BUREAU OF CONSUMER FINANCIAL PROTECTION

PAPERWORK REDUCTION ACT SUBMISSION

INFORMATION COLLECTION REQUEST

SUPPORTING STATEMENT PART A

TEACHER TRAINING INITIATIVE (TTI)

LOCAL EDUCATION AGENCIES (LEAs) PARTNERSHIP APPLICATION

(OMB CONTROL NUMBER: 3170-XXXX)

ABSTRACT: The Consumer Financial Protection Bureau seeks to obtain approval for PRA 

clearance to collect application information from local education agencies interested in 

partnering with the CFPB to design and implement a model for training K-12 teachers to teach 

and/or incorporate financial education concepts in their curriculum. The goal of the Teacher 

Training Initiative is to identify ways to improve and sustain youth financial capabilities by 

training and supporting teachers at the local education agency-level to teach relevant financial 

concepts. 

PART A. JUSTIFICATION

1. Circumstances Necessitating the Data Collection

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank 

Act”), Pub. L. 111-203, established the Consumer Financial Protection Bureau (“CFPB” or the 

“Bureau”) to regulate the offering and provision of consumer products or services under federal 

consumer financial laws. Consistent with the purposes of the Dodd-Frank Act, the CFPB’s 

mission is to establish and enforce clear, consistent rules for the financial marketplace, protect 

American families from unfair financial practices, and develop and implement a strategy to 

improve the financial literacy of consumers. 

Section 1013(d)(1) of the Dodd-Frank Wall Street Reform Act (Dodd-Frank Act) established 

the Office of Financial Education (OFE) within the CFPB to be responsible for developing and 

implementing initiatives intended to educate and empower consumers to make better informed 

financial decisions. The CFPB Teacher Training Initiative (TTI) will support personal finance 

instruction in the K-12 classroom by helping to ensure that more teachers have the training 

necessary to help young Americans improve their financial knowledge, decision-making, and 

skills related to money management. This is a first step in building a generation of educated and 

empowered consumers. 
To implement the teacher training initiative, the CFPB is seeking to increase its 

understanding of current financial education and teacher training practices used by local 

education agencies (LEAs), and to determine which LEAs would be interested in developing 

partnerships with the CFPB that will result in a financial education training program for the 

LEAs teachers. 

To fulfill these objectives, the CFPB seeks to identify geographically and demographically 

diverse LEAs that are committed to the goal of increasing youth financial capability in both 

elementary and secondary schools and agree that teacher training is essential to achieve that goal. 

LEAs selected to participate in the initiative will have policies, practices or laws in place to 

include financial literacy in their standards and course of study.

The CFPB seeks to obtain OMB approval to collect qualitative data on current financial 

education and teacher professional development activities of the LEA through an application 

process, in-person meetings, and telephone interviews. 

2. Use of the Information

This is a new collection and will be in the form of an application. 

Meeting the CFPB’s mandate to educate and empower consumers to make better-informed 

financial decisions entails working with LEAs to educate K-12 students. The District Application 

Form will allow LEAs to express their interest in partnering with CFPB on the TTI. The form 

will be completed by the LEA. The CFPB will use the information to identify the LEAs that are

most closely aligned with TTI’s goal of increasing schools’ ability to support youth financial 

capability. The information will be collected on an application form that can either be emailed 

or mailed to the CFPB. 

LEAs that have submitted the District Application and meet the application criteria will be asked 

to respond to Due Diligence Application Questions. The Due Diligence Application Questions 

will allow LEAs to describe their capacity to partner with the CFPB. The CFPB will use the 

information to determine which LEAs will be asked to partner with the CFPB on the TTI. The 

information will be collected orally through telephone or in-person meetings.

Types of information to be collected will include: 

• General information about the LEA, such as:

o Number of schools, students and teachers within the LEA;

o Name, email and phone of the LEA’s Superintendent and contact person;

o Number of Title I schools and percentage of the total student population receiving 

free or reduced lunch.

• Financial Education information, including:

o Financial education requirements of the LEA, pursuant to either policy, practices 

or law; 

o Financial education curriculums currently utilized by the LEA.
• Professional Development activities for teachers offered by the LEA, specifically:

o When does the professional development take place;

o Does the LEA work with external vendors?

• Implementation information, including:

o How will the LEA ensure that the teachers participate in and implement the 

objectives of the training?

• Operations information, including:

o Funding sources for any costs the LEA might incur associated with the TTI; 

whether the LEA is currently doing, or seeking to do business with the CFPB, 

outside of the TTI;

o Whether the LEA has policies in place to prohibit discrimination; whether the 

LEA is willing to operate transparently and provide additional information, for 

due diligence purposes, upon request. 

• Effectiveness of the training, such as allowing:

o Pre and post tests

o Surveys about their experience participating in the program

(As applicable, approval will be sought under a separate information collection 

request)

The categories of respondents to this information collection will include the following:

• School Superintendents

• School system directors, such as Social Studies or Career and Technology Directors

• School Board members 

• Parent Organizations 

The types of collections that this clearance covers may include, but are not limited to:

• The application;

• In-person meetings;

• Interviews.

This clearance will cover information collections that may have the following uses:

• Inform the development of the financial education partnership between the LEA and the 

CFPB;

• Identify current practices and approaches in K-12 financial education;

• Identify issues and challenges facing K-12 LEAs in providing financial education that the 

CFPB could address in future programming;

• Assist in the identification of LEAs interested in partnering with the CFPB to provide 

financial education training to teachers for the purpose of increasing youth financial 

capabilities. 

How frequently will the information be collected: 

This information will be collected once from each interested LEA. 

This information will be shared with the selected contractor who will provide the teacher 

training. 
3. Use of Information Technology

The District Application Form will be made available on the Bureau’s website as a PDF

fillable form. Respondents will also have the option of receiving and emailing the PDF fillable

form to the Bureau. 

4. Efforts to Identify Duplication

This information collection is unique to the Teacher Training Initiative and as such does not 

duplicate any existing information collections.

5. Efforts to Minimize Burdens on Small Entities

The respondents are local education agencies (LEAs) which generally are not small entities. 

6. Consequences of Less Frequent Collection and Obstacles to Burden Reduction

The collection needs to be conducted to implement the Teacher Training Initiative. Each 

school district will need to apply only once. 

7. Circumstances Requiring Special Information Collection

There are no special circumstances. The collection of information is conducted in a manner 

consistent with the guidelines in 5 CFR 1320. 5(d)(2).

8. Consultation Outside the Agency

In accordance with 5 CFR 1320.8(d)(1), the Bureau has published a notice in the Federal 

Register allowing the public 60 days to comment on this proposed new, collection of 

information. Further and in accordance with 5 CFR 1320.5(a)(1)(iv), the Bureau will publish a 

notice in the Federal Register allowing the public 30 days to comment on the submission of this 

information collection request to the Office of Management and Budget.

Discussions have been held with Financial Literacy Education Commission (FLEC) 

federal agencies and leading non-profits in the financial education arena, and all agree that 

teacher training is essential to reach of the goal increasing youth financial capabilities.

9. Payments or Gifts to Respondents

Not applicable.

10. Assurances of Confidentiality
Not applicable.

11. Justification for Sensitive Questions

Not applicable.

12. Estimated Burden of Information Collection

The Bureau estimates about 100 District Applications will be completed for the TTI.

Eligible LEAs that fit the application criteria will need to answer the Due Diligence Application 

Questions. Based on informal conversations with LEA staff (less than 9), the Bureau expects that 

the Teacher Training Initiative District Application will take about an hour to complete. The 

Due Diligence Application Questions will include a one hour telephone conversation or inperson meeting with one hour of preparation time for a total of two hours. The information is 

only collected once from each applicant. The total estimated annual burden for this collection is 

about 200 hours. 

Burden Hour Estimates:

Information Collection 

Requirement

No. of 

Respondents

Annual 

Responses

Average 

Response 

Time

(Hours)

Annual 

Burden 

Hours

Hourly 

Rate*

Hourly 

Costs

Teacher Training Initiative 

District Application 

100 1 1 100 $52 $5,200

Due Diligence Application 

Questions

50 1 2 100 $52 $5,200

Totals: 100** 2 3 200 ///////////// $10,400

* Bureau of Labor Statistics, State and local government, by occupational and industry group, Table 4: Total hourly compensation for state and

local government workers, management professional and related, (March 2014).

**Respondents to the Due Diligence Application Questions are a subset set of the total number of respondents. 

13. Estimated Total Annual Cost Burden to Respondents or Recordkeepers

Respondents to this information collection will occur no costs other than those captured 

above in Item 12.

14. Estimated Cost to the Federal Government

 The only additional cost for the Federal Government is travel, estimate at $27,675. 

15. Program Changes or Adjustments

This is a new collection of information ; therefore, the entire burden associated with this 

collection is considered a program change.

16. Plans for Tabulation, Statistical Analysis, and Publication
Not applicable.

17. Display of Expiration Date

The Bureau plans to display the expiration date for OMB approval of the information 

collection on all instruments.

18. Exceptions to the Certification Requirement

The Bureau certifies that this collection of information is consistent with the requirements of 

5 CFR 1320.9, and the related provisions of 5 CFR 1320.8(b)(3) and is not seeking an exemption 

to these certification requirement.