St. Louis Community Credit Union Credit Study

– RAND Corporation & Innovations for Poverty Action

<<Respondent ID>>

Informed Consent

– Surveyor Copy
We’d like to ask for your participation in a research study led by RAND Corporation and Innovations for Poverty Action, non

- profit research organizations, in partnership with St. Louis Community Credit Union, and sponsored by The Consumer Financial Protect ion Bureau (CFPB).

• The research study is about credit markets and products for low to moderate income consumers. Your participation is valuable and will help researchers design financial tools that can assist families in building healthier financial live s

.

• Your participation in the study is completely voluntary. Refusal to participate and survey responses you give will not affect your possible future relationship with the Credit Union. You do not have to answer any survey questions you do not wish to answ er and may stop the survey and/or indicate that you do not wish to participate in the study overall at any point during the
survey.

• Your participation involves two parts. First, we’ll ask you to take a survey now. The time commitment on your part to comple te this survey is about 15 minutes, including my explanation of the study right now. As a thank you for participating we will provide you with a gift card

– you will have a choice between two gift cards.

• The survey questions include basic questions about y our financial knowledge, your financial history, and your views on savings, among other things.

• At the end of the survey, we will talk to you about whether you are interested in a credit building product offered by SLCCU. If you are interested in the prod uct and participating in the study, t he credit union may require y ou to complete additional steps before opening the product. If you choose not to participate in the study, you will not be required to complete these steps.

• Your participation in the study also involves granting the research team permission to conduct “soft pulls” of your credit report for up to four years. These soft pulls of your credit report do not hurt your credit score

.

• Additionally, your participation in the study would involve gran ting the credit union permission to supply the research team with periodic updates on your accounts for one year and informa tion regarding whether you use phone financial counseling affiliated with the credit union, though the content of that counseling wo uld not be shared

.

• Finally, we will reach out to you in about twelve months to take another short survey over the phone. You will receive additional compensation for taking this survey.

• Your answers to the initial survey questions and information collected as part of the study will be used only for the purposes of conducting th e study and then destroyed. Aggregate, de

identified information of participants will be included in the published results of the study , which will be made available to the public . N o individual participants will be named in the study , nor will any information which directly lin ks your answers or information be made publicly available. Any identifying information you provide as part of the survey or study wil l be kept private to the extent permitted by law.St. Louis Community Credit Union Credit Study

– RAND Corporation & Innovations for Poverty Action

<<Respondent ID>>

• On the back of your handout is information about the legal authorities allowing the CFPB to
sponsor this study, as well as contact information.
Do you (the respondent) consent to participate?

_____ Yes ___ __ NoSt. Louis Community Credit Union Credit Study

– RAND Corporation & Innovations for Poverty Action

<<Respondent ID>>

Informed Consent

– Respondent Copy (to keep)
We’d like to ask for your participation in a research study led by RAND Corporation and Innovations for Poverty Action, non

- profit research organizations, in partnership with St. Louis Community Credit U nion, and sponsored by The Consumer Financial Protection Bureau (CFPB).

• The research study is about credit markets and products for low to moderate income consumers. Your participation is valuable and will help researchers design financial tools that

can assist families in building healthier financial lives.

• Your participation in the study is completely voluntary. Refusal to participate and survey responses you give will not affect your possible future relationship with the Credit Union. You do not have t o answer any survey questions you do not wish to answer and may stop the survey and/or indicate that you do not wish to participate in the study overall at any point during the
survey.

• Your participation involves two parts. First, we’ll ask you to take a s urvey now. The time commitment on your part to complete this survey is about 15 minutes, including my explanation of the study right now. As a thank you for participating we will provide you with a gift card

– you will have a choice between two gift cards.

• The survey questions include basic questions about your financial knowledge, your financial history, and your views on savings, among other things.

• At the end of the survey, we will talk to you about whether you are interested in a credit building product offered by SLCCU. If you are interested in the product and participating in the study, the credit union may require you to complete additional steps before opening the product. If you choose not to participate in the study, you will not be required to c omplete these steps.

• Your participation in the study also involves granting the research team permission to conduct “soft pulls” of your credit report for up to four years. These soft pulls of your credit report do not hurt your credit score

.

• Additionally, your participation in the study would involve granting the credit union permission to supply the research team with periodic updates on your accounts for one year and information regarding your use of the credit union’s phone financial counse ling services, but not the content of that counseling.

• Finally, we will reach out to you in about twelve months to take another short survey over the phone. You will receive additional compensation for taking this survey.

• Your answers to the initial surve y questions and information collecte d as part of the study will be used only for the purposes of conducting the study and then destroyed. Aggregate, de

identified information of participants will be included in the published results of the study, which wil l be made available to the public. No individual participants will be named in the study, nor will any information which directly links your answers or information be made publicly available. Any identifying information you provide as part of the survey or study will be kept private to the extent permitted by law.St. Louis Community Credit Union Credit Study

– RAND Corporation & Innovations for Poverty Action

<<Respondent ID>>

• On the back of your handout is information about the legal authorities allowing the CFPB to sponsor this study, as well as contact information.
According to the Paperwork Reduction Act of 1995, th e CFPB may not conduct or sponsor and, a consumer is not required to respond to a collection of information unless it displays a valid OMB control number (unless another law requires them to). The OMB control number for this collection is 3170

- 00XX.

It e xpires on xx / xx20xx . The law that allows CFPB to sponsor this study and the data collection related to it is: Public Law 111

- 203, Title X, Sections 1013 and 1022, codified at 12 U.S.C. 5493 and 5512. Comments regarding this collection of information, incl uding the estimated response time, suggestions for improving the usefulness of the information, or suggestions for reducing the burden to respond to this collection should be submitted to Bureau at the Consumer Financial Protection Bureau (Attention:
PRA Office), 1700 G Street NW, Washington, DC 20 552, or by email to PRA@cfpb.gov

.

You can request additional information about the study from Anna Cash or discuss any problems related to the study by contacting the Principa l Investigator, Kata Mihaly:

Anna Cash Innovations for Poverty Action (IPA) 202 256 2857 acash@poverty

- action.org

Kata Mihaly RAND Corporation 703 413 1100 x5393 kmihaly@rand.org

Any questions about your rights as research participants can be directed to:
Marilyn Yokota RAND Corporation 703 413 1100 x6369 yokota@rand.org

Any questions related to the estimated amount of tim e required to participate in the study or suggestions on how to reduce the time burden can be directed to:

Sarah Bainton Kahn Consumer Financial Protection Bureau 202 435 7030St. Louis Community Credit Union Credit Study

– RAND Corporation & Innovations for Poverty Action

<<Respondent ID>>
sarah.bainton@cfpb.gov

Any questions related to how information collected as part of this study, or your privacy related to this study is protected can be directed to:

Sarah Bainton Kahn Consumer Financial Protection Bureau 202 435 7030 sarah.bainton@cfpb.gov
For more information about St. Louis Community Credit Union’s Privacy Policy, please see the credit union website: https://www.stlouiscommunity.com/privacy

- policy