Disclosure Requirements in Connection with Regulation CC to Implement the Expedited Funds Availability Act

Forms and Documents

Document Name	Status
RegCC.20070705_83c.pdf Justification for No Material/Nonsubstantive Change	2007-07-03

IC Document Collections

IC ID	Document Title	Status
36259	Specific availability policy disclosure (229.16) & Initial disclosures (229.17)	Modified
181043	Consumers - Expedited recredit claim notice (229.54(b)(2))	New
181042	Consumer awareness (229.57)	New
181041	Expedited recredit for banks (229.55)	New
181040	Expedited recredit for consumers (229.54(a))	New
181039	Notice of nonpayment (229.33(a) & (d))	New
181038	ATM changes in policy (229.18(e))	New
181036	Annual notice of new ATMs (229.18(e))	New
181035	Locations where employees accept consumer deposits (229.18(b)) ATMs (229.18(c))	New
181034	Notice of exceptions (229.13(g))	New
181032	Longer delays on a case-by-case basis. Notice in specific policy disclosure. (229.16(c))	New

ICR Details

OMB Control No: 7100-0235	ICR Reference No: 200707-7100-002
Status: Historical Active	Previous ICR Reference No: 200407-7100-004
Agency/Subagency: FRS	Agency Tracking No: Reg CC
Title: Disclosure Requirements in Connection with Regulation CC to Implement the Expedited Funds Availability Act
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/13/2007
	Date Received in OIRA: 07/13/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2007	07/31/2007	07/31/2007
Responses	4,936,235	0	13,098,096
Time Burden (Hours)	210,882	0	360,951
Cost Burden (Dollars)	0	0	0

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Abstract: The third party diclosure requirements are intended to alert consumers about their financial institutions' check-hold policies and to help prevent unintentional (and costly) overdrafts. The third part disclosure requirements also apply to substitute checks or paper or electronic representation of substitute checks.

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Authorizing Statute(s): US Code: 12 USC 4008 Name of Law: Expedited Funds Availability Act
  

Citations for New Statutory Requirements: None

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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

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 11

IC Title	Form No.	Form Name
Expedited recredit for consumers (229.54(a))
Consumers - Expedited recredit claim notice (229.54(b)(2))
Specific availability policy disclosure (229.16) & Initial disclosures (229.17)
Notice of nonpayment (229.33(a) & (d))
Locations where employees accept consumer deposits (229.18(b)) ATMs (229.18(c))
Longer delays on a case-by-case basis. Notice in specific policy disclosure. (229.16(c))
Annual notice of new ATMs (229.18(e))
ATM changes in policy (229.18(e))
Notice of exceptions (229.13(g))
Expedited recredit for banks (229.55)
Consumer awareness (229.57)

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ICR Summary of Burden

	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	4,936,235	13,098,096	0	-182	-8,161,679	0
Annual Time Burden (Hours)	210,882	360,951	0	0	-150,069	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: Decrease in burden hours reflects update to the Reg CC respondent count and estimated annual frequency for disclosures.

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Annual Cost to Federal Government: $0

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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

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

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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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: 07/13/2007

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