Supporting Statement
FY 2010 Financial Education and Counseling (FEC) Pilot Program Application
For Hawaii Applicants
Justification
1. Circumstances necessitating collection of information
In FY 2010, the Community Development Financial Institutions (CDFI) Fund will implement a Financial Education and Counseling (FEC) Pilot Program to provide one financial assistance award to an eligible organization headquartered in the State of Hawaii and two to three awards to organizations from all 50 states to provide a range of financial education and counseling services to prospective homebuyers.
In accordance with the FY 2010 FEC Pilot Program NOFA, the CDFI Fund is only accepting new applications in this round from applicants headquartered in the State of Hawaii.
The two to three awards under the national program will be selected from applicants that were unsuccessful in the FY 2009 funding round. Applicants submit an application form and are evaluated in accordance with requirements stated in the Notice of Funding Availability (NOFA). This is the first and only year the program is anticipated to include a component that will be exclusively administered for an eligible organization headquartered in the State of Hawaii.
2. Method of collection and use of data
Data will be collected by the CDFI Fund in the form of an application form submitted by organizations headquartered in the State of Hawaii wishing to be considered for a FY 2010 FEC Pilot Program award. The CDFI Fund will use submitted information to select one institution headquarteed in Hawaii for a FEC award in the FY 2010 funding round. An additional two to three awards under the national program will be selected from applicants that were unsuccessful in the FY 2009 funding round. There will no application process or awards made after this pilot funding round.
3. Use of Information Technology
The CDFI Fund has a web-based data collection system for applicants to submit the required application and eligibility forms that employs the use of electronic signature the through myCDFIFund account.
4. Efforts to identify duplication
The FY 2009 FEC Pilot Program funding round administered a similar application that was shared with members of the Financial Literacy and Education Commission (FLEC), and inter-agency collaboration consisting of 20 different Federal agencies. This application tailors the FY 2009 application for eligible organizations located in the State of Hawaii.
5. Impact on small entities
This collection of information is not expected to have significant impact on small entities. During the development of the application, the CDFI Fund consulted with other Federal agencies –specifically, agencies which work with financial education providers – to determine what information small entities would be able to provide to the CDFI Fund. In doing this, the CDFI Fund was able to develop an application form with minimal potential burden on small entities.
6. Consequences of less frequent collection and obstacles to burden reduction
The CDFI Fund cannot meet its statutory requirement to make award decisions without the materials received from applicants. Elements specified in the program’s regulation limit the amount to which the burden can be reduced.
7. Circumstances requiring special information collection
Not applicable.
8. Solicitation of comments on information collection
The FY 2010 FEC Pilot Program will be administered only to collect applications from eligible organizations located in the State of Hawaii. Due to the timing constraints related to administering the program late in the fiscal year, and the specific requirements of a geographically-targeted applicant pool, the CDFI Fund is requesting emergency clearance for this information collection. However, the application was vetted and cleared by appropriate offices at Treasury. Those comments are reflected in the final application. There were no significant comments on the potential burden.
9. Provision of payment to respondents
No payment or gift will be made to respondents.
10. Assurance of confidentiality
The CDFI Fund is subject to all Federal regulations with respect to confidentiality of information supplied in the application process.
11. Justification of sensitive questions.
No questions of a sensitive nature are asked in the application.
12. Estimate of the hour of burden of information collection
The total hour burden of this information collection is estimate at 400 with an estimated 40 hours for the application per respondent. The Fund anticipates 10 respondents to the application (this is a CDFI Fund estimate based on the number of eligible organizations headquartered in the State of Hawaii).
13. Estimate total annual cost burden to respondents
There are no cost burdens associated with the collection of this data. No purchases of equipment or services are necessary to complete this application.
14. Estimate of annualized cost to the Government
The cost to the Government is the CDFI Fund staff time required to develop the application, follow-up with respondents, review and score the applications, determine award amounts, and report the results.
15. Any program changes or adjustments
This is a new collection of information with the 400 hours being attributed to program change. This is the first and only year the program is anticipated to have a component that is to be exclusively administered for an eligible organization headquartered in the State of Hawaii.
16. Plans for information tabulation and publication
The information collected through this application form will not be published.
17. Reasons for not displaying expiration date of OMB approval
Display of the OMB expiration date will create confusion because this collection has a limited duration.
18. Explanation of exception to certification statement
Not applicable.
| File Type | application/msword |
| File Title | Supporting State for the Bank Enterprise Award Program of the |
| Author | harrisj |
| Last Modified By | DWolfgang |
| File Modified | 2010-04-22 |
| File Created | 2010-04-22 |