Recordkeeping and Disclosure Requirements Associated with Regulation II

Forms and Documents

Document Name	Status
FRII_20250725_83c.pdf Justification for No Material/Nonsubstantive Change	2025-07-25

IC Document Collections

IC ID	Document Title	Status
254886	Disclosure Sections 235.4(c) and (d)	Modified
198927	Recordkeeping Section 235.8(c) General compliance records retention	Removed
198926	Recordkeeping Section 235.4(b)(3)	Modified
198925	Recordkeeping Sections 235.4(b)(1) and (2)	Modified

ICR Details

OMB Control No: 7100-0349	ICR Reference No: 202409-7100-004
Status: Historical Active	Previous ICR Reference No: 202207-7100-008
Agency/Subagency: FRS	Agency Tracking No: FR II
Title: Recordkeeping and Disclosure Requirements Associated with Regulation II
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: 07/25/2025
	Date Received in OIRA: 07/25/2025
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2025	07/31/2025	07/31/2025
Responses	1,065	0	1,582
Time Burden (Hours)	22,251	0	22,294
Cost Burden (Dollars)	0	0	0

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Abstract: Regulation II requires certain debit card issuers (referred to as “covered issuers”) to develop and implement, and at least annually review and update, certain fraud-prevention policies and procedures to be eligible to receive the fraud-prevention adjustment. In addition, the rule requires such a debit card issuer to annually notify its payment card networks that it is eligible to receive the fraud-prevention adjustment, and to notify its payment card networks when it is no longer eligible to receive the fraud-prevention adjustment. Finally, Regulation II requires all debit card issuers and, in some situations, payment card networks to retain evidence of compliance with the requirements in Regulation II for a prescribed period of time. The Paperwork Reduction Act (PRA) classifies these recordkeeping and disclosure requirements associated with Regulation II as an information collection.

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Authorizing Statute(s): 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
  

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:
	86 FR 68667	12/03/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 31554	05/24/2022
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Disclosure Sections 235.4(c) and (d)
Recordkeeping Section 235.4(b)(3)
Recordkeeping Section 235.8(c) General compliance records retention
Recordkeeping Sections 235.4(b)(1) and (2)

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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	1,065	1,582	0	0	-517	0
Annual Time Burden (Hours)	22,251	22,294	0	0	-43	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: The decrease in total annual burden hours reflects an update to the respondent counts, standardizing the estimated average hours per response burden, and removing the recordkeeping row for section 235.8(c).

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Annual Cost to Federal Government: $0

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]? No

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

Is this ICR related to the Pandemic Response? No

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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: 07/25/2025

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