2014-12412. Agency Information Collection Activities: Submission for OMB Review; 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) is proposing a new information collection titled: “Telephone Survey Exploring Consumer Awareness of and Perceptions Regarding Dispute Resolution Provisions in Credit card Agreements.”

DATES:

Written comments are encouraged and must be received on or before June 30, 2014 to be assured of consideration.

ADDRESSES:

You may submit comments, identified by the title of the information collection, OMB Control Number (see below), and docket number (see above), by any of the following methods:

• Electronic: http://www.regulations.gov. Follow the instructions for submitting comments.
• Mail: Consumer Financial Protection Bureau (Attention: PRA Office), 1700 G Street NW., Washington, DC 20552.
• Hand Delivery/Courier: Consumer Financial Protection Bureau (Attention: PRA Office), 1275 First Street NE., Washington, DC 20002.

Please note that comments submitted by fax or email and those submitted after the comment period will not be accepted. In general, all comments received will be posted without change to regulations.gov, including any personal information provided. Sensitive personal information, such as account numbers or social security numbers, should not be included.

FOR FURTHER INFORMATION CONTACT:

Documentation prepared in support of this information collection request is available at www.reginfo.gov (this link is active on the day following publication of this notice). Requests for additional information should be directed to the Consumer Financial Protection Bureau, (Attention: PRA Office), 1700 G Street NW., Washington, DC 20552, [phone], or email: [e-mail]. Please do not submit comments to this email box.

SUPPLEMENTARY INFORMATION:

Title of Collection: Telephone Survey Exploring Consumer Awareness of and Perceptions Regarding Dispute Resolution Provisions in Credit card Agreements.

OMB Control Number: 3170-XXXX.

Type of Review: New Collection (Request for a new OMB Control Number).

Affected Public: Individuals or Households.

Estimated Number of Respondents: 1,000.

Estimated Total Annual Burden Hours: 170.

Abstract: The Bureau seeks approval from the Office of Management and Budget (“OMB”) to conduct a national telephone survey of 1,000 credit card holders as part of its study of mandatory pre-dispute arbitration agreements, which is required under Section 1028(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, Title XIV (“Dodd Frank Act”). The survey will explore (a) the role of dispute resolution provisions in consumer card acquisition decisions and (b) consumers' default assumptions (meaning consumers' awareness, understanding, or knowledge without supplementation from external sources) regarding their dispute resolution rights vis-à-vis their credit card issuers, including their awareness of their ability, where applicable, to opt-out of mandatory pre-dispute arbitration agreements. The survey will not gather data regarding respondents' post-fact satisfaction with arbitration or litigation proceedings, given the difficulty in finding consumers that have had personal experience with both forums.

Request for Comments: The Bureau issued a 60-day Federal Register notice on June 7, 2013, 78 FR 34352. Comments were solicited and continue to be invited 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 summarized and/or included in the request for Office of Management and Budget (OMB) approval. All comments will become a matter of public record.

Dated: May 21, 2014.

Ashwin Vasan,

Chief Information Officer, Bureau of Consumer Financial Protection.