[Federal Register Volume 72, Number 247 (Thursday, December 27, 2007)]
[Notices]
[Pages 73346-73347]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-24963]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice of information collection to be submitted to OMB for 
review and approval under the Paperwork Reduction Act of 1995.

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SUMMARY: In accordance with requirements of the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501, et seq.), the FDIC hereby gives notice that it 
is submitting to the Office of Management and Budget (OMB) a request 
for OMB review and approval of the new information collection described 
below. The collection would provide information on the efforts of FDIC-
insured depository institutions to meet the financial services needs of 
individuals who do not have an account at a bank or credit union (the 
``unbanked''), and individuals who have a deposit account but also rely 
on alternative, non-bank financial service providers for transaction or 
credit services (the ``underbanked'') features and effectiveness of 
small-dollar programs offered by FDIC-insured financial institutions.

DATES: Comments must be submitted on or before January 28, 2008.

ADDRESSES: Interested parties are invited to submit written comments on 
the collection of information entitled: National Survey on Banks' 
Efforts to Serve the Unbanked and Underbanked.
    All comments should refer to the name of the collection. Comments 
may be submitted by any of the following methods:
     http://www.FDIC.gov/regulations/laws/federal/propose.html.
     E-mail: [email protected]. Include the name and number of 
the collection in the subject line of the message.
     Mail: Leneta G. Gregorie (202.898.3719), Counsel, Federal 
Deposit Insurance Corporation, Room F-1064, 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.
    A copy of the comments may also be submitted to the OMB Desk 
Officer for the FDIC, Office of Information and Regulatory Affairs, 
Office of Management and Budget, New

[[Page 73347]]

Executive Office Building, Room 10235, Washington, DC 20503.

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 G. Gregorie, at the address identified above.

SUPPLEMENTARY INFORMATION:
    Proposal to seek OMB approval for the following new collection of 
information:
    Title: National Survey on Banks' Efforts to Serve the Unbanked and 
Underbanked.
    OMB Number: 3064-NEW.
    1. Survey
    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
    Frequency of Response: Exploratory interview--once; in-depth 
interview--once.
    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 these collections of 
information are necessary for the proper performance of the FDIC's 
functions, including whether the information has practical utility; (b) 
the accuracy of the estimate of the burden of the information 
collections, including the validity of the methodology and assumptions 
used; (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 collections on respondents, including through the use of 
automated collection techniques or other forms of information 
technology. All comments will become a matter of public record.

    Dated at Washington, DC, this 19th day of December, 2007.

Federal Deposit Insurance Corporation.
Valerie J. Best,
Assistant Executive Secretary.
[FR Doc. E7-24963 Filed 12-26-07; 8:45 am]
BILLING CODE 6714-01-P