[Federal Register Volume 75, Number 74 (Monday, April 19, 2010)]
[Notices]
[Pages 20357-20358]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-8913]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Revision of
Information Collection; National Survey of Unbanked and Underbanked
Households; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
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SUMMARY: 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 U.S.C. chapter 35), invites the general public and other
Federal agencies to comment on the survey collection instrument for its
second National Survey of Unbanked and Underbanked Households
(``Household Survey''), currently approved under OMB Control No. 3064-
0167, scheduled to be conducted in partnership with the U.S. Census
Bureau as a supplement to its June 2011 Current Population Survey
(``CPS''). The collection is a key component of the FDIC's efforts to
comply with a Congressional mandate contained in 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.'' Section 7 further instructs the FDIC to consider
several factors in its conduct of the surveys, including: (1) ``What
cultural, language and identification issues as well as transaction
costs appear to most prevent `unbanked' individuals from establishing
conventional accounts''; and (2) ``what is a fair estimate of the size
and worth of the `unbanked' market in the United States.'' The
household survey is designed to address these factors and provide a
factual basis on the proportions of unbanked households. Such a factual
basis is necessary to adequately assess banks' efforts to serve these
households as required by the statutory mandate.
To satisfy the Congressional mandate, the FDIC designed two
complementary surveys: a survey of FDIC-insured depository institutions
and a survey of households. The first survey of FDIC-insured depository
institutions, aimed at collecting data on their efforts to serve
underbanked, as well as unbanked, populations (underbanked populations
include individuals who have an account with an insured depository but
also rely on non-bank alternative financial service providers for
transaction services or high cost credit products), was conducted in
mid-2007, with the results released in February 2008. The first survey
of unbanked and underbanked households was conducted in January 2009 as
a CPS supplement and the results were released to the public in
December 2009. The household survey sought to estimate the proportions
of unbanked and underbanked households in the U.S. and to identify the
factors that inhibit the participation of these households in the
mainstream banking system. The results of these ongoing surveys will
help policymakers and bankers understand the issues and challenges
underserved households perceive when deciding how and where to conduct
financial transactions. This notice addresses the next Household
Survey.
DATES: Comments must be submitted on or before June 18, 2010.
ADDRESSES: Interested parties are invited to submit written comments by
any of the following methods. All comments should refer to ``National
Survey of Unbanked and Underbanked Households'':
http://www.FDIC.gov/regulations/laws/federal/.
E-mail: [email protected]. 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 a copy of the survey and related instructions by clicking on the
link for the National Unbanked and Underbanked Household Survey on the
following Web page: http://www.fdic.gov/regulations/laws/federal/notices.html. Interested members of the public may also obtain
additional information about the collection, including a paper 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.
SUPPLEMENTARY INFORMATION: The FDIC is considering possible revisions
to the following collection of information:
Title: National Unbanked and Underbanked Household Survey.
OMB Number: 3064-0167.
Frequency of Response: Once.
Affected Public: U.S. Households.
Estimated Number of Respondents: 50,000.
Average time per response: 10 minutes (0.166 hours) per respondent.
Estimated Total Annual Burden: 0.166 hours x 50,000 respondents =
8,334 hours.
General Description of Collection
A mandate in section 7 of the Reform Act requires the FDIC to
conduct ongoing surveys on efforts by banks to bring unbanked
individuals and families into the conventional finance system. Section
7 further instructs the FDIC to consider several factors in its conduct
of the surveys, including the size of the unbanked market in the United
States and the cultural, language and identification issues as well as
transaction costs that appear to most prevent unbanked individuals from
establishing conventional accounts. To obtain this information, the
FDIC partnered with the U.S. Census Bureau, which administered the
Household Survey supplement (``FDIC
[[Page 20358]]
Supplement'') to households that participated in the January 2009 CPS.
The FDIC supplement has yielded significant data on the extent and
demographic characteristics of the population that is unbanked or
underbanked, the use by this population of alternative financial
services, and the reasons why some households do not make greater use
of traditional banking services. The Household Survey was the first
survey of its kind to be conducted at the national level. An executive
summary of the results of the Household Survey, the full report, and
the survey instrument can be accessed through the following link:
http://www.economicinclusion.gov/about_survey.html.
Consistent with the statutory mandate to conduct the surveys on an
ongoing basis, the FDIC already has in place arrangements for conduct
of its second Household Survey as a supplement to the June 2011 CPS.
However, prior to finalizing the next survey instrument, the FDIC seeks
to solicit public comment on whether changes to the existing instrument
are desirable and, if so, to what extent. It should be noted that, as a
supplement of the CPS survey, the Household Survey needs to adhere to
specific parameters that include limits in the length and sensitivity
of the questions that can be asked of CPS respondents. Specifically,
there is a strict limitation on the number of questions permitted (no
more than 32) and the average time required to complete the survey (10
minutes on average).
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 information collection should be modified prior to submission
to OMB for review and approval. After the comment period closes,
comments will be summarized and/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 13th day of April 2010.
Federal Deposit Insurance Corporation.
Robert F. Feldman,
Executive Secretary.
[FR Doc. 2010-8913 Filed 4-16-10; 8:45 am]
BILLING CODE 6714-01-P