Notice2022-01484
Agency Information Collection Activities: Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 26, 2022
Issuing agencies
Consumer Financial Protection Bureau
Abstract
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) is publishing this notice seeking comment on a Generic Information Collection titled, "Partnership with EVERFI to Study High School Students' Estimation of College Costs," prior to requesting the Office of Management and Budget's (OMB's) approval of this collection under the Generic Information Collection "Generic Information Collection Plan for Studies of Consumers using Controlled Trials in Field and Economic Laboratory Settings" under OMB Control number 3170-0048.
Full Text
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<title>Federal Register, Volume 87 Issue 17 (Wednesday, January 26, 2022)</title>
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[Federal Register Volume 87, Number 17 (Wednesday, January 26, 2022)]
[Notices]
[Pages 4002-4003]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-01484]
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BUREAU OF CONSUMER FINANCIAL PROTECTION
[Docket No. CFPB-2022-0004]
Agency Information Collection Activities: Comment Request
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for comment.
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SUMMARY: In accordance with the Paperwork Reduction Act of 1995
[[Page 4003]]
(PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) is
publishing this notice seeking comment on a Generic Information
Collection titled, ``Partnership with EVERFI to Study High School
Students' Estimation of College Costs,'' prior to requesting the Office
of Management and Budget's (OMB's) approval of this collection under
the Generic Information Collection ``Generic Information Collection
Plan for Studies of Consumers using Controlled Trials in Field and
Economic Laboratory Settings'' under OMB Control number 3170-0048.
DATES: Written comments are encouraged and must be received on or
before February 25, 2022 to be assured of consideration.
ADDRESSES: You may submit comments, identified by the title of the
information collection, OMB Control Number (see below), and docket
number (see above), by any of the following methods:
<bullet> Federal eRulemaking Portal: <a href="http://www.regulations.gov">http://www.regulations.gov</a>.
Follow the instructions for submitting comments.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#a5f5f7e4fae6cac8c8c0cbd1d6e5c6c3d5c78bc2cad3"><span class="__cf_email__" data-cfemail="4d1d1f0c120e2220202823393e0d2e2b3d2f632a223b">[email protected]</span></a>. Include Docket No. CFPB-
2022-0004 in the subject line of the email.
<bullet> Mail/Hand Delivery/Courier: Comment intake, Bureau of
Consumer Financial Protection (Attention: PRA Office), 1700 G Street
NW, Washington, DC 20552.
Please note that due to circumstances associated with the COVID-19
pandemic, the Bureau discourages the submission of comments by mail,
hand delivery, or courier. Please note that comments submitted after
the comment period will not be accepted. In general, all comments
received will become public records, including any personal information
provided. Sensitive personal information, such as account numbers or
Social Security numbers, should not be included.
FOR FURTHER INFORMATION CONTACT: Documentation prepared in support of
this information collection request is available at
<a href="http://www.regulations.gov">www.regulations.gov</a>. Requests for additional information should be
directed to Anthony May, PRA Officer, at (202) 435-7278, or email:
<a href="/cdn-cgi/l/email-protection#f5b6b3a5b7aaa5a7b4b596938597db929a83"><span class="__cf_email__" data-cfemail="480b0e180a17181a09082b2e382a662f273e">[email protected]</span></a>. If you require this document in an alternative
electronic format, please contact <a href="/cdn-cgi/l/email-protection#11525741534e5072727462627873787d78656851727761733f767e67"><span class="__cf_email__" data-cfemail="3f7c796f7d607e5c5c5a4c4c565d5653564b467f5c594f5d11585049">[email protected]</span></a>. Please
do not submit comments to these email boxes.
SUPPLEMENTARY INFORMATION:
Title of Collection: Partnership with EVERFI to Study High School
Students' Estimation of College Costs.
OMB Control Number: 3170-0048.
Type of Review: Request for approval of a generic information
collection under an existing Generic Information Collection Plan.
Affected Public: Individuals.
Estimated Number of Respondents: 10,000.
Estimated Total Annual Burden Hours: 1,667.
Abstract: The Bureau plans to engage in research under its
authority to conduct research on ``consumer awareness and understanding
of costs, risks, and benefits of consumer financial products and
service.'' To this end, the Bureau plans to partner with EVERFI, Inc.
(a provider of financial education services) to distribute a survey
about student loans and the costs of attending college through their
proprietary software. Previous research has indicated that students
tend to err in estimating the costs of attending college and the costs
of borrowing student loans that are used to attend college. This survey
will ask questions to measure high school students' expectations about
college costs and the costs of borrowing student loans. The survey will
then include a randomized experiment where some students are shown
information about the average net costs of college, the cost of
borrowing student loans, and the availability of certain income-driven
repayment programs. Students will answer a battery of questions about
their anticipated college attendance, major choice, and likelihood of
borrowing student loans. The randomized experiment will measure the
effect of the information treatments on the students' reported
postsecondary plans. Doing so will contribute to our understanding of
providing certain pieces of information that may affect students'
postsecondary education plans.
The survey will involve U.S. high school students as respondents.
The CFPB will distribute the survey as an addendum to EVERFI, Inc.'s
main survey of students that enroll in EVERFI's Financing Higher
Education, course. The CFPB survey will contain mostly questions about
the respondents' estimates of college costs, the cost of borrowing
student loans, and the questions about their post-high school plans
discussed above. The CFPB will also receive the responses to EVERFI's
main survey which includes demographic questions about the students as
well as questions measuring their college enrollment intentions,
preparations, and perceptions.
Request for Comments: The Bureau is publishing this notice and
soliciting comments on: (a) Whether the collection of information is
necessary for the proper performance of the functions of the Bureau,
including whether the information will have practical utility; (b) The
accuracy of the Bureau's estimate of the burden of the collection of
information, including the validity of the methods and the assumptions
used; (c) Ways to enhance the quality, utility, and clarity of the
information to be collected; and (d) Ways to minimize the burden of the
collection of information on respondents, including through the use of
automated collection techniques or other forms of information
technology. Comments submitted in response to this notice will be
submitted to OMB as part of its review of this request. All comments
will become a matter of public record.
Anthony May,
Paperwork Reduction Act Officer, Consumer Financial Protection Bureau.
[FR Doc. 2022-01484 Filed 1-25-22; 8:45 am]
BILLING CODE 4810-AM-P
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