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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:
3170-0079
ICR Reference No:
202308-3170-002
Status:
Active
Previous ICR Reference No:
Agency/Subagency:
CFPB
Agency Tracking No:
Title:
CFPB National Age-Friendly Banking Survey
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:
10/17/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/01/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2026
36 Months From Approved
Responses
5,528
0
0
Time Burden (Hours)
817
0
0
Cost Burden (Dollars)
0
0
0
Abstract:
Older adults are, and are increasingly becoming, an important customer base for banks and credit unions. The proposed survey aims to examine how banking experiences may vary as people age, and how they may differ for specific subpopulations of older adults that face unique challenges related to accessibility and quality of banking services, such as older adults living in rural communities, older adults of color, and the oldest segment of the population (75 and older). The proposed survey also seeks to enhance the understanding of the experiences of older adults with banking, including challenges and opportunities for adoption of “age-friendly” account features. Using NORC’s AmeriSpeak, a probability-based survey panel, the proposed survey will be fielded to approximately 2,500 adults ages 18 and older who have a bank account, including oversamples of five specific subgroups of older adults. The survey will take approximately 15 minutes to complete, and participants will have the option to complete the survey either online or on the phone, and will be available in Spanish and English. The proposed survey will collect information on respondents’ experiences with their primary bank or credit union, more specifically: (1) background information about type of institution, length and quality of the relationship; (2) importance, availability, and use of “age-friendly” banking features; (3) experiences with fraud and scams and financial caregiving involving accounts with their primary bank; (4) use and accessibility of banking services; (5) other aspects of the relationship with their primary financial institution, including credit and loans. The survey will be supplemented with existing panelists’ responses to demographic, geographic and financial questions. The results will inform CFPB’s age-friendly banking educational, regulatory, and policy work; banks, lenders, and financial institutions’ initiatives and resources focused on financial inclusion of older adults; and state, local, and community entities seeking to strengthen the financial inclusion component of their “age-friendly” community plans. The data gathered through this survey will empower many other governmental, nonprofit, and other entities to conduct analysis on topics of interest relevant to their work and apply their findings to enhance consumer protections and expand age-friendly banking products and services nationwide.
Authorizing Statute(s):
None
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 32757
05/22/2023
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 58252
08/25/2023
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
CFPB National Age-Friendly Banking 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
5,528
0
0
5,528
0
0
Annual Time Burden (Hours)
817
0
0
817
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.
Annual Cost to Federal Government:
$396,584
Does this IC contain surveys, censuses, or employ statistical methods?
No
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]?
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:
Pamela Watkins 202 312-9611 watkinspk@state.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:
09/01/2023
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