Financial Education Core Competencies; Comment Request, 52596-52597 [2010-21305]
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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, https://
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 .............................
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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).
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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.
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52597
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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
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]]>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]]
=======================================================================
-----------------------------------------------------------------------
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,
https://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
