[Federal Register Volume 77, Number 235 (Thursday, December 6, 2012)]
[Notices]
[Page 72831]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-29437]



[[Page 72831]]

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BUREAU OF CONSUMER FINANCIAL PROTECTION


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for 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 take this 
opportunity to comment on proposed information collections, as required 
by the Paperwork Reduction Act of 1995. The Bureau is soliciting 
comments concerning its proposed information collection titled, 
``Clearance for Financial Education Program Evaluation.'' The proposed 
collection has been submitted to the Office of Management and Budget 
(OMB) for review and approval. A copy of the submission, including 
copies of the proposed collection and supporting documentation, may be 
obtained by contacting the agency contact listed below.

DATES: Written comments are encouraged and must be received on or 
before January 7, 2013 to be assured of consideration.

ADDRESSES: You may submit comments, identified by agency name and 
proposed collection title, ``Clearance for Financial Education Program 
Evaluation'' to:
     Agency contact: Consumer Financial Protection Bureau 
(Attention: PRA Office), 1700 G Street NW., Washington, DC 20552; (202) 
435-9011; and [email protected].
     OMB reviewer: Shagufta Ahmed, Office of Management and 
Budget, New Executive Office Building, Room 10235, Washington, DC 
20503; (202) 395-7873.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Consumer Financial Protection Bureau (Attention: 
PRA Office), 1700 G Street NW., Washington, DC 20552, (202) 435-9011, 
or through the internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Clearance for Financial Education Program Evaluation.
    OMB Control Number: 3170-XXXX.
    Type of Review: New collection.
    Abstract: Under the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, Public Law No. 111-203, the Bureau's Office of 
Financial Education (OFE) is responsible for (1) developing and 
implementing a strategy to improve the financial literacy of consumers 
that includes measurable goals and objectives, in consultation with the 
Financial Literacy and Education Commission, consistent with the 
National Strategy for Financial Literacy; and (2) developing and 
implementing initiatives intended to educate and empower consumers to 
make better informed financial decisions. Together with the CFPB's 
Office of Research, OFE is also responsible for conducting ``research 
related to consumer financial education and counseling.'' The proposed 
collection will focus on financial education program elements related 
to increasing household non-retirement savings and/or reducing 
financial distress.
    The CFPB expects to collect quantitative data through in-person and 
telephone surveys. The information collected through quantitative 
evaluation methods will increase OFE's understanding of what financial 
education program elements can improve financial decision making skills 
and outcomes for consumers.
    The core objective of the data collection is to measure the 
effectiveness of selected financial education programs. This data will 
provide useful information on evidence-based practices that can be used 
to improve financial education programs nationwide, leading to better 
financial decision-making outcomes for adult consumers.
    Affected Public: Individuals.
    Estimated Total Annual Burden Hours: Below is an estimate of the 
aggregate burden hours for the evaluation of two (2) financial 
education programs.

 
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                                                                                      Average
                                                     Number of       Number of      burden per     Total burden
                     Process                        respondents    responses per     response         (hours)
                                                                    respondent         (min)
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In-person baseline surveys......................            1000               1              10           166.7
Phone-based follow-up surveys...................             800               1              40           533.3
                                                 ---------------------------------------------------------------
    Total.......................................  ..............  ..............  ..............             700
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    An agency may not conduct or sponsor, and a respondent is not 
required to respond to, an information collection unless the 
information collection displays a currently valid OMB control number.
    The Bureau issued a 60-day Federal Register notice on January 19, 
2012, [77 FR 2684]. Comments were solicited and continue to be invited 
on: (a) Whether the collection of information is necessary for the 
proper performance of the functions of the Bureau, including whether 
the information shall have practical utility; (b) the accuracy of the 
Bureau's estimate of the burden of the collection of information, 
including the validity of the methodology 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, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology.

    Dated: November 28, 2012.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2012-29437 Filed 12-5-12; 8:45 am]
BILLING CODE 4810-AM-P