactions Overdraft services transactions Periodic statements transactions Preauthorized transfers transactions Recordkeeping for firms offering EFT services to consumers Remittance transfers agent compliance transactions Remittance transfers disclosures transactions Remittance transfers error resolution transactions Service provider notices transactions Setup/monitoring for ATM notices Setup/monitoring for access to account information Setup/monitoring for change in terms Setup/monitoring for electronic check conversion Setup/monitoring for error resolution Setup/monitoring for error resolution Setup/monitoring for gift cards Setup/monitoring for initial terms Setup/monitoring for overdraft services Setup/monitoring for periodic statements Setup/monitoring for preauthorized transfers Setup/monitoring for prepaid accounts and gov't. benefits disclosures Setup/monitoring for remittance transfers agent compliance Setup/monitoring for remittance transfers disclosures Setup/monitoring for remittance transfers error resolution Setup/monitoring for service provider notices Setup/monitoring for submissions of agreements Setup/monitoring for transaction receipts Setup/monitoring for updates to disclosures for prepaid accounts & gov't benefits Transaction receipts Transactions regarding access to account information Transactions regarding disclosures for prepaid accounts & gov't benefits Transactions regarding error resolution Transactions regarding error resolution followup Transactions regarding submission of agreements Transactions regarding updates to agreements

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ICR Summary of Burden

	Total Request	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	5,563,416,032	5,563,416,032	0	0	0	0
Annual Time Burden (Hours)	7,435,956	7,435,958	0	0	-2	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: There are no program changes. The projected decrease of two annual burden hours from the currently approved clearance is caused by rounding discrepancies between the estimates for 2021 and this renewal request. FTC Staff adjusted their labor cost estimates to take into account updated BLS wage data.

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Annual Cost to Federal Government: $1,055,953

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: Carole Reynolds 202 326-3230 [email protected]

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Common Form ICR:  No

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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:
		(a) It is necessary for the proper performance of agency functions;
		(b) It avoids unnecessary duplication;
		(c) It reduces burden on small entities;
		(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
		(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
		(f) It indicates the retention periods for recordkeeping requirements;
		(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
			(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;
		(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
		(i) It uses effective and efficient statistical survey methodology (if applicable); and
		(j) It makes appropriate use of information technology.
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.
Certification Date: 11/22/2024

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