[Federal Register Volume 75, Number 246 (Thursday, December 23, 2010)]
[Notices]
[Pages 80811-80812]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-32282]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Revision of
Information Collection; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
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The FDIC, as part of its continuing effort to reduce paperwork and
respondent burden and as required by the Paperwork Reduction Act of
1995 (44 USC chapter 35), invites the general public and other Federal
agencies to comment on proposed revisions to the survey collection
instruments for its second National Survey of Banks' Efforts to Serve
the Unbanked and Underbanked, currently approved under OMB Control No.
3064-0158, scheduled to be conducted in mid-2011. The collection is
mandated by section 7 of the Federal Deposit Insurance Reform
Conforming Amendments Act of 2005 (``Reform Act'') (Pub. L. 109-173),
which calls for the FDIC to conduct ongoing surveys on efforts by
insured depository institutions to bring those individuals and families
who have rarely, if ever, held a checking account, a savings account or
other type of transaction or check cashing account at an insured
depository institution (hereafter in this section referred to as the
`unbanked') into the conventional finance system.'' In addition to
gathering information on the efforts of FDIC-insured depository
institutions to bring unbanked individuals and families into the
conventional finance system, the Bank Survey collects information on
their efforts to serve underbanked populations. Underbanked populations
include individuals who have an account with an insured depository but
also rely on nonbank alternative financial service providers for
transaction services or high cost credit products.
DATES: Comments must be submitted on or before February 22, 2011.
ADDRESSES: Interested parties are invited to submit written comments by
any of the following methods. All comments should refer to the
``National Survey on Banks' Efforts to Serve the Unbanked and
Underbanked'': http://www.FDIC.gov/regulations/laws/federal/.
E-mail: [email protected]. Please include the name and number of
the collection in the subject line of the message.
Mail: Leneta Gregorie (202-898-3719), Counsel, Legal Division,
Federal Deposit Insurance Corporation, 550 17th Street, NW.,
Washington, DC 20429.
Hand Delivery: Comments may be hand-delivered to the guard station
at the rear of the 550 17th Street Building (located on F Street), on
business days between 7 a.m. and 5 p.m.
FOR FURTHER INFORMATION CONTACT: Interested members of the public may
obtain additional information about the collection, including a copy of
the proposed collection and related instructions, without charge, by
contacting Leneta Gregorie at the address identified above, or by
calling (202) 898-3719. Copies of the survey instruments may also be
accessed on-line, at http://www.fdic.gov/regulations/laws/federal/index.html, directly beneath the link to this Federal Register notice.
SUPPLEMENTARY INFORMATION: The National Survey on Banks' Efforts to
Serve the Unbanked and Underbanked (Bank Survey) collection of
information consists of two related survey instruments: (1) a survey of
insured depository institution headquarters offices regarding business
strategies for serving the unbanked and underbanked; and (2) a survey
of branches of insured depository institutions regarding specific
methods used to reach the underserved and specific products and
services offered at each location. The estimated burden for the surveys
is as follows:
1. Headquarters Survey
OMB Number: 3064-0158.
Frequency of Response: once.
Affected Public: FDIC-insured depository institutions headquarters
offices.
Estimated Number of Respondents: 480.
Estimated Time per Response: 30 minutes per respondent.
Estimated Burden: 0.5 hours x 480 respondents = 240 hours.
2. Branch Office Survey
OMB Number: 3064-0158.
Frequency of Response: Once.
Affected Public: FDIC-insured depository institutions branch
offices.
Estimated Number of Respondents: 1,300.
Estimated Time per Response: 30 minutes per respondent.
Estimated Burden: 0.5 hours x 1,300 respondents = 650 hours.
Total estimated burden for this collection: 240 hours + 650 hours =
890 hours.
General Description of Collection
The FDIC has a number of initiatives underway to encourage
practical solutions to ensure that all consumers have reasonable access
to full service banking and other financial services. The FDIC believes
that insured depositories can provide a path into the financial
mainstream for those who need these financial services, and that
depository institutions can create an array of affordable lending
services to meet the needs of all their customers. Currently a
significant segment of the population relies on a mix of non-bank
financial service providers for their needs. The FDIC has undertaken a
series of investigations in this area, including the Bank Survey. The
survey is mandated by section 7 of the Reform Act, which calls for the
FDIC to conduct ongoing surveys ``on efforts by insured depository
institutions to bring those individuals and families who have rarely,
if ever, held a checking account, a savings account or other type of
transaction or check cashing account at an insured depository
institution (hereafter in this section referred to as the `unbanked')
into the conventional finance system.'' The Reform Act specifically
mandates that the FDIC consider the following factors and questions in
conducting the survey:
``(A) To what extent do insured depository institutions promote
financial education and financial literacy outreach?''
``(B) Which financial education efforts appear to be the most
effective in bringing `unbanked' individuals and families into the
conventional finance system?''
``(C) What efforts are insured institutions making at converting
`unbanked' money order, wire transfer, and international remittance
customers into conventional account holders?''
``(D) What cultural, language and identification issues as well as
transaction costs appear to most prevent `unbanked' individuals from
establishing conventional accounts?''
[[Page 80812]]
``(E) What is a fair estimate of the size and worth of the
`unbanked' market in the United States?''
In addition to these mandated objectives, the FDIC seeks to
identify and quantify the extent to which institutions serve the needs
of the unbanked and underbanked; identify the characteristics of
institutions that are reaching out to and serving the unbanked and
underbanked; identify efforts (for example, practices, programs,
alliances) of institutions to serve the unbanked and underbanked; and
identify potential barriers that affect the ability of institutions to
serve the unbanked and underbanked.
In its inaugural survey effort, the first of its kind to be
conducted at the national level, the FDIC conducted a two-pronged
survey--a sample survey of FDIC-insured depository institutions and a
limited number of case studies of FDIC-insured depository institutions
that were employing innovative methods to serve unbanked and
underbanked populations. The results of the initial survey effort,
which were released in February 2009, showed that while most banks were
aware of significant unbanked and underbanked populations in their
areas, more could be done to reach out to these important markets. A
copy of the survey findings can be accessed at the following link:
http://www.fdic.gov/unbankedsurveys/. In this second Bank Survey survey
effort, the FDIC proposes to sample survey FDIC-insured depository
institution at the headquarters and branch office level on their
efforts to meet the needs of underserved populations. By so doing, the
survey will provide insights into relevant headquarter strategies as
well as offerings at the branch level. This approach will also enable
the FDIC to analyze survey results by bank size class as well as by
geographic location, including efforts of branch offices located in low
to-moderate income versus other geographic areas.
Request for Comment
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the FDIC's functions,
including whether the information has practical utility; (b) the
accuracy of the estimates of the burden of the information collection;
(c) ways to enhance the quality, utility, and clarity of the
information to be collected; and (d) ways to minimize the burden of the
information collection on respondents, including through the use of
automated collection techniques or other forms of information
technology. The FDIC will consider all comments to determine the extent
to which the proposed information collection should be modified prior
to submission to OMB for review and approval. After the comment period
closes, comments will be summarized or included in the FDIC's request
to OMB for approval of the collection. All comments will become a
matter of public record.
Dated at Washington, DC, this 20th day of December, 2010.
Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. 2010-32282 Filed 12-22-10; 8:45 am]
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