CFPB National Age-Friendly Banking Survey

Forms and Documents

Document	Type	Status	Availability
3170-00XX (CFPB National Age-Friendly Banking Survey) Supporting Statement .docx	Supporting Statement A	Uploaded 2023-09-01	Repair queued
3170-00XX 30-day FRN (published).pdf	Supplementary Document	Uploaded 2023-08-28	Repair queued
CFPB National Age-Friendly Banking Survey PAS.pdf	Supplementary Document	Uploaded 2023-08-15	Repair queued
3170-00XX 60-day FRN (published).pdf	Supplementary Document	Uploaded 2023-08-15	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
261576	CFPB National Age-Friendly Banking Survey	Other-Instrument Guide	New

ICR Details

OMB Control No:	ICR Reference No: 202308-3170-002
Status: Received in OIRA	Previous ICR Reference No:
Agency/Subagency: CFPB	Agency Tracking No:
Title: CFPB National Age-Friendly Banking Survey
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/01/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	5,528	0
Time Burden (Hours)	817	0
Cost Burden (Dollars)	0	0

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Abstract: Older adults are, and are increasingly becoming, an important customer base for banks and credit unions. The proposed survey aims to examine how banking experiences may vary as people age, and how they may differ for specific subpopulations of older adults that face unique challenges related to accessibility and quality of banking services, such as older adults living in rural communities, older adults of color, and the oldest segment of the population (75 and older). The proposed survey also seeks to enhance the understanding of the experiences of older adults with banking, including challenges and opportunities for adoption of “age-friendly” account features. Using NORC’s AmeriSpeak, a probability-based survey panel, the proposed survey will be fielded to approximately 2,500 adults ages 18 and older who have a bank account, including oversamples of five specific subgroups of older adults. The survey will take approximately 15 minutes to complete, and participants will have the option to complete the survey either online or on the phone, and will be available in Spanish and English. The proposed survey will collect information on respondents’ experiences with their primary bank or credit union, more specifically: (1) background information about type of institution, length and quality of the relationship; (2) importance, availability, and use of “age-friendly” banking features; (3) experiences with fraud and scams and financial caregiving involving accounts with their primary bank; (4) use and accessibility of banking services; (5) other aspects of the relationship with their primary financial institution, including credit and loans. The survey will be supplemented with existing panelists’ responses to demographic, geographic and financial questions. The results will inform CFPB’s age-friendly banking educational, regulatory, and policy work; banks, lenders, and financial institutions’ initiatives and resources focused on financial inclusion of older adults; and state, local, and community entities seeking to strengthen the financial inclusion component of their “age-friendly” community plans. The data gathered through this survey will empower many other governmental, nonprofit, and other entities to conduct analysis on topics of interest relevant to their work and apply their findings to enhance consumer protections and expand age-friendly banking products and services nationwide.

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Authorizing Statute(s): None

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:
	88 FR 32757	05/22/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 58252	08/25/2023
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
CFPB National Age-Friendly Banking Survey

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ICR Summary of Burden

	Total Request	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	5,528	0	0	5,528	0	0
Annual Time Burden (Hours)	817	0	0	817	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: This is a new collection.

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Annual Cost to Federal Government: $396,584

Does this IC contain surveys, censuses, or employ statistical methods? No

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.     Yes

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.     Yes

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? No

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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: 09/01/2023

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