View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
7100-0359
ICR Reference No:
201401-7100-009
Status:
Historical Active
Previous ICR Reference No:
Agency/Subagency:
FRS
Agency Tracking No:
FR 3073
Title:
Consumer and Stakeholder Surveys
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/10/2014
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/10/2014
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2017
36 Months From Approved
Responses
32,800
0
0
Time Burden (Hours)
10,700
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
The FR 3073 surveys in this collection would be used to gather quantitative and qualitative information directly from individual consumers or households (consumer surveys) on consumer finance topics. This collection also would be used to gather quantitative and qualitative information on current and emerging community economic issues from stakeholders (stakeholder surveys). Stakeholders may include, for example, such organizations as community groups, community development organizations, non-profit 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 would be 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.
Authorizing Statute(s):
US Code:
5 USC 552(b)(4) and (6)
Name of Law: Freedom of Information Act
US Code:
12 USC 2905
Name of Law: Community Reinvestment Act
US Code:
12 USC 3806
Name of Law: Competitive Equality Banking Act
US Code:
12 USC 4008
Name of Law: Expedited Funds Availability Act
US Code:
15 USC 1604
Name of Law: Truth in Lending Act
US Code:
15 USC 1681s(e)
Name of Law: Fair Credit Reporting Act
US Code:
15 USC 1691b
Name of Law: Equal Credit Opportunity Act
US Code:
15 USC 1693b & 1693o-2
Name of Law: Electronic Funds Transfer Act
US Code:
15 USC 6801(b)
Name of Law: Gramm-Leach-Bliley Act
US Code:
42 USC 4012a
Name of Law: Flood Disaster Protection Act of 1973, Se
US Code:
12 USC 225a, 263, 324, 602 and 625
Name of Law: Federal Reserve Act
US Code:
12 USC 1844(c)
Name of Law: Bank Holding Company Act
US Code:
12 USC 3105(c)(2)
Name of Law: International Banking Act of 1978
US Code:
12 USC 1817(a)
Name of Law: Federal Deposit Insurance Act
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
78 FR 77680
12/24/2013
30-day Notice:
Federal Register Citation:
Citation Date:
79 FR 13301
03/10/2014
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
5
IC Title
Form No.
Form Name
Consumer Qualitative surveys
Consumer Quantitative surveys (large)
Consumer Quantitative surveys (medium)
Stakeholder Qualitative surveys
Stakeholder Quantitative surveys
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
32,800
0
0
32,800
0
0
Annual Time Burden (Hours)
10,700
0
0
10,700
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:
The Board of Governors of the Federal Reserve System (Federal Reserve Board), under delegated authority from the Office of Management and Budget (OMB), proposes to implement the voluntary Consumer and Stakeholder Surveys (FR 3073). The Federal Reserve would use this collection to inform consumer-focused supervision, research, and policy analysis; implement statutory requirements; and facilitate community development. The surveys in this collection would inform the Federal Reserve's work by identifying emerging risks and providing additional data on the issues that affect the well-being of consumers and communities and the function of the market for financial services.
Annual Cost to Federal Government:
$1,050,000
Does this IC contain surveys, censuses, or employ statistical methods?
No
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]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
John Schmidt 202-728-5859 john.schmidt@frb.gov
Common Form ICR:
No
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:
04/10/2014
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