Justification Memo Money Smart Alliance Enrollment Survey

Legal Division

550 17th Street NW, Washington, D.C. 20429-9990

Federal Deposit Insurance Corporation

December 6, 2017

 

Memorandum to:         Shagufta I. Ahmed

                                    Policy Analyst              

                                    Office of Information and Regulatory Affairs

                                    Office of Management and Budget

 

From:                 Manuel Cabeza 

Counsel

                                    Federal Deposit Insurance Corporation

 

RE: Money Smart Alliance Enrollment Survey

Under our “fast-track” generic clearance entitled, “Occasional Qualitative Surveys” (3064-0127), the FDIC submits for OMB review the enclosed Money Smart Alliance Enrollment survey.

Money Smart curriculum products are delivered by countless organizations. Some (currently 750) financial institutions, non-profit organizations, community- and consumer-based groups, faith-based organizations and government agencies have elected to join the FDIC’s Money Smart Alliance. There is no cost to join the Alliance and participation is voluntary. By joining the Alliance, these organizations agree to teach or promote the Money Smart curriculum. Alliance members also provide feedback to the FDIC that can help improve the Money Smart program, such as successful ways they use the program or requests for how the FDIC can improve the Money Smart materials. The FDIC will generally solicit this feedback through informal discussions with members, such as during conference calls, or through suggestions the Alliance members take the initiative to provide to the FDIC.

In exchange, the FDIC shares updates and other information with Alliance members that can strengthen their efforts, such as through the quarterly Money Smart News publication or periodic conference calls that feature guest speakers who can provide training and insights to the Alliance members. FDIC also lists Money Smart Alliance members on the FDIC website if they wish to be accessible to consumers looking for training or organizations interested in supporting ongoing efforts.

The FDIC has a standardized and automated process for an organization to join the Money Smart Alliance. Membership in the Alliance is a two year term. At the end of the term, members can choose to again complete the form to renew their membership for another two year term.

We seek approval for our online survey that organizations can complete to submit information to join the Alliance or to renew their membership in the Alliance.

FDIC expects to use the information we gather to gain anecdotal insights on how the Money Smart program is used to assess the results of FDIC’s outreach efforts. We will also use the data to improve the ability of staff to refer consumers to an organization using the Money Smart curriculum to offer workshops.

The estimated burden is set out below:

Estimated Number of Annual Respondents: 750

Estimated Time per Response: 5 minutes

Frequency of Response: Once

Total estimated annual burden: 63 hours

If you have questions, please let me know. Thank you for your consideration.