[Federal Register Volume 72, Number 159 (Friday, August 17, 2007)]
[Notices]
[Pages 46226-46227]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-16218]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Information 
Collection; 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, invites the general public and other Federal 
agencies to comment on a proposed new collection of information, as 
required by the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35). 
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.'' The FDIC is initiating work on the first of these surveys and 
intends to survey FDIC-insured depository institutions 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 nonbank alternative financial service 
providers for transaction services or high cost credit products.

DATES: Comments must be submitted on or before October 16, 2007.

ADDRESSES: Interested parties are invited to submit written comments by 
any of the following methods. All comments should refer to ``National 
Survey on Banks' Efforts to Serve the Unbanked and Underbanked'':
     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 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.

SUPPLEMENTARY INFORMATION: The proposed National Survey on Banks' 
Efforts to Serve the Unbanked and Underbanked collection of information 
consists of two components: (1) A questionnaire survey of banks' 
efforts to serve unbanked and underbanked populations; and (2) a 
limited number of case studies of innovative approaches employed by 
banks to serve these same unbanked and underbanked populations:
    1. Survey
     OMB Number: New collection.
     Frequency of Response: Once.
     Affected Public: FDIC-insured depository institutions.
     Estimated Number of Respondents: 865.
     Estimated Time per Response: 30 minutes per respondent.
     Estimated Total Annual Burden: 0.5 hours x 865 respondents = 432.5 
hours.
    2. Case Studies
     OMB Number: New collection.
     Frequency of Response: Exploratory interview--once; in-depth 
interview--once.

[[Page 46227]]

     Affected Public: 25 to 30 FDIC-insured depository institutions.
     Estimated Number of Respondents: 25 to 30 FDIC-insured depository 
institutions.
     Estimated Time per Response: Exploratory interview--1 hour; in-
depth interview--2.5 hours.
     Estimated Total Burden: 30 hours + 75 hours = 105 hours.

     Total burden for this collection: 432.5 hours + 105 hours = 537.5 
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 large 
segment of the population relies on a mix of non-bank financial service 
providers for their needs. The FDIC is undertaking a series of analyses 
in this area, including the proposed National Survey of Banks' Efforts 
to Serve the Unbanked and Underbanked. 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.''
    In this initial survey effort, the FDIC plans to survey FDIC-
insured depository institutions on their efforts to serve underbanked 
as well as unbanked populations. The survey will consist of two 
components--a questionnaire survey of a sample of FDIC-insured 
depository institutions and a limited number of case studies of FDIC-
insured depository institutions that are employing innovative methods 
to serve unbanked and underbanked populations.
    The Reform Act 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?
    ``(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, in its questionnaire 
survey of a sample of FDIC-insured depository institutions, 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.
    The objectives of the case studies are to identify and share ``best 
practice'' programs and practices that appear to be the most effective 
in bringing unbanked and underbanked populations into the financial 
mainstream, particularly the federally-insured financial institutions. 
The case studies will be designed to collect information on the size 
and scope of programs, the nature of service offerings, program 
budgets, and results.

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 13th day of August, 2007.

    Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. E7-16218 Filed 8-16-07; 8:45 am]
BILLING CODE 6714-01-P