Justification Memo - 2019 Money Smart Alliance Member Survey

Legal Division

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

Federal Deposit Insurance Corporation

October 28, 2019

 

Memorandum to:         William E. Bestani

                                    Policy Analyst              

                                    Office of Information and Regulatory Affairs

                                    Office of Management and Budget

 

From:                Manny Cabeza 

Regulatory Counsel

Legal Division

                                    Federal Deposit Insurance Corporation

 

RE: FDIC 2019 Money Smart Alliance Member Survey

Under our “fast-track” generic clearance entitled, “Occasional Qualitative Surveys” (3064-0127), the FDIC submits for OMB review the enclosed 2019 Money Smart Alliance Member Survey.

The Money Smart Alliance consists of 1,358 financial institutions, non-profit organizations, community- and consumer-based groups, faith-based organizations and government agencies who utilize or promote the FDIC Money Smart financial education curriculum. There is no cost to join the Alliance and participation is voluntary. Alliance members 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 generally gathers this feedback through informal discussions with members, such as during conference calls, in person during conferences, webinars, or through suggestions the Alliance members take the initiative to provide to the FDIC.

Participation in the Money Smart Alliance provides members with benefits including advanced notification of program updates and other information with that can strengthen their efforts, such as through the quarterly Money Smart News publication or periodic conference calls and webinars that feature guest speakers who provide training and insights to the Alliance members. FDIC also lists Money Smart Alliance members in an interactive directory on the FDIC website if they wish to be accessible to consumers looking for training or organizations interested in supporting ongoing efforts.

The FDIC seeks approval to survey current Alliance members on their overall satisfaction with the Alliance program and solicit feedback the FDIC can use to help improve the Money Smart Alliance program.

FDIC expects to use the information gathered to gain anecdotal insights on how beneficial the Money Smart Alliance program is to their organization and their usage of Money Smart during the past calendar year. Additionally, the data will be used to determine what benefits are most valuable to alliance members and generate suggestions for future implementation. This survey will allow FDIC to improve the Alliance based on feedback we receive through the survey.

The estimated burden is set out below:

Estimated Number of Respondents: 1,358

Estimated Time per Response: 7 minutes

Frequency of Response: Once

Total estimated annual burden: 158 hours