Clearance for Financial Education Program Evaluation

Forms and Documents

Document Name	Status
Form 3170-XXXX Outcome Survey Form	New
Form 3170-XXXX Application Survey Form and Instruction	New
Financial Education Program Evaluation Supporting Statement B FINAL.pdf Supporting Statement B	2013-01-18
Financial Education Program Evaluation Supporting Statements A & B with appendices FINAL.pdf Supporting Statement A	2013-01-18

IC Document Collections

IC ID	Document Title	Status
204866	Outcome Survey Form	New
204865	Application Survey Form and Instruction	New

ICR Details

OMB Control No: 3170-0030	ICR Reference No: 201211-3170-005
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: CFPB	Agency Tracking No:
Title: Clearance for Financial Education Program Evaluation
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 01/18/2013
	Date Received in OIRA: 12/06/2012
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2016	36 Months From Approved
Responses	1,800	0	0
Time Burden (Hours)	703	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, the Bureau's Office of Financial Education (''OFE'') is responsible for developing and implementing a strategy to improve the financial literacy of consumers that includes measurable goals and initiatives, in consultation with the Financial Literacy and Education Commission, consistent with the National Strategy for Financial Literacy. The collection will focus on financial education program elements related to increasing household non-retirement savings and/or reducing financial distress. The CFPB expects to collect quantitative and qualitative data through in-person, telephone, or Internet based surveys. The information collected through quantitative and qualitative evaluation methods will increase OFE's understanding of what interventions can improve financial decision-making skills and outcomes for consumers. The core objective of the data collection is to measure the effectiveness of selected financial education programs. This data will provide useful information on evidence-based practices that can be used to improve financial education programs nationwide, leading to better financial decision-making outcomes for adult consumers.

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Authorizing Statute(s): PL: Pub.L. 111 - 203 1021(B)(b)(1) Name of Law: The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
  

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:
	77 FR 2684	01/19/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 72831	12/06/2012
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
Outcome Survey	3170-XXXX	Outcome Survey
Application Survey	3170-XXXX, 3170-XXXX	Application Survey & Script ,   Consent for Participation in Research

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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	1,800	0	0	1,800	0	0
Annual Time Burden (Hours)	703	0	0	703	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: To develop and implement initiatives that encourage and enable informed financial decision making, it is first important to understand which elements of financial education programs contribute effectively and efficiently to improved financial decision-making. There is a growing realization among experts in the field of financial education that there is not enough evaluation-based evidence to indicate which financial education strategies are most effective. According to a recent Government Accountability Office (GAO) report on financial literacy, "relatively few evidence-based evaluations have been conducted, limiting what is known about which specific methods and strategies are most effective." Without adequate evidence of what works, it is difficult to improve the effectiveness and quality of financial education, and therefore improve consumer outcomes. To address this need, the CFPB has contracted with the Urban Institute (UI) to engage in a rigorous quantitative evaluation of two financial coaching programs to increase its understanding of which interventions can improve consumers' financial decision-making skills. CFPB has selected the Financial Clinic (the Clinic) and South Florida Urban Ministries (SFLUM), two community-based financial coaching providers, for the evaluation. The evaluation will focus on the extent to which the selected sites' financial coaching interventions increase household non-retirement savings and reduce financial distress among program participants.

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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

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? 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: 12/06/2012

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