A web-based survey intended to gauge responses by consumers to debt collection disclosure forms is under development by the Consumer Financial Protection Bureau (CFPB), according to filings by the agency with the Federal Register.
The survey – titled Debt Collection Quantitative Disclosure Testing — will attempt to elicit responses from 8,000 individuals to “explore consumer comprehension and decision making in response to debt collection disclosure forms,” the CFPB filing states. “The survey will oversample respondents who have had experience with debt collection in the past.”
The agency bases its authority to conduct the survey on the Dodd-Frank Wall Street Reform and Consumer Protection Act “and other Federal consumer financial laws,” which it says authorize it to engage in consumer protection rule writing. “The Bureau relies on empirical evidence and rigorous research to improve its understanding of consumer financial markets for regulatory purposes,” the agency notice states.
The Register filing is for a request to the Office of Management and Budget (OMB) for review of the information collection. The bureau is seeking a 60-day comment period on the survey.