Notice2024-00100
Agency Information Collection Activities: Proposed Information Collection; Comment Request; Information Collection for Qualitative Research on Consumer Trust in Banking and Bank Supervision
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 8, 2024
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning a proposed new information collection titled, "Information Collection for Qualitative Research on Consumer Trust in Banking and Bank Supervision."
Full Text
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<title>Federal Register, Volume 89 Issue 5 (Monday, January 8, 2024)</title>
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[Federal Register Volume 89, Number 5 (Monday, January 8, 2024)]
[Notices]
[Pages 984-986]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-00100]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Proposed Information
Collection; Comment Request; Information Collection for Qualitative
Research on Consumer Trust in Banking and Bank Supervision
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites comment on a continuing information
collection as required by the Paperwork Reduction Act of 1995 (PRA). In
accordance with the requirements of the PRA, the OCC may not conduct or
sponsor, and the respondent is not required to respond to, an
information collection unless it displays a currently valid Office of
Management and Budget (OMB) control number. The OCC is soliciting
comment concerning a proposed new information collection titled,
``Information Collection for Qualitative Research on Consumer Trust in
Banking and Bank Supervision.''
DATES: Comments must be received by March 8, 2024.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#4b3b392a22252d240b242828653f392e2a38652c243d"><span class="__cf_email__" data-cfemail="28585a4941464e4768474b4b065c5a4d495b064f475e">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, Office of the Comptroller of the Currency, Attention: 1557-
NEW, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-NEW'' in your comment. In general, the OCC will publish comments
on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or personal
information provided, such as name and address information, email
addresses, or phone numbers. Comments received,
[[Page 985]]
including attachments and other supporting materials, are part of the
public record and subject to public disclosure. Do not include any
information in your comment or supporting materials that you consider
confidential or inappropriate for public disclosure.
Following the close of this notice's 60-day comment period, the OCC
will publish a second notice with a 30-day comment period. You may
review comments and other related materials that pertain to this
information collection beginning on the date of publication of the
second notice for this collection by the method set forth below.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' from the drop-down menu. From the
``Currently under Review'' drop-down menu, select ``Department of
Treasury'' and then click ``submit.'' This information collection can
be located by searching OMB control number ``1557-NEW'' or
``Information Collection for Qualitative Research on Consumer Trust in
Banking and Bank Supervision.'' Upon finding the appropriate
information collection, click on the related ``ICR Reference Number.''
On the next screen, select ``View Supporting Statement and Other
Documents'' and then click on the link to any comment listed at the
bottom of the screen.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, Clearance Officer,
(202) 649-5490, Chief Counsel's Office, Office of the Comptroller of
the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech disability, please dial 7-1-1 to
access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from the OMB for each collection
of information that they conduct or sponsor. ``Collection of
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to
include agency requests or requirements that members of the public
submit reports, keep records, or provide information to a third party.
Section 3506(c)(2)(A) of title 44 generally requires Federal agencies
to provide a 60-day notice in the Federal Register concerning each
proposed collection of information, including each proposed extension
of an existing collection of information, before submitting the
collection to OMB for approval. To comply with this requirement, the
OCC is publishing notice of the proposed new collection of information
set forth in this document.
Title: Information Collection for Qualitative Research on Consumer
Trust in Banking and Bank Supervision.
OMB Control No.: 1557-NEW.
Type of Review: Regular.
Affected Public: Consumers and financial service providers.
Estimated Number of Respondents: 230.
Estimated Average Time per Response: 1.5 hours.
Estimated Total Annual Burden: 345 hours.
Description: The OCC plans to conduct a series of focus group/
interview discussions to obtain an in-depth understanding of consumers'
relationship with and attitudes toward banks, and other non-bank firms
providing financial services or products (e.g., payday lenders, check
cashers, fintechs providing retail banking services). The results from
the focus group/interview discussions will: (i) inform the development
of the survey instrument on consumer trust in banking and bank
supervision and (ii) be used to produce a qualitative research report
that shed insights into the meaning and role of consumer trust in
banking and what factors and/or which banking products have the
greatest impact on consumer trust in, and decisions on banking.
While the key elements of trust are established in academic
research, it is unclear how trust should be measured from a consumer
perspective. It is also unclear whether, and to what extent, trust
impacts financial decision making. Trust in a specific bank, in banks
generally, and in the banking system as a whole may be distinctively
different, even if interrelated. Moreover, the components that
influence and the meaning of trust in each of these may differ.
Consumers may understand trust to mean that they expect an institution
to treat them fairly, to help them during economic hardships, to
protect their savings, or to function in a reliable and predictable
manner (or any combination of these). Such perceptions may differ
across individuals, across different financial services and products,
and/or across different types of financial institutions. Moreover,
perceptions may be based on personal experiences, media reports,
personal expectations, or how well someone understands how the U.S.
banking system works. Moreover, decisions to bank with a specific
financial service provider may not necessarily reflect greater trust in
that institution. Rather, it may reflect convenience or cost
considerations that may be unrelated to trust. Conversely, lack of
participation in the banking system may not necessarily reflect lower
levels of trust in banks or the banking system. Rather, it may reflect
cultural norms or a mismatch of supply and demand that may be unrelated
to trust.
To ensure that the quantitative survey instrument accurately
measures trust in banking and its role in banking choices, the OCC will
recruit individuals from diverse socioeconomic backgrounds/conditions
to participate in focus groups/interviews to help identify the specific
types of financial services where trust is highly influential in a
consumers' decision to bank, the sources of (dis)trust, reasons
consumers may choose a particular financial institution, and whether
they have different perceptions of trust across different types of
financial institutions. Such discussions will help the OCC refine the
quantitative survey to help ensure that the results reflect an accurate
understanding of consumers' trust and its role in banking.
Additionally, the OCC may engage with industry stakeholders to
understand the meaning and role of consumer trust in banking, as
perceived by the industry stakeholders. From these industry stakeholder
discussions, the OCC may gain additional insight in the approaches and
lessons learned from the industry regarding the strategies to maintain
or build consumer trust.
The discussion with stakeholders about their own experiences of
establishing trust with consumers will enable us to identify any other
additional perspectives and the reasons behind the level of consumer
trust in banking.
Participation in this information collection will be voluntary and
confidential and conducted in-person, by phone, or using other methods,
such as virtual technology. The OCC estimates that the focus groups are
expected to average 90 minutes with an estimated 345 annualized burden
hours to 230 respondents (1.5 hours per participant, including intake
form x 230 participants). Travel time, if any, is excluded from the
estimated hours of burden. Comments submitted in response to this
notice will be summarized and included in the request for OMB approval.
All comments will become a matter of public record. Comments are
invited on: (a) Whether the collection of information is necessary for
the proper performance of the functions of the OCC, including
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whether the information has practical utility; (b) The accuracy of the
OCC's estimate of the burden of the collection of information; (c) Ways
to enhance the quality, utility, and clarity of the information to be
collected; (d) Ways to minimize the burden of the collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and (e) Estimates
of capital or start-up costs and costs of operation, maintenance, and
purchase of services to provide information.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2024-00100 Filed 1-5-24; 8:45 am]
BILLING CODE 4810-33-P
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