[Federal Register Volume 85, Number 219 (Thursday, November 12, 2020)]
[Notices]
[Pages 71886-71887]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-24995]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2020-0035]


Agency Information Collection Activities: Comment Request

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for comment.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA), 
the Bureau of Consumer Financial Protection (Bureau) is publishing this 
notice seeking comment on a Generic Information Collection titled, 
``Payday Loan Disclosure Testing'' under the Generic Information 
Collection Plan entitled, ``Generic Information Collection Plan for the

[[Page 71887]]

Development and Testing of Disclosures and Related Materials'' prior to 
requesting the Office of Management and Budget's (OMB's) approval of 
this collection.

DATES: Written comments are encouraged and must be received on or 
before December 14, 2020 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:
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
     Email: [email protected]. Include Docket No. CFPB-
2020-0035 in the subject line of the message.
     Mail/Hand Delivery/Courier: Comment intake, Bureau of 
Consumer Financial Protection (Attention: PRA Office), 1700 G Street 
NW, Washington, DC 20552.

Please note that due to circumstances associated with the COVID-19 
pandemic, the Bureau discourages the submission of comments by mail, 
hand delivery, or courier. 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 
www.regulations.gov. Requests for additional information should be 
directed to Suzan Muslu, Data Governance Program Manager, at (202) 435 
-9267, 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: Payday Loan Disclosure 
Testing.
    OMB Control Number: 3170-0022.
    Type of Review: Request for approval of a generic information 
collection under an existing Generic Information Collection Plan.
    Affected Public: Individuals and Households.
    Estimated Number of Respondents: 400.
    Estimated Total Annual Burden Hours: 74.
    Abstract: The Bureau has hired a contractor to conduct one-on-one 
consumer interviews with participants to evaluate and refine potential 
options for a Bureau-designed payday loan disclosure.
    Through this research effort, the Bureau aims to build upon 
previous academic research on payday disclosures and create disclosures 
that present key information clearly and effectively. The Bureau will 
collect information on how consumers locate, comprehend, and use 
information in the disclosures. Respondents will review disclosure 
forms and be asked questions about their impressions of the form, 
comprehension of information presented, usability, and decision making. 
Usability questions will focus on the impressions consumers take away 
from the form given the content and layout of the form. Decision making 
questions will focus on how participants use the information given to 
assess the cost, payment, and timing of the loan.
    The results of this testing (estimated to conclude September 2021) 
may be used, along with other Bureau considerations, to inform the 
decision-making process around whether to move forward with a 
rulemaking related to payday loan disclosures.
    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.

    Dated: November 5, 2020.
Suzan Muslu,
Data Governance Program Manager, Bureau of Consumer Financial 
Protection.
[FR Doc. 2020-24995 Filed 11-10-20; 8:45 am]
BILLING CODE 4810-AM-P