Agency Information Collection Activities: Proposed Revision of Information Collection; Comment Request, 80811-80812 [2010-32282]

Agencies

• FEDERAL DEPOSIT INSURANCE CORPORATION

[Federal Register Volume 75, Number 246 (Thursday, December 23, 2010)]
[Notices]
[Pages 80811-80812]
From the Federal Register Online via the Government Printing 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'': https://www.FDIC.gov/regulations/laws/federal/.
    E-mail: comments@fdic.gov. 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 https://www.fdic.gov/regulations/laws/federal/, 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: 
https://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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