[Federal Register Volume 84, Number 35 (Thursday, February 21, 2019)]
[Notices]
[Pages 5434-5435]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-03001]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Submission for OMB 
Review; National Survey of Unbanked and Underbanked Households; Comment 
Request (3064-0167)

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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SUMMARY: The FDIC, as part of its obligations under the Paperwork 
Reduction Act of 1995, invites the general public and other Federal 
agencies to take this opportunity to comment on the renewal of an 
existing information collection for its sixth National Survey of 
Unbanked and Underbanked Households (Household Survey), currently 
approved under OMB Control No. 3064-0167. The Household Survey is 
scheduled to be conducted in partnership with the U.S. Census Bureau as 
a supplement to its June 2019 Current Population Survey (CPS). The 
survey seeks to measure and track economic inclusion among U.S. 
households, 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. On 
November 6, 2018, the FDIC requested comment for 60 days on a proposal 
to renew these information collections. The FDIC received two comments 
which are discussed below. The FDIC hereby gives notice of its plan to 
submit to OMB a request to approve the renewal of this information 
collection, and again invites comment on the renewal.

DATES: Comments must be submitted on or before March 25, 2019.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     https://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: Manny Cabeza (202-898-3767), Counsel, MB-3007, 
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 17th Street Building (located on F Street), 
on business days between 7:00 a.m. and 5:00 p.m.
    All comments should refer to OMB control number 3064-0167. 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 Executive Office Building, Washington, DC 
20503.

FOR FURTHER INFORMATION CONTACT: Manny Cabeza, Counsel, 202-898-3767, 
[email protected], MB-3007, Federal Deposit Insurance Corporation, 550 
17th Street NW, Washington, DC 20429.

SUPPLEMENTARY INFORMATION:

Proposal To Renew the Following Currently Approved 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: 40,000.
    Average Time per Response: 9 minutes (0.15 hours) per respondent.
    Estimated Total Annual Burden: 0.15 hours x 40,000 respondents = 
6,000 hours.
    General Description of Collection: The FDIC recognizes that public 
confidence in the banking system is strengthened when banks effectively 
serve the broadest possible set of consumers. As a result, the agency 
is committed to increasing economic inclusion 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

[[Page 5435]]

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. 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.
    The FDIC supplement collects nationally-representative data, not 
otherwise available, to measure and track economic inclusion, and 
assess the accessibility and sustainability of banking relationships. 
The survey identifies different banking status groups, including 
unbanked and underbanked consumers. In identifying underbanked 
consumers, the FDIC considers households that have bank accounts but 
also substantially rely on nonbank financial services to meet basic 
financial needs such as receiving income, paying bills, saving and 
storing money, and accessing basic consumer credit. There is an 
emphasis on services that are disproportionately relied on by the 
unbanked, and are provided by a company or firm, as opposed to those 
accessed informally through individuals. The survey captures the use of 
a range of bank and nonbank products, and other data to help assess the 
reasons why some households do not make greater use of mainstream 
banking services.
    To obtain this information, the FDIC partners with the U.S. Census 
Bureau, which administers the Household Survey supplement (``FDIC 
Supplement'') to households that participate in the CPS. The supplement 
has been administered every other year since January 2009. The previous 
survey questionnaires and survey results 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 sixth Household Survey as a supplement to the June 2019 
CPS.
    However, prior to finalizing the next survey questionnaire, 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. 
Interested members of the public may obtain a copy of the proposed 
survey questionnaire on the following web page: https://www.fdic.gov/regulations/laws/federal/2018/2019-draft-household-survey-questionnaire.pdf.

Comment Discussion

    On November 23, 2018, the FDIC requested comment for 60 days on a 
proposal to renew the National Survey of Unbanked and Underbanked 
Households information collection.\1\ The FDIC received two comments in 
response to this request. Both commenters were supportive of the survey 
effort. One did not provide specific suggestions about the survey. The 
other commenter suggested that the FDIC collect information on the 
types of activities that consumers conduct at bank branches. The FDIC 
is interested in better understanding consumers' use of banking 
channels, including physical branch locations, and the 2019 survey 
includes questions on the use of bank tellers and the intensity of 
branch use. However, the suggested question detailing branch activities 
was long, with 14 answer options, and would not be feasible to 
implement given the survey administration methods (it is primarily 
telephone-based) and survey length constraints. The FDIC will consider 
how best to learn about consumers' bank branch activities in future 
survey administrations and/or other research efforts.
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    \1\ 83 FR 55532 (November 6, 2018).
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Request for Comment

    Comments are again 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, 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 
collection of information 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, on February 15, 2019.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2019-03001 Filed 2-20-19; 8:45 am]
BILLING CODE 6714-01-P