Federal Reserve Payments Study

Forms and Documents

Document Name	Status
Form FR 3066b Networks, Processors, and Issuers Payments Surveys 2017 and 2018 Form and Instruction	New
Form FR 3066a Depository and Financial Institutions Payments Survey 2017 and 2018 Form and Instruction	New
Form FR 3066c Check Sample Survey 2016 Form and Instruction	Modified
Form FR 3066b Networks, Processors, and Issuers Payments Surveys 2016 Form and Instruction	Modified
Form FR 3066a Depository and Financial Institution Payments Survey 2016 Form and Instruction	Modified
FR3066a_FR3066b_FR3066c_20160328_omb_B.pdf Supporting Statement B	2016-03-28
FR3066a_FR3066b_FR3066c_FR3066d_20160328_omb.pdf Supporting Statement A	2016-03-28

IC Document Collections

IC ID	Document Title	Status
220371	Retail Payments Survey Supplement 2017 and 2018 Other-Sample	New
220370	Networks, Processors, and Issuers Payments Surveys 2017 and 2018 Form and Instruction	New
220368	Depository and Financial Institutions Payments Survey 2017 and 2018 Form and Instruction	New
205091	Retail Payments Survey Supplement 2016 Other-Sample	Modified
205090	Check Sample Survey 2016 Form and Instruction	Modified
205089	Networks, Processors, and Issuers Payments Surveys 2016 Form and Instruction	Modified
205088	Depository and Financial Institution Payments Survey 2016 Form and Instruction	Modified

ICR Details

OMB Control No: 7100-0351	ICR Reference No: 201603-7100-001
Status: Historical Active	Previous ICR Reference No: 201601-7100-007
Agency/Subagency: FRS	Agency Tracking No: FR 3066
Title: Federal Reserve Payments Study
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/28/2016
	Date Received in OIRA: 03/28/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2019	36 Months From Approved	06/30/2016
Responses	1,975	0	1,675
Time Burden (Hours)	48,300	0	49,100
Cost Burden (Dollars)	0	0	0

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Abstract: The FR 3066a, FR 3066b, and FR 3066c are triennial surveys. The FR 3066d is conducted up to one time per year. These surveys are designed to collect information needed to support the Federal Reserve System’s (FRS) role in the retail payments system. These surveys are the latest iteration in a series of surveys of depository institutions, payment networks, processors, and issuers, collectively called the Federal Reserve Payments Study (FRPS) that were conducted at 3-year intervals from 2001 to 2013.

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Authorizing Statute(s): US Code: 12 USC 3105(c)(2) Name of Law: International Banking Act of 1978
   US Code: 12 USC 1817(a) Name of Law: Federal Deposit Insurance Act
   US Code: 12 USC 225a Name of Law: Federal Reserve Act
   US Code: 12 USC 263 Name of Law: Federal Reserve Act
   US Code: 12 USC 4008 Name of Law: Expedited Funds Availability Act
   US Code: 15 USC 1693b Name of Law: Electronic Fund Transfer Act
   US Code: 15 USC 1693o-2 Name of Law: Electronic Fund Transfer Act
   US Code: 15 USC 1604 Name of Law: Truth In Lending Act
   US Code: 12 USC 5014 Name of Law: The Check Clearing for the 21st Century Act
   US Code: 12 USC 248 Name of Law: Federal Reserve Act
   US Code: 12 USC 248a Name of Law: Federal Reserve Act
   US Code: 12 USC 342 Name of Law: Federal Reserve Act
   US Code: 12 USC 248-1, 360, and 411 Name of Law: Federal Reserve Act
   US Code: 12 USC 324 Name of Law: Federal Reserve Act
   US Code: 12 USC 1844(c) Name of Law: Bank Holding Company Act
   US Code: 12 USC 1467a(b) Name of Law: Home Owners Loan Act
   US Code: 12 USC 5412 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
   US Code: 12 USC 602 and 625 Name of Law: Federal Reserve 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
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 73760	11/25/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 11270	03/03/2016
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 7

IC Title	Form No.	Form Name
Networks, Processors, and Issuers Payments Surveys 2016	FR 3066b	Networks, Processors, and Issuers Payments Surveys
Check Sample Survey 2016	FR 3066c	Check Sample Survey
Retail Payments Survey Supplement 2016
Retail Payments Survey Supplement 2017 and 2018
Depository and Financial Institutions Payments Survey 2017 and 2018	FR 3066a	Depository and Financial Institutions Payments Survey
Networks, Processors, and Issuers Payments Surveys 2017 and 2018	FR 3066b	Networks, Processors, and Issuers Payments Surveys
Depository and Financial Institution Payments Survey 2016	FR 3066a	Depository and Financial Institutions Payments Survey

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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	1,975	1,675	0	300	0	0
Annual Time Burden (Hours)	48,300	49,100	0	-800	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The Federal Reserve assumes response rates that are lower than were assumed for the current FR 3066 surveys. While current estimates of burden assumed that all responses would be complete, the level of completeness of surveys varied considerably. Proposed estimates of average burden hours also account for the varying levels of completeness that are expected to arise from the adaptive design. While the number of response items has grown since the 2013 surveys, some institutions would be asked and some would independently choose to submit partial responses.

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Annual Cost to Federal Government: $2,800,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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

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: 03/28/2016

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