[Federal Register Volume 87, Number 237 (Monday, December 12, 2022)]
[Notices]
[Page 76030]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-26908]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2022-0079]


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 Consumer Financial Protection Bureau (CFPB or Bureau) is publishing 
this notice seeking comment on a Generic Information Collection titled 
``Feedback Effects'' prior to requesting the Office of Management and 
Budget's (OMB's) approval of this collection under the Generic 
Information Collection ``Generic Information Collection Plan for 
Studies of Consumers Using Controlled Trials in Field and Economic 
Laboratory Settings'' under OMB Control Number 3170-0048.

DATES: Written comments are encouraged and must be received on or 
before January 11, 2023 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-
2022-0079 in the subject line of the email.
     Mail/Hand Delivery/Courier: Comment Intake, Consumer 
Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW, 
Washington, DC 20552. Because paper mail in the Washington, DC area and 
at the Bureau is subject to delay, commenters are encouraged to submit 
comments electronically.
    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 Anthony May, PRA Officer, at (202) 435-7278, 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: Feedback Effects.
    OMB Control Number: 3170-0048.
    Type of Review: Request for approval of a generic information 
collection under an existing Generic Information Collection Plan.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 6,000.
    Estimated Total Annual Burden Hours: 3,000.
    Abstract: This project centers on how consumers engage with 
measures of financial well-being and whether providing feedback to 
consumers about their own financial characteristics affects their 
subsequent choices and behaviors related to financial products, 
services, and information. We plan to identify how consumers' (1) 
engagement with the CFPB Financial Well-Being (FWB) scale and (2) 
knowledge of their FWB score (relative to the FWB scores of others) 
influences their judgments, decisions, and behaviors. Those behaviors 
include the likelihood of seeking out financial information, their 
intentions to save, spend, or repay debt, their desire to engage in 
other financial goals, and their propensity to take up financial 
commitment devices. This research builds on the Bureau's efforts to 
develop measures of consumers' financial characteristics (such as FWB) 
by allowing us to identify potential effects of providing consumers 
with information about their own financial characteristics. The 
findings from this research could help the Bureau refine its approach 
to delivering consumer-facing tools and materials. Additionally, this 
study will uncover whether simply completing the FWB scale (absent any 
feedback about performance) affects consumers' responses to subsequent 
survey questions. An important implication for the CFPB is that the FWB 
scale is the first series of questions participants are asked on the 
Bureau's Making Ends Meet survey. This research project will reveal 
whether opening a survey with questions related to financial well-being 
can unduly influence subsequent survey responses.
    We will conduct three studies as part of this project. Each study 
will involve unique participants. We expect to recruit about 6,000 
participants across the life of the project. The CFPB will not receive 
PII (any PII will be scrubbed by the contractor). We will collect 
demographics, measures of financial well-being, consumers' feelings 
about their financial well-being, and behavioral measures related to 
seeking out financial information or willingness to take financial-
related actions.
    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.

Anthony May,
Paperwork Reduction Act Officer, Consumer Financial Protection Bureau.
[FR Doc. 2022-26908 Filed 12-9-22; 8:45 am]
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