Generic Information Collection Plan for the Development and/or Testing of Model Forms, Disclosures, Tools, and Other Similar Related Materials

Forms and Documents

Document	Type	Status	Availability
IC Template 3170-0022(Rev7-7-14).pdf	Supplementary Document	Uploaded 2015-12-03	Available
3170-0022 Supporting Statement B_8_26_15 (FINAL).pdf	Supporting Statement B	Uploaded 2015-12-03	Available
3170-0022 Supporting Statement A (2015 renewal)_FINAL.pdf	Supporting Statement A	Uploaded 2015-12-03	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
223202	Student Loan Repayment Loan Form Testing	Other-Discussion Guide	New

ICR Details

OMB Control No: 3170-0022	ICR Reference No: 201512-3170-001
Status: Historical Active	Previous ICR Reference No: 201206-3170-002
Agency/Subagency: CFPB	Agency Tracking No:
Title: Generic Information Collection Plan for the Development and/or Testing of Model Forms, Disclosures, Tools, and Other Similar Related Materials
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/22/2016
	Date Received in OIRA: 12/14/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2019	36 Months From Approved	02/29/2016
Responses	63,000	0	25,050
Time Burden (Hours)	26,775	0	8,925
Cost Burden (Dollars)	0	0	0

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Abstract: This generic information collection plan allows for qualitative testing of disclosures and related materials relating to the features of consumer financial products and services. The research will result in recommendations for the development of and revisions to such disclosures and related materials. The research activities may be conducted by the Bureau or external parties such as, for example, contractors retained by the Bureau, and will employ cognitive psychological testing methods. This approach has been demonstrated to be feasible and valuable by the CFPB and other agencies in developing disclosures and related materials. The planned research activities will be conducted with the goal of creating effective disclosures and related materials that will help consumers understand the features of consumer financial products and services.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 1032, 1418, 1420, 1463 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection
  

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:
	80 FR 66495	10/29/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 77329	12/14/2015
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
Student Loan Repayment Loan Form Testing

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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	63,000	25,050	0	0	37,950	0
Annual Time Burden (Hours)	26,775	8,925	0	0	17,850	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: Although the number of annual responses has decreased from 25,050 to 21,000, the CFPB is now including in its burden estimates the time it takes respondents to travel to and from testing sites, leading to a more accurate estimate of the total burden this information collection imposes on respondents. As such the burden hours have remained constant even though the number of responses has decreased. In addition, in item 12 we are now also including the total burden for all three years for which we are seeking approval of this collection, and not just the annual burden, to facilitate a better public understanding of our burden estimates.

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Annual Cost to Federal Government: $0

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: 12/14/2015

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