Notice2022-26908
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
December 12, 2022
Issuing agencies
Consumer Financial Protection Bureau
Abstract
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (CFPB or Bureau) is publishing this notice seeking comment on a Generic Information Collection titled "Feedback Effects" 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
<html>
<head>
<title>Federal Register, Volume 87 Issue 237 (Monday, December 12, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 237 (Monday, December 12, 2022)]
[Notices]
[Page 76030]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-26908]
=======================================================================
-----------------------------------------------------------------------
BUREAU OF CONSUMER FINANCIAL PROTECTION
[Docket No. CFPB-2022-0079]
Agency Information Collection Activities: Comment Request
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA),
the Consumer Financial Protection Bureau (CFPB or Bureau) is publishing
this notice seeking comment on a Generic Information Collection titled
``Feedback Effects'' 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 January 11, 2023 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#81d1d3c0dec2eeecece4eff5f2c1e2e7f1e3afe6eef7"><span class="__cf_email__" data-cfemail="217173607e624e4c4c444f555261424751430f464e57">[email protected]</span></a>. Include Docket No. CFPB-
2022-0079 in the subject line of the email.
<bullet> Mail/Hand Delivery/Courier: Comment Intake, Consumer
Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW,
Washington, DC 20552. Because paper mail in the Washington, DC area and
at the Bureau is subject to delay, commenters are encouraged to submit
comments electronically.
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#63202533213c33312223000513014d040c15"><span class="__cf_email__" data-cfemail="73303523312c23213233101503115d141c05">[email protected]</span></a>. If you require this document in an alternative
electronic format, please contact <a href="/cdn-cgi/l/email-protection#1d5e5b4d5f425c7e7e786e6e747f74717469645d7e7b6d7f337a726b"><span class="__cf_email__" data-cfemail="a3e0e5f3e1fce2c0c0c6d0d0cac1cacfcad7dae3c0c5d3c18dc4ccd5">[email protected]</span></a>. Please
do not submit comments to these email boxes.
SUPPLEMENTARY INFORMATION:
Title of Collection: Feedback Effects.
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 or households.
Estimated Number of Respondents: 6,000.
Estimated Total Annual Burden Hours: 3,000.
Abstract: This project centers on how consumers engage with
measures of financial well-being and whether providing feedback to
consumers about their own financial characteristics affects their
subsequent choices and behaviors related to financial products,
services, and information. We plan to identify how consumers' (1)
engagement with the CFPB Financial Well-Being (FWB) scale and (2)
knowledge of their FWB score (relative to the FWB scores of others)
influences their judgments, decisions, and behaviors. Those behaviors
include the likelihood of seeking out financial information, their
intentions to save, spend, or repay debt, their desire to engage in
other financial goals, and their propensity to take up financial
commitment devices. This research builds on the Bureau's efforts to
develop measures of consumers' financial characteristics (such as FWB)
by allowing us to identify potential effects of providing consumers
with information about their own financial characteristics. The
findings from this research could help the Bureau refine its approach
to delivering consumer-facing tools and materials. Additionally, this
study will uncover whether simply completing the FWB scale (absent any
feedback about performance) affects consumers' responses to subsequent
survey questions. An important implication for the CFPB is that the FWB
scale is the first series of questions participants are asked on the
Bureau's Making Ends Meet survey. This research project will reveal
whether opening a survey with questions related to financial well-being
can unduly influence subsequent survey responses.
We will conduct three studies as part of this project. Each study
will involve unique participants. We expect to recruit about 6,000
participants across the life of the project. The CFPB will not receive
PII (any PII will be scrubbed by the contractor). We will collect
demographics, measures of financial well-being, consumers' feelings
about their financial well-being, and behavioral measures related to
seeking out financial information or willingness to take financial-
related actions.
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. 2022-26908 Filed 12-9-22; 8:45 am]
BILLING CODE 4810-AM-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on December 12, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.