Proposed Agency Information Collection Activities; Comment Request
Published Date: 1/13/2025
Notice
Summary
The Federal Reserve wants to keep its current rules about recordkeeping and sharing info for three more years—no changes! Banks and businesses that follow these rules should share their thoughts by March 14, 2025. This keeps things steady with no new costs or surprises, just a smooth extension.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 3 costs, 1 mixed.
Three-Year Extension of FR II
The Federal Reserve proposes to extend for three years, without change, the Recordkeeping and Disclosure Requirements associated with Regulation II (FR II), OMB Control Number 7100-0349. The Board requests public comments on this extension, and comments must be submitted on or before March 14, 2025.
Fraud-Prevention Policy Requirement
Certain debit card issuers called "covered issuers" must develop and implement fraud-prevention policies and procedures and must at least annually review and update them to be eligible to receive the fraud-prevention adjustment. The requirement to maintain and review these policies is part of the Regulation II recordkeeping and disclosure framework.
Record Retention and Burden Estimate
Regulation II requires all debit card issuers and, in some cases, payment card networks to retain evidence of compliance for a prescribed period. The Board estimates 534 total respondents and 22,251 total estimated annual burden hours, with reporting frequency listed as Annual and Event-generated.
Annual Network Notification Duty
Covered debit card issuers must annually notify their payment card networks that they are eligible to receive the fraud-prevention adjustment, and must notify networks when they are no longer eligible. This notification requirement is part of the ongoing compliance process under Regulation II.
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