FR3073_20231130_omb_B

Supporting Statement Part B for the
Consumer and Stakeholder Surveys
(FR 3073; OMB No. 7100-0359)
Summary
For all information collections that involve surveys or require a statistical methodology,
the Board of Governors of the Federal Reserve System (Board) is required to provide a complete
justification and explanation of the use of such a methodology. For collections that employ
surveys without such a methodology, the Board should be prepared to justify its decision not to
use statistical methods in any case where such methods might reduce burden or improve
accuracy of results.
Background
The surveys in this collection gather quantitative and qualitative information directly
from individual consumers or households (consumer surveys) on consumer finance topics. This
collection also gathers quantitative and qualitative information on current and emerging
community economic issues from stakeholders (stakeholder surveys). Examples of stakeholders
include community groups, community development organizations, nonprofit service providers,
faith-based service organizations, public sector agencies, small business owners, health care
organizations, food banks, K-12 public and private schools, community colleges, community
development financial institutions, credit unions, banks, and other financial institutions and
companies offering financial products and services. While these surveys are ongoing, the
frequency and content of the questions may change depending on economic conditions,
regulatory or legislative developments, as well as changes in technology, business practices, and
other factors affecting consumers, stakeholders, and communities.
Universe and Respondent Selection
The activities under this clearance may involve samples of self-selected customers, as
well as convenience samples, and quota samples, with respondents selected either to cover a
broad range of customers or to include specific characteristics related to certain products or
services. Results will not be used to make statements representative of the universe of study, to
produce statistical descriptions (careful, repeatable measurements), or to generalize the data
beyond the scope of the sample. The specific sample planned for each individual collection and
the method for soliciting participation will be described fully in each collection request.
Qualitative surveys are tools used by program managers to change or improve programs,
products, or services. The accuracy, reliability, and applicability of the results of these surveys
are adequate for their purpose.
Procedures for Collecting Information
The Board conducts surveys through methods such as utilizing telephone or internet
panels to explore emerging and current issues with implications for the Board’s work. Telephone

surveys are well-known methods of undertaking surveys, while internet panels are surveyed via
the internet using a computer, tablet, mobile phone or other Internet enabled device. Internet
panels provide another avenue for obtaining data on consumer financial topics that can be more
timely and cost-effective than telephone, mail, or in person surveys for some data collections, in
part because baseline information on panel participants (such as age or homeownership) can aid
in identifying potential respondents for a particular study.
The Board believes that quantitative surveys like internet panel surveys may be
complemented by other methods of data collection, such as qualitative surveys using focus
groups and individual interviews (which can provide more in depth information from a smaller
group of consumers, e.g., 10 to 12 consumers in a focus group, or 8 to 10 consumers in
individual interviews). This type of collection allows for qualitative research methods to be used
for exploring consumer responses to documents and disclosures, and also for other purposes,
such as for exploring a new topic or an ongoing area of focus in more depth, testing and
developing the wording of survey questions, and complementing a quantitative survey in a mixed
method research design.
Methods to Maximize Response
The samples associated with this collection are not subjected to the same scrutiny as
scientifically drawn samples in which estimates are published or otherwise released to the public.
Information collected under this clearance will not yield generalizable quantitative findings; it
can provide useful customer input, but it does not yield data about customer opinions that can be
generalized.
Testing of Procedures
Pretesting may be done with internal staff, a limited number of external colleagues,
and/or customers who are familiar with the programs and products. If the number of pretest
respondents exceeds nine members of the public, the Board will submit the pretest instruments
for review under this clearance.

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