CFPB Requests Comments on Plans to Study Electronic Disclosure on Mobile Devices

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On August 11, the Consumer Financial Protection Bureau (CFPB) published a notice and request for comment in the Federal Register on its information collection initiative, “Electronic Disclosure on Mobile Devices.” The CFPB issued the request for comment in advance of seeking formal approval for the initiative from the Office of Management and Budget (OMB).

The CFPB intends to conduct several studies using methodologies rooted in psychology and behavioral economics to understand electronic disclosure on mobile devices. In these studies, the CFPB will show information akin to financial disclosures to participants and collect information, such as demographics, psychological measures around reading electronic disclosures, and information on how consumers currently engage with their finances on different electronic devices. The CFPB is specifically seeking comments on matters related to the actual performance of the data collection, as opposed to the subject matter of the studies themselves.

Comments are due by September 10, 2021. The comments received will be submitted to OMB as part of the CFPB’s overall submission.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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