[Federal Register Volume 80, Number 14 (Thursday, January 22, 2015)]
[Notices]
[Pages 3234-3235]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-00982]


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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, invites the general public and other Federal agencies to comment 
on the survey collection instrument for its fourth 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 
2015 Current Population Survey (CPS). The survey seeks 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, and opportunities to expand the use 
of banking services among underserved consumers. 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.

DATES: Comments must be submitted on or before March 23, 2015.

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/.
     Email: [email protected]. Include the name and number of 
the collection in the subject line of the message.
     Mail: Gary Kuiper Counsel, (202-898-3877), MB-3074, or 
John Popeo, Counsel, (202.898.6923), MB-3007, 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 7:00 a.m. and 5:00 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 Survey of Unbanked and Underbanked Households on 
the following Web page: http://www.fdic.gov/regulations/laws/federal/. 
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 Gary Kuiper or 
John Popeo, at the address or telephone number identified above.

SUPPLEMENTARY INFORMATION: 
    The FDIC is considering possible revisions to the following 
collection of information:
    Title: National Survey of Unbanked and Underbanked Households.
    OMB Number: 3064-0167.
    Frequency of Response: Once.
    Affected Public: U.S. Households.
    Estimated Number of Respondents: 50,000.
    Average Time per Response: 15 minutes (0.25 hours) per respondent.
    Estimated Total Annual Burden: 0.25 hours x 50,000 respondents = 
12,500 hours.

General Description of Collection

    The FDIC recognizes that public confidence in the banking system is 
strengthened when banks effectively

[[Page 3235]]

serve the broadest possible set of consumers. As a result, the agency 
is committed to increasing the participation of unbanked and 
underbanked households in the financial mainstream by ensuring that all 
Americans have access to safe, secure, and affordable banking services. 
The National Survey of Unbanked and Underbanked Households is one 
contribution to this end.
    The National Survey of Unbanked and Underbanked Households is also 
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 National Survey of Unbanked and Underbanked 
Households 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 obtain this information, the FDIC partnered with the U.S. Census 
Bureau, which administered the Household Survey supplement (``FDIC 
Supplement'') to households that participated in the January 2009, June 
2011, and June 2013 CPS. The results of these surveys were released to 
the public in December 2009, September 2012, and October 2014, 
respectively.
    The FDIC supplement has yielded nationally-representative data, not 
otherwise available, on the size and 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 mainstream banking services. The National 
Survey of Unbanked and Underbanked Households is the only population-
representative survey conducted at the national level that provides 
state-level estimates of the size and characteristics of unbanked and 
underbanked households for all 50 states and the District of Columbia. 
An executive summary of the results of the first three Household 
Surveys, the full reports, and the survey instruments can be accessed 
through the following link: http://www.economicinclusion.gov/surveys/.
    Consistent with the statutory mandate to conduct the surveys on an 
ongoing basis, the FDIC already has in place arrangements for 
conducting the fourth Household Survey as a supplement to the June 2015 
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 and the average time required to complete the survey (15 
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 16th day of January, 2015.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2015-00982 Filed 1-21-15; 8:45 am]
BILLING CODE 6714-01-P