The Board uses this collection to inform consumer-focused research, implement statutory requirements, and facilitate community development. The surveys in this collection inform the Board’s work by identifying emerging risks and providing additional data on the issues that affect the well-being of consumers and communities and how the financial services marketplace functions.
The surveys in this collection gather quantitative and qualitative information directly from individual consumers or households (consumer surveys) on consumer finance topics. This collection also gathers quantitative and qualitative information on current and emerging community economic issues from stakeholders (stakeholder surveys). Examples of stakeholders include community groups, community development organizations, nonprofit service providers, faith-based service organizations, public sector agencies, small business owners, health care organizations, food banks, K-12 public and private schools, community colleges, community development financial institutions, credit unions, banks, and other financial institutions and companies offering financial products and services. While these surveys are ongoing, the frequency and content of the questions may change depending on economic conditions, regulatory or legislative developments, as well as changes in technology, business practices, and other factors affecting consumers, stakeholders, and communities. The Board conducts the FR 3073 as needed, up to 30 times per year. While the Board estimates the FR 3073 may be conducted up to 30 times per year, history suggests a lower frequency is more likely.
US Code:
12 USC 263(c)
Name of Law: Federal Reserve Act
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(e)
Name of Law: Fair Credit Reporting Act
US Code:
15 USC 1691b
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
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:
(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;
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.
FR3073_20231130_omb_B.pdf