CFPB CARD Act Survey

Forms and Documents

Document	Type	Status	Availability
CARD Act survey PRA supplement rev 2-2-11.docx	Supporting Statement A	Uploaded 2011-02-03	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
196110	CARD Act Survey	Other-Telephone Script	New

ICR Details

OMB Control No: 1505-0229	ICR Reference No: 201102-1505-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/DO	Agency Tracking No:
Title: CFPB CARD Act Survey
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 02/03/2011
OIRA Conclusion Action: Approved with change	Conclusion Date: 02/03/2011
	Date Received in OIRA: 02/03/2011
Terms of Clearance: This collection is approved with the following terms of clearance: CFPB and OMB agree that the results of this quick turnaround poll is formative in nature and that any presentation of this information, orally or on any handout, will make this clear. CFPB will also report back to OMB on the response rate achieved for this survey.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2011	6 Months From Approved
Responses	800	0	0
Time Burden (Hours)	200	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The proposed survey will allow the CFPB implementation team to share with participants at the CARD Act Conference data with respect to the extent to which the new information being provided to consumers is actually being absorbed by them, the value they place on that information, and the extent to which they report using the information to change their behavior in ways intended – or, potentially, in ways not intended – by the CARD Act. The survey also will provide valuable insights into how consumers who have applied for a new credit card in the past year went about deciding to do so. This information will complement the other presentations planned for the conference by providing a consumer perspective.

Emergency Justfication: The Department of the Treasury (“Treasury”) respectfully requests emergency processing and approval of the collection of information contained in a telephone survey that will be used by the Consumer Financial Protection Bureau (“CFPB”). The collection of information is needed prior to the expiration of the time periods set out in 5 C.F.R. Part 1320 in connection with a conference the CFPB implementation team is sponsoring on the first anniversary of the effective date of the Credit Card Accountability, Responsibility and Disclosure Act (“CARD Act”). The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), Public Law No. 111-203, Title X, established the Consumer Financial Protection Bureau (“CFPB”). Once fully operational, CFPB will administer, enforce and implement consumer financial protection laws, including the CARD Act. The bulk of the CARD Act took effect on February 22, 2010. In connection with its first anniversary, the CFPB implementation team is planning a conference to assess, based on the evidence available to date, the impact that the Act has had on consumers and on the card marketplace. The conference will bring together industry representatives, consumer and civil rights groups, government officials, and academics for a fact-based discussion centered on a series of empirical presentations each to be followed by discussants drawn principally from academia and from the Federal Reserve Board. A draft agenda is attached; please note that not every speaker has been confirmed. In connection with this conference, Treasury’s CFPB implementation team, supported by an outside research firm, has designed a phone survey whose purpose is to assess the extent to which consumers are aware of various of the changes affected by the CARD Act and are utilizing the information made available to them by the CARD Act to affect their behavior. The survey results will be presented at the conference and will contribute to providing a strong empirical grounding for the conference. The Conference will be held at the Treasury Department on February 22, 2011, which, as noted, is the one-year anniversary of the effective date. Given that timing, Treasury cannot reasonably comply with the normal clearance procedures under 5 C.F.R. Part 1320 with respect to this survey.

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Authorizing Statute(s): PL: Pub.L. 111 - 24 xxx Name of Law: Credit Card Accountability Responsibility and Disclosure Act of 2009
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 24 xxx Name of Law: Credit Card Accountability Responsibility and Disclosure Act of 2009

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
CARD Act Survey

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	800	0	800	0	0	0
Annual Time Burden (Hours)	200	0	200	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 02/03/2011

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