View Information Collection Request (ICR) Package
Skip to main content
An official website of the United States government
The .gov means it's official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you're on a federal government site.
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Search:
Agenda
Reg Review
ICR
This script is used to control the display of information in this page.
Display additional information by clicking on the following:
All
Brief and OIRA conclusion
Abstract/Justification
Legal Statutes
Rulemaking
FR Notices/Comments
IC List
Burden
Misc.
Common Form Info.
Certification
View Information Collection (IC) List
View Supporting Statement and Other Documents
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:
7100-0374
ICR Reference No:
202310-7100-005
Status:
Historical Active
Previous ICR Reference No:
202010-7100-015
Agency/Subagency:
FRS
Agency Tracking No:
FR 3077
Title:
Survey of Household Economics and Decisionmaking
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Delegated
OIRA Conclusion Action:
Approved without change
Conclusion Date:
11/30/2023
Retrieve Notice of Action (NOA)
Date Received in OIRA:
11/30/2023
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2026
36 Months From Approved
11/30/2023
Responses
20,500
0
21,590
Time Burden (Hours)
8,200
0
7,705
Cost Burden (Dollars)
0
0
0
Abstract:
The SHED is an ad hoc voluntary survey covering topics such as individuals’ overall financial well-being, employment experiences, income and ability to pay bills, economic preparedness, banking and access to credit, housing and living arrangement decisions, education and human capital, student loans, and retirement planning. The overall content of the SHED depends on changing economic, regulatory, or legislative developments as well as changes in the financial services industry. The Board uses the SHED to monitor usage of emerging financial products and understand how macroeconomic conditions are affecting households.
Authorizing Statute(s):
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(b)
Name of Law: Fair Credit Reporting Act
US Code:
15 USC 1691b(f)
Name of Law: Equal Credit Opportunity Act
US Code:
15 USC 1691c
Name of Law: Equal Credit Opportunity Act
US Code:
15 USC 1693b
Name of Law: Electronic Fund Transfer Act
US Code:
15 USC 1693o-2
Name of Law: Electronic Fund 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
US Code:
12 USC 225a
Name of Law: Federal Reserve Act
US Code:
12 USC 248a
Name of Law: Federal Reserve 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 56626
08/18/2023
30-day Notice:
Federal Register Citation:
Citation Date:
88 FR 83539
11/30/2023
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
Qualitative survey
Quantitative 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
20,500
21,590
0
-1,090
0
0
Annual Time Burden (Hours)
8,200
7,705
0
495
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:
Yes
Burden Reduction Due to:
Miscellaneous Actions
Short Statement:
The estimated total annual burden for the FR 3077 is 7,705 hours, and would increase to 8,200 hours with the revisions. The Board revised the FR 3077 by removing the qualitative ad hoc surveys from the clearance, added two minutes to the quantitative survey time per response, and slightly reduced the estimated number of respondents.
Annual Cost to Federal Government:
$550,000
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.
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.
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?
No
Agency Contact:
Kareemat Ayodeji 757 921-4888 kareemat.ayodeji@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:
11/30/2023
An official website of the United States government
The .gov means it's official.
The site is secure.
