Development of Metrics to Measure Financial Well-being of Working-age and Older American Consumers

Forms and Documents

Document Name	Status
Additional Questions and Responses.pdf Supplementary Document	2014-06-05
Ability and Well-being Definitions 3-17-2014.pdf Supplementary Document	2014-06-05
Financial Well-Being Definition and Drivers Final Report--Working-Age Americans.pdf Supplementary Document	2014-06-05
Financial Well-Being Definition and Drivers Final Report--Older Americans.pdf Supplementary Document	2014-06-05
Summary of revisions and responses.pdf Supplementary Document	2014-06-05
Metrics Supporting Statement B 4.16.14 Revisions.pdf Supporting Statement B	2014-06-05
Metrics Supporting Statement A - 6.3.14 revisions.pdf Supporting Statement A	2014-06-05

IC Document Collections

IC ID	Document Title	Status
207968	Survey Materials Other-Survey Questions	New

ICR Details

OMB Control No: 3170-0043	ICR Reference No: 201307-3170-007
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: CFPB	Agency Tracking No: CFPB 2013-0037
Title: Development of Metrics to Measure Financial Well-being of Working-age and Older American Consumers
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 06/05/2014
	Date Received in OIRA: 12/26/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2017	36 Months From Approved
Responses	16,500	0	0
Time Burden (Hours)	4,625	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law No. 111-203, the Bureau's Office of Financial Education ("OFE") is responsible for developing and implementing a strategy to improve the financial literacy of consumers that includes measurable goals and initiatives, in consultation with the Financial Literacy and Education Commission, consistent with the National Strategy for Financial Literacy. In addition, the Office of Financial Protection for Older Americans (OA) within the CFPB is charged with conducting research to identify methods and strategies to educate and counsel seniors, and developing goals for programs that provide seniors with financial literacy and counseling. The CFPB intends to collect quantitative data through surveys with working-age (age 18-61) and older American (age 62 and older) consumers in order to develop and refine survey instruments that will enable the CFPB to reliably and accurately measure adult consumers' financial well-being. The primary anticipated data collection strategy is through internet-based surveys. The core objective of the data collection is to iteratively test, refine, and produce valid and reliable measures of consumer financial well-being that will create a strong, standardized basis for setting measurable goals, and evaluating financial education strategies and programs.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 1013(d) and (g) Name of Law: The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
  

Citations for New Statutory Requirements: None

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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
60-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 48422	08/08/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 78341	12/26/2013
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
Survey Materials

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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	16,500	0	0	16,500	0	0
Annual Time Burden (Hours)	4,625	0	0	4,625	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: New collection of information.

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Annual Cost to Federal Government: $800,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

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: 12/26/2013

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