[Federal Register Volume 77, Number 60 (Wednesday, March 28, 2012)]
[Notices]
[Pages 18795-18797]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-7465]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2012-0012]


Proposed Collection; Comment Request

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for public comment.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau), as part 
of its continuing effort to reduce paperwork and respondent burden, 
invites the general public and other Federal agencies to comment on a 
proposed information collection, as

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required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 
U.S.C. 3506(c)(2)(A)). Currently, the Bureau is soliciting comments on 
a proposed information collection to better understand the attitudes, 
understanding, and behaviors of American adult consumers around issues 
of consumer finance, pursuant to the Bureau's authorities under the 
Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank 
Act'' or ``the Act''), Public Law 111-203.

DATES: Written comments are encouraged and must be received on or 
before May 29, 2012 to be assured of consideration.

ADDRESSES: You may submit comments, identified by docket number CFPB-
2012-0012, by any of the following methods:
     Electronic: http://www.regulations.gov. Follow the 
instructions for submitting comments.
     Mail/Hand Delivery/Courier: Direct all written comments to 
Consumer Financial Protection Bureau, (Attention: Chris Willey, Chief 
Information Officer), 1700 G Street NW., Washington, DC 20552.
    Instructions: All submissions must include the agency name and 
docket number for this notice. In general all comments received will be 
posted without change to http://www.regulations.gov. In addition, 
comments will be available for public inspection and copying at 1700 G 
Street NW., Washington, DC 20552 on official business days between the 
hours of 10 a.m. and 5 p.m. Eastern Time. You can make an appointment 
to inspect comments by telephoning (202) 435-7275. All comments, 
including attachments and other supporting materials, will become part 
of the public record and subject to public disclosure. You should 
submit only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Joseph Durbala, (202) 435-7893, at the Consumer 
Financial Protection Bureau (Attention: Joseph Durbala, PRA Clearance 
Office), 1700 G Street NW., Washington, DC 20552, or through the 
Internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Clearance for Consumer Attitudes, Understanding, and 
Behaviors with Respect to Financial Services and Products.
    OMB Number: 3170-XXXX.
    Abstract: Under the Dodd-Frank Act, the Bureau is responsible for 
``developing and implementing initiatives intended to educate and 
empower consumers to make better informed decisions.'' \1\ The Dodd-
Frank Act also directs the Bureau to research, analyze, and report on 
consumer awareness and understanding of, and behaviors with respect to, 
financial services and products and the associated costs and 
benefits.\2\ In keeping with the Bureau's commitment to encouraging 
evidence-based practices to improve consumer financial outcomes, the 
Bureau exercises its authorities under the Act to measure the impacts 
of specific Bureau initiatives aimed at improving consumers' financial 
literacy and decision-making skills.
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    \1\ 12 U.S.C. s. 5493(d)(1).
    \2\ 12 U.S.C. s. 5493(b)(1).
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    In service of these mandates, the Bureau intends to commission a 
yearly consumer research survey to better understand the attitudes, 
understanding, and behaviors of American adult consumers around issues 
of consumer finance. Following the baseline survey in the first year, 
subsequent surveys will help the Bureau assess consumers' awareness of, 
engagement in, and the ultimate impact of, the Bureau's efforts to 
educate and empower consumers to improve their financial decision-
making skills and outcomes.
    The CFPB expects to collect qualitative data through telephone or 
Internet based surveys, but the CFPB will consider alternative data 
collection strategies. The information collected through qualitative 
evaluation methods will increase the Bureau's understanding of 
consumers' attitudes, understanding, and behaviors with respect to 
consumer financial products and services. Subsequent surveys will build 
off the baseline results to help the Bureau assess the impact of 
specific initiatives on baseline metrics regarding consumer awareness, 
engagement, and outcomes in relation to those initiatives.
    The core objective of the information collection in the first year 
is to measure consumers' awareness, understanding, and behaviors with 
respect to consumer financial services and products. Subsequent years' 
surveys will also measure the effectiveness of the Bureau's efforts to 
educate and empower consumers. This information will help inform the 
Bureau's consumer engagement and education efforts, which will allow 
the Bureau to improve its delivery of services to consumers with the 
goal of improving consumers' financial decision-making skills and 
outcomes.
    Current Actions: New request for a generic collection.
    Type of Review: New.
    Affected Public: Individuals or Households.
    Annual Burden Estimates: Below is a preliminary estimate of the 
annual aggregate burden hours for the information collections:

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                                                       Number of
              Process                  Number of    responses  per    Average burden per        Total burden
                                      respondents      respondent          response
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Internet or phone-based surveys...           2,500              20  1 minute.............  834 hours.
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    Total.........................           2,500              20  1 minute.............  834 hours.
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    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited 
on: (a) Whether the proposed collection of information is necessary for 
the proper performance of the functions of the agency, including 
whether the information will have practical utility; (b) the accuracy 
of the agency's estimate of the burden of the proposed collection of 
information, including the validity of the methodology and 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.


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    Dated: March 20, 2012.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2012-7465 Filed 3-27-12; 8:45 am]
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