2022-27274. Agency Information Collection Activities: Comment Request

AGENCY:

Bureau of Consumer Financial Protection.

ACTION:

Notice and request for comment.

SUMMARY:

In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (Bureau or CFPB) requests the extension of the Office of Management and Budget's (OMB's) approval of an existing information collection titled “Generic Information Collection Plan for the Development and Testing of Disclosures and Related Materials” approved under OMB Number 3170-0022.

DATES:

Written comments are encouraged and must be received on or before January 17, 2023 to be assured of consideration.

ADDRESSES:

Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/​public/​do/​PRAMain. Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function.

In general, all comments received will become public records, including any personal information provided. Sensitive personal information, such as account numbers or Social Security numbers, should not be included.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information should be directed to Anthony May, Paperwork Reduction Act Officer, at [phone], or email: [e-mail]. If you require this document in an alternative electronic format, please contact [e-mail]. Please do not submit comments to these email boxes.

SUPPLEMENTARY INFORMATION:

Title of Collection: Generic Information Collection Plan for the Development and Testing of Disclosures and Related Materials.

OMB Control Number: 3170-0022.

Type of Review: Extension of a currently approved information collection.

Affected Public: Individuals and households.

Estimated Number of Respondents: 73,800.

Estimated Total Annual Burden Hours: 25,463.

Abstract: The Bureau will use this generic information collection for the development and testing of consumer financial disclosures and related materials. The research will result in recommendations for the development of and revisions to such disclosures and related materials. The research activities may be conducted by the Bureau or its contractors and will include cognitive psychological testing methods or quantitative evaluations. This approach has been demonstrated to be feasible and valuable by the Bureau and other agencies in developing disclosures and related materials. The Bureau will conduct planned research activities toward the goal of creating effective disclosures and related materials that will help consumers understand the features of consumer financial products and services.

Request for Comments: The Bureau published a 60-day Federal Register notice on October 5, 2022 (87 FR 60386) under Docket Number: CFPB-2022-0068. The Bureau is publishing this notice and soliciting comments on: (a) Whether the collection of information is necessary for the proper performance of the functions of the Bureau, including whether the information will have practical utility; (b) The accuracy of the Bureau's estimate of the burden of the collection of information, including the validity of the methods and the assumptions used; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; and (d) Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Comments submitted in response to this notice will be reviewed by OMB as part of its review of this request. All comments will become a matter of public record.

Anthony May,

Paperwork Reduction Act Officer, Consumer Financial Protection Bureau.