[Federal Register Volume 84, Number 126 (Monday, July 1, 2019)]
[Notices]
[Pages 31308-31309]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13974]


=======================================================================
-----------------------------------------------------------------------

BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2019-0037]


Agency Information Collection Activities: Submission for OMB 
Review; 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 Bureau of Consumer Financial Protection (Bureau) is proposing to 
reinstate with change a previously approved collection, titled, 
``Generic Information Collection Plan for Studies of Consumers Using 
Controlled Trials in Field and Economic Laboratory Settings.'' Also in 
accordance with the PRA, the Bureau is requesting Office of Management 
and Budget (OMB) approval of the following generic Information 
Collections titled, ``Savings and Debt Study,'' ``Vague Language in 
Disclosures Study,'' ``Tiered Disclosure Study,'' ``Financial Scale 
Development Testing,'' and ``Disclosure Market Study'' under this 
Generic Information Collection Plan. Each of these information 
collections are contemporaneously being submitted to OMB with the 
request to reinstate with change the aforementioned generic information 
collection plan.

DATES: Written comments are encouraged and must be received on or 
before July 31, 2019 to be assured of consideration.

ADDRESSES: Comments in response to this notice are to be directed 
towards OMB and to the attention of the OMB Desk Officer for the Bureau 
of Consumer Financial Protection. 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:
     Electronic: http://www.regulations.gov. Follow the 
instructions for submitting comments.
     Email: [email protected].
     Fax: (202) 395-5806.
     Mail: Office of Management and Budget, New Executive 
Office Building, Room 10235, Washington, DC 20503.
    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 www.reginfo.gov 
(this link becomes active on the day following publication of this 
notice). Select ``Information Collection Review,'' under ``Currently 
under Review,'' use the dropdown menu ``Select Agency'' and select 
``Consumer Financial Protection Bureau'' (recent submissions to OMB 
will be at the top of the list). The same documentation is also 
available at http://www.regulations.gov. Requests for additional 
information should be directed to Darrin King, PRA Officer, at (202) 
435-9575, or email: [email protected]. If you require this document in 
an alternative electronic format, please contact 
[email protected]. Please do not submit comments to these 
email boxes.

SUPPLEMENTARY INFORMATION:
    Title of Collection: Generic Information Collection Plan for 
Studies of Consumers Using Controlled Trials in Field and Economic 
Laboratory Settings.
    OMB Control Number: 3170-0048.
    Type of Review: Reinstatement with change of a previously approved 
Information Collection.
    Affected Public: Individuals and households.
    Estimated Number of Respondents: 36,120 (three year period).

[[Page 31309]]

    Estimated Total Burden Hours: 24,405 (three year period).
    Abstract: Under the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, the Bureau is tasked with researching, analyzing, and 
reporting on topics relating to the Bureau's mission, including 
developments in markets for consumer financial products and services, 
consumer awareness, and consumer behavior. Under this generic 
information collection plan, the Bureau collects data through 
controlled trials in field and economic laboratory settings. This 
research is used for developmental and informative purposes to increase 
the Bureau's understanding of consumer credit markets and household 
financial decision-making. Basic research projects will be submitted 
under this clearance.
    In consultation with OMB, the Bureau is proposing to modify this 
generic information collection plan to provide for public notice and 
opportunity to comment to OMB for each request submitted under this 
generic information collection plan.

Information Collections

    Title of Collection: Savings and Debt Study.
    Generic Information Collection Plan.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 2,000.
    Estimated Total Annual Burden Hours: 500.
    Abstract: This study will explore consumers' perceptions and 
motivations around the experience of managing savings and credit card 
debt simultaneously. The goal of this project is to better understand 
consumers' preferences for savings and debt management strategies, 
which can inform the development of useful and effective financial 
educational materials.

    Title of Collection: Vague Language in Disclosures Study.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 9,200.
    Estimated Total Annual Burden Hours: 2,800.
    Abstract: This is a research project designed to generate 
foundational knowledge relevant to the design of disclosures. This 
project will provide knowledge about how vague language influences the 
efficacy of disclosures. Learning about the effects of vague language 
on consumer understanding and use of disclosures will provide Bureau 
researchers with information that may help them anticipate how 
consumers will respond to a disclosure.

    Title of Collection: Tiered Disclosure Study.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 315.
    Estimated Total Annual Burden Hours: 630.
    Abstract: In this laboratory research, we will conduct a project 
related to financial disclosure. This study will examine the effects of 
different methods of disclosure simplification, each designed to help 
consumers make choices. In order to estimate these effects, 
participants will make choices in a marketplace environment that we 
construct. These marketplaces will vary in terms of the disclosure form 
and function. All respondents will be members of an institution's 
participant pool who also express interest in taking part in this 
research study. Participants will come to the institution's laboratory 
to participate. The data that results from this project will be 
analyzed for research purposes only.

    Title of Collection: Financial Scale Development Testing.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 2,058.
    Estimated Total Annual Burden Hours: 562.
    Abstract: In this research, we will develop a scale measuring 
financial behaviors. Specifically, we focus on the tendency of 
consumers to take action(s) to mitigate financial challenges that they 
anticipate. Previous research has distinguished between consumers who 
do and do not foresee these types of challenges. However, research has 
not established whether the tendency to engage in these behaviors can 
be measured in a reliable way. Specifically, no valid scales currently 
exist to measure this trait. Our research fills this gap. To develop 
this scale, we will perform two types of data collection. First, we 
will perform in-depth interviews with a small sample of consumers to 
ensure that our questionnaire is easy to understand and does not cause 
respondent confusion. Second, we will conduct a series of rounds of 
data collection in which we will collect responses to the questionnaire 
from U.S. consumers aged 18 and older. We will analyze the responses 
received in each round of data collection to refine the questionnaire. 
Respondents will be sampled from an internet panel. All participants 
will volunteer to participate. The data that results from this project 
will be analyzed for research purposes only.

    Title of Collection: Disclosure Market Study.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 240.
    Estimated Total Annual Burden Hours: 480.
    Abstract: This study examines the effect of different disclosure 
regimes on market outcomes. In order to estimate these effects, we will 
invite people to participate in laboratory research in which they will 
make choices in a marketplace environment that we construct. These 
marketplaces will vary in terms of the disclosure requirements. This 
laboratory study builds upon earlier work conducted by the Bureau that 
examines how the number of product attributes in a disclosure affects 
outcomes including consumers' choice of providers and realized market 
prices. The earlier study found that when the number of attributes of a 
product increased (keeping product quality and features constant), 
consumers selected the more expensive product ten times more often, and 
market prices increased by over 30%. This study builds on that work by 
examining whether and how the findings change with increased 
competition in the market.
    Request for Comments: The Bureau issued a 60-day Federal Register 
notice on February 6, 2019, 84 FR 2175, Docket Number: CFPB-2019-0005. 
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 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 may address the overall 
information collection request plan of any or all of the individual 
collections. Comments submitted in response to this notice will be 
reviewed by OMB as part of its review of this request. All comments 
will become a matter of public record.

    Dated: June 26, 2019.
Darrin A. King,
Paperwork Reduction Act Officer, Bureau of Consumer Financial 
Protection.
[FR Doc. 2019-13974 Filed 6-28-19; 8:45 am]
BILLING CODE 4810-AM-P