Survey of Consumer Finances

Forms and Documents

Document Name	Status
Form FR 3059 Main survey (2016 Survey of Consumer Finances) Form and Instruction	Modified
Form FR 3059 Pre-test (2016 Survey of Consumer Finances) Form and Instruction	Modified
FR3059_20180829_83c.pdf Justification for No Material/Nonsubstantive Change	2018-08-29

IC Document Collections

IC ID	Document Title	Status
188739	Main survey (2016 Survey of Consumer Finances) Form and Instruction	Modified
188402	Pre-test (2016 Survey of Consumer Finances) Form and Instruction	Modified

ICR Details

OMB Control No: 7100-0287	ICR Reference No: 201807-7100-013
Status: Historical Active	Previous ICR Reference No: 201410-7100-008
Agency/Subagency: FRS	Agency Tracking No: FR 3059
Title: Survey of Consumer Finances
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Delegated
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/29/2018
	Date Received in OIRA: 08/29/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2018	10/31/2018	10/31/2018
Responses	7,150	0	7,150
Time Burden (Hours)	10,725	0	8,938
Cost Burden (Dollars)	0	0	0

---

Abstract: This would be the twelfth triennial Survey of Consumer Finances since 1983, the beginning of the current series. This survey is the only source of representative information on the structure of U.S. families' finances. The survey would collect data on the assets, debts, income, work history, pension rights, use of financial services, and attitudes of a sample of U.S. families. Because the ownership of some assets is relatively concentrated in a small number of families, the survey would make a special effort to ensure proper representation of such assets by systematically oversampling wealthier families.

---

Authorizing Statute(s): US Code: 12 USC 263 Name of Law: Federal Reserve Act
   US Code: 12 USC 225a 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:
	79 FR 64388	10/29/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 5531	02/02/2015
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Pre-test (2016 Survey of Consumer Finances)	FR 3059	Pre-test 2016 Survey of Consumer Finances (SAMPLE)
Main survey (2016 Survey of Consumer Finances)	FR 3059	Main 2016 - Survey of Consumer Finances (SAMPLE)

---

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	7,150	7,150	0	0	0	0
Annual Time Burden (Hours)	10,725	8,938	0	0	1,787	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Based on recent experience, the Board has determined that the estimated average time per response should be increased from 75 minutes to 90 minutes.

---

Annual Cost to Federal Government: $14,800,000

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? Uncollected

---

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: 08/29/2018

---