Generic Information Collection Plan for Studies of Consumers using Controlled Trials in Field and Economic Laboratory Settings

Forms and Documents

Document Name	Status
3170-0048 Field Lab GICP SS-B (2018 Conversion) OMB.pdf Supporting Statement B	2019-07-01
3170-0048 Field Lab GICP SS-A 30-day FRN OMB rev 10212019.docx Supporting Statement A	2019-10-21

IC Document Collections

IC ID	Document Title	Status
236776	Vague Language in Disclosures Study Other-Vague Language Questionnaire	New
236775	Tiered Disclosure Study Other-Web Instructions for Participant_Tiered_Disc	New
236774	Financial Scale Development Testing Other-Economic Scales_Cog Protl	New
236773	Savings and Debt Study Other-Savings and Debt Questionnaire	New
236772	Disclosure Market Study Other-Design document for Market Study	New

ICR Details

OMB Control No: 3170-0048	ICR Reference No: 201907-3170-001
Status: Active	Previous ICR Reference No: 201708-3170-002
Agency/Subagency: CFPB	Agency Tracking No:
Title: Generic Information Collection Plan for Studies of Consumers using Controlled Trials in Field and Economic Laboratory Settings
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 10/21/2019
	Date Received in OIRA: 07/01/2019
Terms of Clearance: The Bureau will publish a 30-Day Notice in the Federal Register to invite public comment for each individual information collection conducted under this clearance prior to submitting the collection to OMB for review. When the information collection is submitted to OMB for review after the 30-Day Notice concludes, the Bureau will include in the submission to OMB a copy of the 30-Day Federal Register Notice, any comments received and a summary response to them.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2022	36 Months From Approved
Responses	36,120	0	0
Time Burden (Hours)	24,405	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Bureau of Consumer Financial Protection (Bureau) is tasked with researching, analyzing, and reporting on topics relating to the Bureau’s mission, including developments in markets for consumer financial products and services, consumer awareness, and consumer behavior. Under this generic information collection plan, the Bureau collects data through controlled trials in field and economic laboratory settings. This research is used for developmental and informative purposes to increase the Bureau’s understanding of consumer credit markets and household financial decision-making. Basic research projects will be submitted under this clearance.

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Authorizing Statute(s): US Code: 12 USC 5511 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  

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:
	84 FR 2175	02/06/2019
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 31308	07/01/2019
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 5

IC Title	Form No.	Form Name
Disclosure Market Study
Financial Scale Development Testing
Tiered Disclosure Study
Savings and Debt Study
Vague Language in Disclosures Study

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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	36,120	0	0	36,120	0	0
Annual Time Burden (Hours)	24,405	0	0	24,405	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: Since this is a request to reinstate a discontinued OMB control number, the current OMB inventory is 0 and, therefore, all the estimated burden associated with this generic information collection plan is considered a program change. However, when last approved by OMB, the number of inventoried respondents and responses was 42,600 and inventoried hours were 38,400. This reinstatement request is seeking a reduction of 6,480 respondents/responses and a reduction of 13,995 hours as compared to the previous OMB approval. Based on research the Bureau has conducted over the last several years, and its plans for upcoming research studies, the Bureau has better estimates of what projects it will pursue in the next three years. The decrease in burden is not due to any new statutory or regulatory requirements.

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Annual Cost to Federal Government: $0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 07/01/2019

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