Core Competencies Working Group

ICR 201107-1505-001

OMB: 1505-0238

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement B
2011-07-05
Supporting Statement A
2011-07-05
IC Document Collections
IC ID
Document
Title
Status
198393 New
ICR Details
1505-0238 201107-1505-001
Historical Active
TREAS/DO
Core Competencies Working Group
New collection (Request for a new OMB Control Number)   No
Emergency 07/08/2011
Approved with change 07/26/2011
Retrieve Notice of Action (NOA) 07/05/2011
Agency addressed revised language regarding confidentiality and incentive payments. In the future, the agency is advised that it pursue a generic clearance for such focus group requests.
  Inventory as of this Action Requested Previously Approved
01/31/2012 6 Months From Approved
120 0 0
257 0 0
0 0 0

The Core Competencies Working Group was created because the Federal government is uniquely positioned to address the lack of a common understanding of what the field of financial education collectively is trying to achieve. Treasury, in conjunction with the FLEC's Core Competencies Working Group, identified five core concept areas: (1) earning, (2) spending, (3) saving and investing, (4) borrowing, and (5) protecting against risk (Exhibit 5). The ultimate goal is to put this set of core competencies into a format and language that is easily accessible and easily remembered – analogous to the "food pyramid." In order to achieve this, the OFE entered into a contract with PowerTrain, Inc., a subcontractor of Office of Personnel Management – Emerging Solutions, to: 1) conduct formative research on the development of various successful campaigns including the food pyramid in order to develop the branding and positioning concepts related to the core competencies, 2) test concept among various audiences, 3) identify successful methods to impart financial capabilities and other comparable services, and 4) develop strategic marketing plan to make the core competencies accessible to the U.S. population with customized sub-plans for different target groups.
The Department of the Treasury’s Office of Financial Education and Financial Access (OFEFA) respectfully requests emergency processing and approval of the collection of information through focus groups related to the development of financial core competencies. The OFEFA published a request for public comment on August 26, 2010 via Federal Register notice, started the approval process in December 2010 but had to update the information provided in the supporting statement along the way. Title V of the Fair and Accurate Credit Transactions (FACT) Act of 2003 established the Financial Literacy and Education Commission (FLEC), named the Secretary of the Treasury as Chair of the Commission, and designated OFEFA to lend its expertise and provide primary support to the Commission. The primary purpose of the FLEC is to promote financial education among all Americans so that they have the skills, knowledge, and access they need to make wise financial choices throughout their lives. Based on its Congressional mandate, the FLEC members agreed on four areas of strategic focus, including the development of core competencies to address the lack of a common understanding of what the financial education field collectively is trying to achieve. Treasury, in conjunction with the FLEC, identified five core concept areas: (1) earning, (2) spending, (3) saving and investing, (4) borrowing, and (5) protecting against risk. The ultimate goal is to put this set of core competencies into a format and language that is easily accessible and easily remembered – analogous to the “food pyramid or now, the plate.” In order to achieve this, the OFE entered into a contract with PowerTrain, Inc., a subcontractor of Office of Personnel Management – Emerging Solutions, to: 1) conduct formative research on the development of various successful campaigns to develop the branding and positioning concepts related to the core competencies, 2) test concept among various audiences, 3) identify successful methods to impart financial capabilities, and 4) develop strategic marketing plan to make the core competencies accessible to the U.S. population with customized sub-plans for different target groups. The contractor is using focus groups to accomplish the formative research phase. The contractor is also using the focus group data collection method to evaluate a short list of alternative strategies and tactics, ensure that potential executions have no major deficiencies, and fine-tune possible approaches so that they speak to the target audiences in the most effective way. PowerTrain subcontracted with various groups in the spring of 2010 as part of this project, including a research firm to conduct the focus groups. The subcontractors are waiting for approval to proceed. Given the fact that OFEFA started the approval process early and there are contractors in place waiting to proceed, OFEFA cannot reasonably comply with the normal clearance procedures with respect to this information collection and need to move forward immediately.

PL: Pub.L. 108 - 159 XXX Name of Law: Fair and Accurate Credit Transactions Act of 2003
  
None

Not associated with rulemaking

  75 FR 52596 08/26/2010
Yes

1
IC Title Form No. Form Name
Focus Groups

  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 120 0 0 120 0 0
Annual Time Burden (Hours) 257 0 0 257 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Miscellaneous Actions
No
This is a new collection.

Yes Part B of Supporting Statement
No
No
No
No
Uncollected
Dubis Correal 202 622-4848

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
07/05/2011


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