81 FR 13778 - Agency Information Collection Activities: Submission for OMB Review; Comment Request

BUREAU OF CONSUMER FINANCIAL PROTECTION

Federal Register Volume 81, Issue 50 (March 15, 2016)

In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau) is proposing a new information collection titled, ``Financial Well-Being National Survey.''

[Federal Register Volume 81, Number 50 (Tuesday, March 15, 2016)]
[Notices]
[Pages 13778-13779]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-05767]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No: CFPB-2016-0011]


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: In accordance with the Paperwork Reduction Act of 1995 (PRA), 
the Consumer Financial Protection Bureau (Bureau) is proposing a new 
information collection titled, ``Financial Well-Being National 
Survey.''

DATES: Written comments are encouraged and must be received on or 
before April 14, 2016 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:
     Electronic: http://www.regulations.gov. Follow the 
instructions for submitting comments.
     OMB: Office of Management and Budget, New Executive Office 
Building, Room 10235, Washington, DC 20503 or fax to (202) 395-5806. 
Mailed or faxed comments to OMB should be to the attention of the OMB 
Desk Officer for the Bureau of Consumer Financial Protection. 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.reginfo.gov 
(this link 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 the Consumer Financial Protection Bureau, (Attention: PRA 
Office), 1700 G Street NW., Washington, DC 20552, (202) 435-9575, or 
email: [email protected]. Please do not submit comments to this email 
box.

SUPPLEMENTARY INFORMATION: 
    Title of Collection: Financial Well-Being National Survey.
    OMB Control Number: 3170-XXXX.
    Type of Review: New collection (Request for a new OMB control 
number).
    Affected Public: Individuals.
    Estimated Number of Respondents: 6,115.
    Estimated Total Annual Burden Hours: 2,038.
    Abstract: Under the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, Public Law 111-203, the Bureau's Office of Financial 
Education (OFE) is responsible for developing and implementing a 
strategy to improve the financial literacy of consumers that includes 
measurable goals and initiatives, in consultation with the Financial 
Literacy and Education Commission, consistent with the National 
Strategy for Financial Literacy. In addition, the Office of Financial 
Protection for Older Americans (OA) within the CFPB is charged with 
conducting research to identify methods and strategies to educate and 
counsel seniors, and developing goals for programs that provide seniors 
with financial literacy and counseling.
    Through prior research, the CFPB has determined that improvement in 
consumer financial well-being is the ultimate goal of such financial 
literacy initiatives. To inform our identification and development of 
financial literacy strategies that explicitly seek to improve consumer 
financial well-being, the CFPB plans to conduct a nationally 
representative survey to measure adult financial well-being and related 
concepts, as well as an oversample of adults age 62 and older to gather 
additional data relevant to the needs and experiences of older 
consumers. The specific goals of the survey are to (1) measure the 
level of financial well-being of American adults and key sub-
populations; (2) quantitatively test previously developed hypotheses 
about the specific types of knowledge, behavior, traits and skills that 
may support higher levels of financial well-being; and (3) produce 
fully de-identified public use data files that will allow external 
researchers to examine additional questions about financial well-being 
and its drivers.
    Request for Comments: The Bureau issued a 60-day Federal Register 
notice on November 24, 2015, (80 FR 73169). 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 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.


[[Page 13779]]


    Dated: March 8, 2016.
Darrin A. King,
Paperwork Reduction Act Officer, Bureau of Consumer Financial 
Protection.
[FR Doc. 2016-05767 Filed 3-14-16; 8:45 am]
 BILLING CODE 4810-AM-P