Fed Extends Money-Watching Study Because Why Stop Now
Published Date: 1/13/2025
Notice
Summary
The Federal Reserve is extending its Payments Study for three more years without any changes. This study helps track how people and banks use cash and electronic payments across the U.S. No new costs or deadlines are coming, but the data keeps helping the Fed understand payment trends nationwide.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Reporting Burden Continues for Payment Processors
Organizations that play a significant role in processing payments must continue to respond to the FR 3066 surveys annually. The notice estimates 513 respondents for FR 3066a at about 22 hours per response, 170 respondents for FR 3066b at about 8 hours per response, and a total estimated annual burden of 12,646 hours.
Payments Study Extended Three Years
The Federal Reserve extended the Federal Reserve Payments Study (FR 3066; OMB No. 7100-0351) for three years on January 7, 2025. The study will continue to collect and publish annual estimates of cash and noncash payments that the public, industry, academic researchers, and policymakers use as a national benchmark.
Fed Will Continue Staged Data Releases
The Board expects to continue publishing study results in stages: an initial release of topline estimates followed later by more detailed releases, with annual supplements periodically complementing the triennial releases. The notice states some detailed data for the 2022 FRPS and 2023 Annual Supplement have already been released and more is expected soon.
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