CFPB Seeks Information on Debt Collection Disclosures and Household Balance Sheets

On February 4, 2019, the CFPB published two Federal Register Notices seeking approval to conduct surveys on debt collection disclosures and household balance sheets.

According to the Federal Register Notices, the CFPB relies on empirical evidence and research to improve its understanding of consumer financial markets for regulatory purposes.  For that reason, the CFPB is seeking approval to conduct the Debt Collection Quantitative Disclosure Testing survey to explore consumer comprehension and decision making in response to debt collection disclosure forms.  Specifically, the CFPB is seeking the Office of Management and Budget’s (OMB) approval to conduct a web survey of 8,000 individuals as part of the CFPB’s research on debt collection disclosures. According to the Federal Register Notice, the survey was initially proposed on June 5, 2017, but the request was subsequently withdrawn by the CFPB.  Consequently, the CFPB is publishing a thirty day notice for the survey and resubmitting the request to OMB.

The CFPB is also seeking approval to conduct the Making Ends Meet survey which is aimed at soliciting information from 750 respondents on their experience related to household financial shocks and how households respond to those shocks, including the use of credit products that do and do not appear in the Consumer Credit Panel (CCP).  The CCP is a proprietary sample dataset from one of the national credit reporting agencies that the CFPB has used to gather information on consumers’ experiences in consumer credit markets.  The CFPB believes this survey will support its “household balance sheets” research agenda, which seeks to monitor developments in consumers’ financial situations, related changes in their use of financial products, and the effects that these decision have on their balance sheets.  The CFPB reports that the information gathered will be for general, formative, and informational research and will not directly provide the basis for specific policymaking. 

Both Federal Register Notices require comments be submitted by March 6, 2019.