[Federal Register Volume 85, Number 232 (Wednesday, December 2, 2020)]
[Notices]
[Pages 77462-77463]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26572]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Revision of
Information Collection; Survey of Household Use of Banking and
Financial Services; Comment Request (3064-NEW)
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 (PRA), invites the general public and other
Federal agencies to take this opportunity to comment on the survey
collection instrument for its seventh biennial survey of households,
which has been renamed the Survey of Household Use of Banking and
Financial Services ``Household Survey''). This survey was previously
named the FDIC National Survey of Unbanked and Underbanked Households
and was assigned OMB Control No. 3064-0167. FDIC is seeking a new OMB
Control Number for this version of the survey. The 2021 Household
Survey is scheduled to be conducted in partnership with the U.S. Census
Bureau as a supplement to its June 2021 Current Population Survey
(CPS). The survey collects information on U.S. households' use of bank
accounts, other transaction accounts including prepaid cards and online
payment services, nonbank financial transaction services, and bank and
nonbank credit. The results of these biennial surveys will be published
in the FDIC's How America Banks reports which help inform policymakers,
bankers, and researchers about how households use, or don't use, the
banking system.
DATES: Comments must be submitted on or before February 1, 2021.
[[Page 77463]]
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
Agency website: https://www.FDIC.gov/regulations/laws/federal/notices.html.
Email: [email protected]. Include the name and number of
the collection in the subject line of the message.
Mail: Manny Cabeza, Regulatory Counsel, MB-3128, 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 ``Household Survey''. 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, Regulatory Counsel, 202-
898-3767, [email protected], MB-3128, Federal Deposit Insurance
Corporation, 550 17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION: The FDIC is requesting OMB approval for the
following collection of information:
Title: Survey of Household Use of Banking and Financial Services.
OMB Number: 3064-NEW.
Frequency of Response: Once.
Affected Public: Individuals residing in U.S. Households.
Estimated Number of Respondents: 40,000.
Average time per response: 9 minutes (0.15 hours) per respondent.
Estimated Total Annual Burden: 6,000 hours.
General Description of Collection: The Survey of Household Use of
Banking and Financial Services (Household Survey) supports the FDIC's
mission of maintaining public confidence in the U.S. financial system.
The Household Survey is also a key component of the FDIC's compliance
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 Household Survey collects information on bank account ownership
which provides a factual basis for measuring the number and percentage
of households that are unbanked. The Household Survey is the only
population-representative survey conducted at the national level that
provides state-level estimates of the size and characteristics of
unbanked households for all 50 states and the District of Columbia. The
Household Survey also collects information from unbanked households
about the reasons that they do not have a bank account and their
interest in having a bank account. Increasingly, financial products and
services are provided by nonbanks, many through the use of a mobile
phone app. Households are selecting different combinations of bank and
nonbank financial products and services to meet their core banking
needs. Consequently, the Household Survey has broadened its focus to
include a wide range of bank and nonbank financial products and
services and to collect information on whether and how households are
using these in combination.
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 seventh Household Survey as a supplement to the June
2021 CPS.
Prior to finalizing the 2021 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/2020/2021-survey-of-household-use-of-banking-and-financial-services.pdf.
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 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 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.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on November 27, 2020.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2020-26572 Filed 12-1-20; 8:45 am]
BILLING CODE 6714-01-P