Per previous terms of clearance, agency is advised, any future submissions related to this collection should be pursued through a generic clearance.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
01/31/2012
01/31/2012
01/31/2012
120
0
120
277
0
257
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 TreasuryÂs 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 Âfood 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.
The screener tool will be used to screen participants to take part in the research study. The screener will be used established focus group participants to represent a variety of ethnic, gender, income and marital status. The telephone screening is estimated to take 10 minutes per participant, for increase of 20 hours due to program change. This screener tool was not previous included our emergency request for the Core Competency Working Group information collection and we wish to include it at this time.
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.
Justification for Change.doc
FLEC Supporting Statement (Part B).docx
Focus Groups