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[Federal Register Volume 90, Number 7 (Monday, January 13, 2025)]
[Notices]
[Pages 2702-2703]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-00482]

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FEDERAL RESERVE SYSTEM

Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, without revision, the 
Federal Reserve Payments Study (FR 3066; OMB No. 7100-0351).

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, [email protected], (202) 
452-3884.
    Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 10235, 725 
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to collections of information conducted or 
sponsored by the Board. Board-approved collections of information are 
incorporated into the official OMB inventory of currently approved 
collections of information. The OMB inventory, as well as copies of the 
PRA Submission, supporting statements (which contain more detailed 
information about the information collections and burden estimates than 
this notice), and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also available on the Federal Reserve Board's public website at 
https://www.federalreserve.gov/apps/reportingforms/review or may be 
requested from the agency clearance officer, whose name appears above. 
On the page displayed at the link above, you can find the supporting 
information by referencing the collection identifier, FR 3066.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Collection title: Federal Reserve Payments Study.
    Collection identifier: FR 3066.
    OMB control number: 7100-0351.
    General description of collection: The Federal Reserve Payments 
Study (FRPS) is supported by the following surveys: Depository and 
Financial Institutions Payments Survey (FR 3066a), and Networks, 
Processors, and Issuers Payments Surveys (FR 3066b).
    The information on these surveys is used by the Federal Reserve to 
estimate the aggregate number and value of all cash and noncash 
payments, as well as cash withdrawals and deposits, made by

[[Page 2703]]

U.S. consumers and businesses, including for-profit and not-for-profit 
enterprises, and federal, state, and local government agencies. The 
aggregate estimates produced from the survey data are widely cited in 
academic working papers, journal articles, and industry publications; 
reported in the media; and used by the public, industry, and policy 
makers as a quantitative aggregate benchmark of noncash payments and 
cash withdrawal and deposit activity in the United States.
    Frequency: Annually.
    Respondents: Organizations with a significant role in processing 
payments, including depository and financial institutions, general-
purpose payment networks, third-party payment processors, issuers of 
private-label payment instruments, and providers of various alternative 
payment methods and systems.
    Total estimated number of respondents: FR 3066a, 513, FR 3066b, 
170.
    Estimated average hours per response: FR 3066a, 22; FR 3066b, 8.
    Total estimated annual burden hours: 12,646.
    Current actions: On July 30, 2024, the Board published a notice in 
the Federal Register (89 FR 61116) requesting public comment for 60 
days on the extension, without revision, of the FR 3066. The comment 
period for this notice expired on September 30, 2024. The Board 
received one comment.

Detailed Discussion of Public Comments

    The Board received one public comment from a payments industry 
association. The commenter was supportive of renewing and continuing 
this information collection. The commenter also urged the Board to 
publish timely and comprehensive results from the FRPS.
    The Board strives to release detailed results from the FRPS 
expeditiously. Both the Board and FRB Atlanta are working continuously 
to improve both the quality and the timing of FRPS releases. The Board 
intends to publish any releases as soon as practicable with the goal of 
making information available while not sacrificing the quality and 
accuracy of that information. Achieving the necessary quality standard 
for detailed data is particularly important when constructing national 
estimates upon which policymakers, the industry, and the public can 
rely.
    To that end, the Board expects to continue the practice of 
releasing results in stages, with an initial release of topline 
estimates followed by more extensive detailed releases at a later 
stage. Results from annual supplements will periodically complement the 
initial and detailed triennial releases. Focused reports or releases on 
specific topics may also be published periodically. The Board has 
released some detailed data for the 2022 Federal Reserve Payments Study 
and 2023 Annual Supplement, and more is expected to be released in the 
near future.
    The Board has adopted the extension, without revision, of the FR 
3066 as originally proposed.

    Board of Governors of the Federal Reserve System, January 7, 
2025.
Benjamin W. McDonough,
Deputy Secretary and Ombuds of the Board.
[FR Doc. 2025-00482 Filed 1-10-25; 8:45 am]
BILLING CODE 6210-01-P
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