Per previous
terms of clearance, agency is advised, any future submissions
related to this collection should be pursued through a generic
clearance.
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
Treasurys 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
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