Sept 13 -- The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, with revision, the Payment Systems Surveys. Comments must be submitted on or before November 14, 2022.
The Payment Systems Surveys are used to obtain information specifically tailored to the Federal Reserve's operational and fiscal agency responsibilities. The Payment Systems Surveys family of surveys is currently comprised of the following: Ad Hoc Payment Systems Surveys (FR 3054a), Currency Quality Sampling Survey (FR 3054b), Currency Quality Survey (FR 3054c), Currency Functionality and Perception Survey (FR 3054d), and Currency Education Usability Survey (FR 3045e).
The FR 3054 panel comprises financial institutions (including depository institutions), law enforcement, nonfinancial businesses (retailers, banknote equipment manufacturers, or global wholesale bank note dealers), and individuals within the general public. Frequency: FR 3054a, five times per year; FR 3054b, annually; FR 3054c, semi-annually; FR 3054d, five times per year; and FR 3054e, ten times per year.
The Board proposes to increase the estimated respondents for the FR 3054b from 300 to 500, increase the estimated frequency for the FR 3054d from four times a year to five times a year, and increase the estimated frequency from five times a year to ten times a year and decrease the estimated number of respondents from 500 to 250 for the FR 3054e. The increase in the frequency of surveys allows the Federal Reserve System flexibility to respond to diverse needs for data by surveying groups of respondents multiple times throughout a year. Increasing the number of estimated respondents of the FR 3054b will help ensure statistical significance of the sample pool and decreasing the estimated number of respondents while increasing the frequency of the FR 3054e will facilitate more survey agility. Additionally, the FR 3054c has not changed since 2018 and no changes are anticipated during the current clearance cycle. The FR 3054c is therefore being transitioned from an ad hoc to an established collection.
The questions asked on each survey would vary, so the ability of the Board to maintain the confidentiality of information collected would be determined on a case-by-case basis. To the extent a respondent submits nonpublic commercial or financial information, which is both customarily and actually treated as private by the respondent, the respondent may request confidential treatment pursuant to exemption 4 of the Freedom of Information Act (FOIA). In circumstances where the Board collects information related to individuals, exemption 6 to the FOIA would protect information “the disclosure of which would constitute a clearly unwarranted invasion of personal privacy.” To the extent the information collected relates to examination, operating, or condition reports prepared for the use of an agency supervising financial institutions, such information may be kept confidential under exemption 8 to the FOIA.
The Board may consult with, collaborate with, or jointly conduct surveys with other agencies within the U.S. Currency Program to include the System banks, the United States Secret Service, Department of Treasury, and Treasury's Bureau of Engraving and Printing.
FRB Payment Systems:
https://www.federalreserve.gov/paymentsystems.htm
Draft supporting statement:
https://www.federalreserve.gov/reportforms/formsreview/FR%203054%20OMB%20SS%202022.pdf
FRN:
https://www.federalregister.gov/d/2022-19781