Financial Education Core Competencies; Comment Request, 52596-52597 [2010-21305]

Download as PDF 52596 Federal Register / Vol. 75, No. 165 / Thursday, August 26, 2010 / Notices DEPARTMENT OF THE TREASURY Financial Education Core Competencies; Comment Request Department of the Treasury. Notice and request for comment. AGENCY: ACTION: The Department of the Treasury, in its capacity as Chairperson of the Financial Literacy and Education Commission (‘‘Commission’’), invites the public to comment on a proposed set of financial education core competencies (‘‘Core Competencies’’). Comments are requested specifically on whether the list of Core Competencies referenced in the Supplementary Section is complete and whether there are portions that should be deleted, revised, or expanded. DATES: Comments should be received on or before September 12, 2010, to be considered. SUMMARY: Written comments should be sent via e-mail to FLECstrategy@do.treas.gov or by mail to the Department of the Treasury, Office of Financial Education and Financial Access, 1500 Pennsylvania Avenue, NW., Washington, DC 20220. In general, the Department will make all comments available in their original format, including any business or personal information provided such as names, addresses, e-mail addresses, or telephone numbers, for public inspection and photocopying in the Department’s library, Room 1428, Main Department Building, 1500 Pennsylvania Avenue, NW., Washington, DC 20220, on official business days between the hours of 10 a.m. and 5 p.m. You can make an appointment to inspect comments by ADDRESSES: calling (202) 622–0990. All comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. You should only submit information that you wish to make publicly available. FOR FURTHER INFORMATION CONTACT: For additional information, contact Dubis Correal by e-mail at ofe@do.treas.gov or by telephone at (202) 622–5770 (not a toll free number). Additional information regarding the Commission and the Department of the Treasury’s Office of Financial Education and Financial Access may be obtained through its Web site, http:// www.treasury.gov/financialeducation. SUPPLEMENTARY INFORMATION: The Department of the Treasury, in its capacity as Chairperson of the Commission, invites the public to comment on a proposed set of financial education core competencies Core Competencies. The request is under authority of Title V of the Fair and Accurate Credit Transactions Act of 2003 (Pub. L. 108–159), which directs the Commission to review, not less than annually, the National Strategy to promote basic financial literacy and education. As part of the development of the new National Strategy, the Commission determined that it is necessary to develop core competencies for consumers and financial education providers. The financial education field lacks a common understanding of what we collectively are trying to achieve, and there is no agreement on the appropriate basic content for financial literacy and education. The development of core competencies is a fundamental step in establishing a clear understanding about what individuals should know and the basic concepts program providers should cover. Furthermore, the Core Competencies are particularly important in establishing a baseline of knowledge, which is crucial for both individuals and providers of financial education to address the current lack of consistency in various financial literacy programs in identifying their goals and objectives, how program success is measured, and what financial information and problem-solving skills participants can be expected to acquire. The Department of the Treasury, in conjunction with the Commission’s Core Competencies Subcommittee, identified five core concept areas: (1) Earning, (2) spending, (3) saving, (4) borrowing, and (5) protecting against risk, as well as specific core competencies for each area. The goal of the Core Competencies is to define what consumers should know and be able to do to successfully understand and make informed decisions about their personal finances. This request for comments is one of several steps in the validation phase of the development of the Core Competencies. Ultimately, the goal is to put the Core Competencies into a format and language that are both easily accessible and easily remembered— analogous to the ‘‘food pyramid.’’ This step will be undertaken once we have received public comment. Comments are requested specifically on whether the list of Core Competencies is complete and whether there are portions that should be deleted, revised, or expanded. Core concept Knowledge Action/behavior Earning ................................. Spending .............................. Gross versus net pay ...................................................... Benefits and taxes .......................................................... Education is important .................................................... The difference between needs and wants ...................... Saving .................................. Saved money grows ....................................................... Understand your paycheck. Learn about potential benefits and taxes. Invest in your future. Develop a spending plan. Track spending habits. Live within your means. Understand the social and environmental impacts of your spending decisions. Start saving early. Pay yourself first. Understand and establish a relationship with the financial system. Comparison shop. Balance risk and return. Save for retirement, child’s education, and other needs. Plan for long-term goals. Track savings and monitor what you own. Avoid high cost borrowing, plan, understand, and shop around. Understand how information in your credit score affects borrowing. Plan and meet your payment obligations. Track borrowing habits. Analyze renting versus owning a home. Know about transactional accounts (checking) .............. mstockstill on DSKH9S0YB1PROD with NOTICES Know about financial assets (savings accounts, bonds, stocks, mutual funds). How to meet long-term goals and grow your wealth ...... Borrowing ............................. VerDate Mar<15>2010 20:12 Aug 25, 2010 If you borrow now, you pay back more later. The cost of borrowing is based on how risky the lender thinks you are (credit score). Jkt 220001 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 E:\FR\FM\26AUN1.SGM 26AUN1 Federal Register / Vol. 75, No. 165 / Thursday, August 26, 2010 / Notices Core concept Knowledge Protect .................................. Act now to protect yourself from potential catastrophe later. Action/behavior Identity theft/fraud/scams ................................................ Dated: August 18, 2010. Alistair Fitzpayne, Executive Secretary. [FR Doc. 2010–21305 Filed 8–25–10; 8:45 am] BILLING CODE 4810–25–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8809 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104–13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 8809, Application for Extension of Time To File Information Returns. DATES: Written comments should be received on or before October 25, 2010 to be assured of consideration. ADDRESSES: Direct all written comments to Gerald Shields, Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to Joel Goldberger at Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or at (202) 927– 9368, or through the Internet at Joel.P.Goldberger@irs.gov. SUMMARY: mstockstill on DSKH9S0YB1PROD with NOTICES SUPPLEMENTARY INFORMATION: Title: Application for Extension of Time To File Information Returns. OMB Number: 1545–1081. Form Number: Form 8809. Abstract: Form 8809 is used to request an extension of time to file Forms W– 2, W–2G, 1042–S, 1098, 1099, 5498, or 8027. The IRS reviews the information VerDate Mar<15>2010 20:12 Aug 25, 2010 Jkt 220001 Choose appropriate insurance. Build up an emergency fund. Shop around. Protect your identity. Avoid fraud and scams. Review your credit report. contained on the form to determine whether an extension should be granted. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations, individuals, notfor-profit institutions, farms, and Federal, State, local or tribal governments. Estimated Number of Respondents: 50,000. Estimated Time per Respondents: Three (3) hours, 15 minutes. Estimated Total Annual Burden Hours: 162,500. The following paragraph applies to all of the collections of information covered by this notice: An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103. Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval. All comments will become a matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. PO 00000 Frm 00094 Fmt 4703 52597 Sfmt 4703 Approved: August 18, 2010. Gerald Shields, IRS Supervisory Tax Analyst. [FR Doc. 2010–21207 Filed 8–25–10; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service RIN 1545–BJ63 DEPARTMENT OF LABOR Employee Benefits Security Administration RIN 1210–AB45 DEPARTMENT OF HEALTH AND HUMAN SERVICES RIN 0991–AB70 Availability of Interim Procedures for Federal External Review and Model Notices Relating to Internal Claims and Appeals and External Review Under the Patient Protection and Affordable Care Act; Notice Internal Revenue Service, Department of the Treasury; Employee Benefits Security Administration, Department of Labor; Office of Consumer Information and Insurance Oversight, Department of Health and Human Services. ACTION: Notice. AGENCY: This document announces the availability of guidance detailing interim procedures for the Federal external review process and model notices both for internal claims and appeals and for external review processes under the Patient Protection and Affordable Care Act. FOR FURTHER INFORMATION CONTACT: Amy Turner or Beth Baum, Employee Benefits Security Administration, Department of Labor, at (202) 693–8335; Karen Levin, Internal Revenue Service, Department of the Treasury, at (202) 622–6080; Ellen Kuhn, Office of Consumer Information and Insurance Oversight, Department of Health and Human Services, at (301) 492–4100. Customer Service Information: Individuals interested in obtaining SUMMARY: E:\FR\FM\26AUN1.SGM 26AUN1

Agencies

[Federal Register Volume 75, Number 165 (Thursday, August 26, 2010)]
[Notices]
[Pages 52596-52597]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-21305]



[[Page 52596]]

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DEPARTMENT OF THE TREASURY


Financial Education Core Competencies; Comment Request

AGENCY: Department of the Treasury.

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

SUMMARY: The Department of the Treasury, in its capacity as Chairperson 
of the Financial Literacy and Education Commission (``Commission''), 
invites the public to comment on a proposed set of financial education 
core competencies (``Core Competencies''). Comments are requested 
specifically on whether the list of Core Competencies referenced in the 
Supplementary Section is complete and whether there are portions that 
should be deleted, revised, or expanded.

DATES: Comments should be received on or before September 12, 2010, to 
be considered.

ADDRESSES: Written comments should be sent via e-mail to 
FLECstrategy@do.treas.gov or by mail to the Department of the Treasury, 
Office of Financial Education and Financial Access, 1500 Pennsylvania 
Avenue, NW., Washington, DC 20220.
    In general, the Department will make all comments available in 
their original format, including any business or personal information 
provided such as names, addresses, e-mail addresses, or telephone 
numbers, for public inspection and photocopying in the Department's 
library, Room 1428, Main Department Building, 1500 Pennsylvania Avenue, 
NW., Washington, DC 20220, on official business days between the hours 
of 10 a.m. and 5 p.m. You can make an appointment to inspect comments 
by calling (202) 622-0990. All comments received, including attachments 
and other supporting materials, are part of the public record and 
subject to public disclosure. You should only submit information that 
you wish to make publicly available.

FOR FURTHER INFORMATION CONTACT: For additional information, contact 
Dubis Correal by e-mail at ofe@do.treas.gov or by telephone at (202) 
622-5770 (not a toll free number). Additional information regarding the 
Commission and the Department of the Treasury's Office of Financial 
Education and Financial Access may be obtained through its Web site, 
http://www.treasury.gov/financialeducation.

SUPPLEMENTARY INFORMATION: The Department of the Treasury, in its 
capacity as Chairperson of the Commission, invites the public to 
comment on a proposed set of financial education core competencies Core 
Competencies. The request is under authority of Title V of the Fair and 
Accurate Credit Transactions Act of 2003 (Pub. L. 108-159), which 
directs the Commission to review, not less than annually, the National 
Strategy to promote basic financial literacy and education. As part of 
the development of the new National Strategy, the Commission determined 
that it is necessary to develop core competencies for consumers and 
financial education providers. The financial education field lacks a 
common understanding of what we collectively are trying to achieve, and 
there is no agreement on the appropriate basic content for financial 
literacy and education. The development of core competencies is a 
fundamental step in establishing a clear understanding about what 
individuals should know and the basic concepts program providers should 
cover. Furthermore, the Core Competencies are particularly important in 
establishing a baseline of knowledge, which is crucial for both 
individuals and providers of financial education to address the current 
lack of consistency in various financial literacy programs in 
identifying their goals and objectives, how program success is 
measured, and what financial information and problem-solving skills 
participants can be expected to acquire.
    The Department of the Treasury, in conjunction with the 
Commission's Core Competencies Subcommittee, identified five core 
concept areas: (1) Earning, (2) spending, (3) saving, (4) borrowing, 
and (5) protecting against risk, as well as specific core competencies 
for each area. The goal of the Core Competencies is to define what 
consumers should know and be able to do to successfully understand and 
make informed decisions about their personal finances.
    This request for comments is one of several steps in the validation 
phase of the development of the Core Competencies. Ultimately, the goal 
is to put the Core Competencies into a format and language that are 
both easily accessible and easily remembered--analogous to the ``food 
pyramid.'' This step will be undertaken once we have received public 
comment. Comments are requested specifically on whether the list of 
Core Competencies is complete and whether there are portions that 
should be deleted, revised, or expanded.

------------------------------------------------------------------------
        Core concept                Knowledge          Action/behavior
------------------------------------------------------------------------
Earning.....................  Gross versus net pay  Understand your
                                                     paycheck.
                              Benefits and taxes..  Learn about
                                                     potential benefits
                                                     and taxes.
                              Education is          Invest in your
                               important.            future.
Spending....................  The difference        Develop a spending
                               between needs and     plan.
                               wants.               Track spending
                                                     habits.
                                                    Live within your
                                                     means.
                                                    Understand the
                                                     social and
                                                     environmental
                                                     impacts of your
                                                     spending decisions.
Saving......................  Saved money grows...  Start saving early.
                                                    Pay yourself first.
                              Know about            Understand and
                               transactional         establish a
                               accounts (checking).  relationship with
                                                     the financial
                                                     system.
                              Know about financial  Comparison shop.
                               assets (savings      Balance risk and
                               accounts, bonds,      return.
                               stocks, mutual
                               funds).
                              How to meet long-     Save for retirement,
                               term goals and grow   child's education,
                               your wealth.          and other needs.
                                                    Plan for long-term
                                                     goals.
                                                    Track savings and
                                                     monitor what you
                                                     own.
Borrowing...................  If you borrow now,    Avoid high cost
                               you pay back more     borrowing, plan,
                               later. The cost of    understand, and
                               borrowing is based    shop around.
                               on how risky the     Understand how
                               lender thinks you     information in your
                               are (credit score).   credit score
                                                     affects borrowing.
                                                    Plan and meet your
                                                     payment
                                                     obligations.
                                                    Track borrowing
                                                     habits.
                                                    Analyze renting
                                                     versus owning a
                                                     home.

[[Page 52597]]

 
Protect.....................  Act now to protect    Choose appropriate
                               yourself from         insurance.
                               potential            Build up an
                               catastrophe later.    emergency fund.
                                                    Shop around.
                              Identity theft/fraud/ Protect your
                               scams.                identity.
                                                    Avoid fraud and
                                                     scams.
                                                    Review your credit
                                                     report.
------------------------------------------------------------------------


    Dated: August 18, 2010.
Alistair Fitzpayne,
Executive Secretary.
[FR Doc. 2010-21305 Filed 8-25-10; 8:45 am]
BILLING CODE 4810-25-P