Survey of Consumer Finances

Forms and Documents

Document Name	Status
FR3059_20240826_83c.pdf Justification for No Material/Nonsubstantive Change	2024-08-26

IC Document Collections

IC ID	Document Title	Status
188739	Main survey Other-Codebook for 2022 Survey of Consumer Finances	Modified
188402	Pretest Other-Codebook for 2022 Survey of Consumer Finances	Modified

ICR Details

OMB Control No: 7100-0287	ICR Reference No: 202310-7100-001
Status: Historical Active	Previous ICR Reference No: 202108-7100-004
Agency/Subagency: FRS	Agency Tracking No: FR 3059
Title: Survey of Consumer Finances
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/26/2024
	Date Received in OIRA: 08/26/2024
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2024	08/31/2024	08/31/2024
Responses	7,150	0	7,150
Time Burden (Hours)	4,410	0	11,917
Cost Burden (Dollars)	0	0	0

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Abstract: This triennial survey is the only source of representative information on the structure of U.S. families’ finances. The survey collects data on the assets, debts, income, work history, pension rights, use of financial services, and attitudes of a sample of U.S. families. Because the ownership of some assets is relatively concentrated in a small number of families, the survey makes a special effort to ensure proper representation of such assets by systematically oversampling wealthier families. For the 2025 SCF, the Board will conduct (1) up to 150 interviews averaging about 110 minutes (pretest) to be obtained in a test or series of tests of the survey procedures in 2025 and (2) up to 7,000 interviews averaging about 110 minutes (main survey) between April 2025 and March 2026. The pretest interviews and surveys will be conducted by an outside contractor. The pretest and the main survey will be collected by a field interviewer, either in person or on the phone, using a computer-assisted personal interview (CAPI) instrument. There is no hardcopy version of the questionnaire other than the text of the computer program. The wording of the survey questions will be modified to reflect the outcome of the pretest, but it is anticipated that such changes will be relatively small.

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Authorizing Statute(s): US Code: 12 USC 225a Name of Law: Federal Reserve Act
   US Code: 12 USC 263 Name of Law: Federal Reserve Act
   US Code: 12 USC 263(c) Name of Law: Federal Reserve 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:
	86 FR 8016	02/03/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 23969	05/05/2021
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Main survey
Pretest

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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	7,150	7,150	0	0	0	0
Annual Time Burden (Hours)	4,410	11,917	0	0	-7,507	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: Because the survey is issued once every three years, the estimated average time per response has been divided by three to accurately show the annual burden hours. The pretest survey and main survey both take an estimated 110 minutes per response so the annual time per response would be 37 minutes.

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Annual Cost to Federal Government: $19,800,000

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.     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]? No

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: 08/26/2024

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