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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:
3170-0078
ICR Reference No:
202308-3170-001
Status:
Active
Previous ICR Reference No:
Agency/Subagency:
CFPB
Agency Tracking No:
Title:
Student Loan Borrower Survey Program
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 without change
Conclusion Date:
10/16/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
08/22/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2026
36 Months From Approved
Responses
3,750
0
0
Time Burden (Hours)
1,238
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau is charged with researching, analyzing, and reporting on topics relating to the Bureau's mission, including consumer behavior, consumer awareness, and developments in markets for consumer financial products and services. To improve its understanding of how consumers engage with financial markets, the Bureau has successfully used credit record data as a sampling frame to survey people about their experiences in consumer credit markets. The Bureau now seeks to obtain approval for a new one-time survey of student loan borrowers to understand their borrowing decisions, their experience managing their loans, and their expectations for the future. The survey will be sent to a random sample selected from individuals in the Bureau's new Consumer Credit Information Panel (CCIP), which is itself a sample of de-identified credit records from one of the nationwide consumer reporting agencies. The survey responses will be matched to the Bureau's CCIP data to provide a more complete picture of borrowers' financial standing. The survey will follow similar methods to the Bureau’s prior Making Ends Meet and Survey of Consumer Views on Debt surveys, but sample a different population of borrowers and focus primarily on student loans. The Bureau will not receive Personally Identifiable Information; any such information will be removed by the contractor prior to delivering final products. We expect to recruit about 15,000 participants to participate in the survey. We will collect demographics, measures of financial well-being, consumers' feelings about their financial well-being, and experience with the student loan system, as well as behavioral measures related to seeking out financial information or willingness to take financial-related actions.
Authorizing Statute(s):
PL:
Pub.L. 111 - 203 1013(b)(11)
Name of Law: Dodd-Frank Act [Dodd-Frank Wall Street Reform and Consumer Protection 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:
88 FR 25624
04/27/2023
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 56607
08/18/2023
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Student Loan Borrowers Survey
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
3,750
0
0
3,750
0
0
Annual Time Burden (Hours)
1,238
0
0
1,238
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 of information.
Annual Cost to Federal Government:
$563,000
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.
No
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.
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?
No
Agency Contact:
Michael Galleher 202 435-7760 michael.galleher@cfpb.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:
08/22/2023
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