71437Federal Register / Vol. 75, No. 225 / Tuesday, November 23, 2010 / Notices
(located on F Street), on business days
between 7 a.m. and 5 p.m.
All comments should refer to the
relevant OMB control number.
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:
Leneta G. Gregorie, at the FDIC address
above.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following
currently approved collection of
information:
Title: Application Pursuant to Section
19 of the Federal Deposit Insurance Act.
OMB Number: 3064–0018.
Form Number: FDIC 6710/07.
Frequency of Response: On occasion.
Affected Public: Insured financial
institutions and individual applicants.
Estimated Number of Respondents:
24.
Estimated Time per Response: 16
hours.
Total Annual Burden: 384 hours.
General Description of Collection:
Section 19 of the Federal Deposit
Insurance Act (FDI Act), 12 U.S.C. 1829,
requires the FDIC’s consent prior to any
participation in the affairs of an insured
depository institution by a person who
has been convicted of crimes involving
dishonesty or breach of trust. To obtain
that consent, an insured depository
institution must submit an application
to the FDIC for approval on Form FDIC
6710/07.
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,
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 collection 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 17th day of
November 2010.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2010–29400 Filed 11–22–10; 8:45 am]
BILLING CODE 6741–01–P
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.
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
revisions to the survey collection
instrument for its second 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 2011 Current Population Survey
(‘‘CPS’’). The collection is 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 household survey 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 satisfy the Congressional mandate,
the FDIC designed two complementary
surveys: A survey of FDIC-insured
depository institutions and a survey of
households. The first survey of FDIC-
insured depository institutions, aimed
at collecting data 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 non-bank
alternative financial service providers
for transaction services or high cost
credit products), was conducted in mid-
2007, with the results released in
February 2008. The first survey of
unbanked and underbanked households
was conducted in January 2009 as a CPS
supplement and the results were
released to the public in December
2009. The household survey sought 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. 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 December 23, 2010.
ADDRESSES: Interested parties are
invited to submit written comments on
the collection of information entitled:
National Unbanked and Underbanked
Household Survey. Comments should
refer to the name of the collection and
may be submitted by any of the
following methods:
• http://www.FDIC.gov/regulations/
laws/federal/propose.html.
• E-mail: comments@fdic.gov.
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 should 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, Room 10235,
Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT:
Interested members of the public may
obtain a copy of the revised survey
instrument and related instructions by
clicking on the link for the National
Unbanked and Underbanked Household
VerDate Mar<15>2010 18:02 Nov 22, 2010 Jkt 223001 PO 00000 Frm 00026 Fmt 4703 Sfmt 4703 E:\FR\FM\23NON1.SGM 23NON1
mstockstill on DSKH9S0YB1PROD with NOTICES
(located on F Street), on business days
between 7 a.m. and 5 p.m.
All comments should refer to the
relevant OMB control number.
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:
Leneta G. Gregorie, at the FDIC address
above.
SUPPLEMENTARY INFORMATION:
Proposal to renew the following
currently approved collection of
information:
Title: Application Pursuant to Section
19 of the Federal Deposit Insurance Act.
OMB Number: 3064–0018.
Form Number: FDIC 6710/07.
Frequency of Response: On occasion.
Affected Public: Insured financial
institutions and individual applicants.
Estimated Number of Respondents:
24.
Estimated Time per Response: 16
hours.
Total Annual Burden: 384 hours.
General Description of Collection:
Section 19 of the Federal Deposit
Insurance Act (FDI Act), 12 U.S.C. 1829,
requires the FDIC’s consent prior to any
participation in the affairs of an insured
depository institution by a person who
has been convicted of crimes involving
dishonesty or breach of trust. To obtain
that consent, an insured depository
institution must submit an application
to the FDIC for approval on Form FDIC
6710/07.
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,
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 collection 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 17th day of
November 2010.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2010–29400 Filed 11–22–10; 8:45 am]
BILLING CODE 6741–01–P
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.
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
revisions to the survey collection
instrument for its second 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 2011 Current Population Survey
(‘‘CPS’’). The collection is 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 household survey 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 satisfy the Congressional mandate,
the FDIC designed two complementary
surveys: A survey of FDIC-insured
depository institutions and a survey of
households. The first survey of FDIC-
insured depository institutions, aimed
at collecting data 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 non-bank
alternative financial service providers
for transaction services or high cost
credit products), was conducted in mid-
2007, with the results released in
February 2008. The first survey of
unbanked and underbanked households
was conducted in January 2009 as a CPS
supplement and the results were
released to the public in December
2009. The household survey sought 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. 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 December 23, 2010.
ADDRESSES: Interested parties are
invited to submit written comments on
the collection of information entitled:
National Unbanked and Underbanked
Household Survey. Comments should
refer to the name of the collection and
may be submitted by any of the
following methods:
• http://www.FDIC.gov/regulations/
laws/federal/propose.html.
• E-mail: comments@fdic.gov.
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 should 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, Room 10235,
Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT:
Interested members of the public may
obtain a copy of the revised survey
instrument and related instructions by
clicking on the link for the National
Unbanked and Underbanked Household
VerDate Mar<15>2010 18:02 Nov 22, 2010 Jkt 223001 PO 00000 Frm 00026 Fmt 4703 Sfmt 4703 E:\FR\FM\23NON1.SGM 23NON1
mstockstill on DSKH9S0YB1PROD with NOTICES
71438 Federal Register / Vol. 75, No. 225 / Tuesday, November 23, 2010 / Notices
Survey on the following Web page:
http://www.fdic.gov/regulations/laws/
federal/index.html. 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 Leneta
Gregorie at the address identified above,
or by calling (202) 898–3719.
SUPPLEMENTARY INFORMATION: Proposal
to seek OMB approval for the following
new collection of information:
Title: National Unbanked and
Underbanked Household Survey.
OMB Number: New collection.
Frequency of Response: Once.
Affected Public: U.S. Households.
Estimated Number of Respondents:
46,500.
Average time per response: 10
minutes (0.167 hours) per respondent.
Estimated Total Annual Burden:
0.167 hours × 46,500 respondents =
7,766 hours.
General Description of Collection
A mandate in section 7 of the Reform
Act requires the FDIC to conduct
ongoing surveys on efforts by banks to
bring unbanked and underbanked
individuals and families into the
conventional finance system. Section 7
further instructs the FDIC to consider
several factors in its conduct of the
surveys, including the size of the
unbanked market in the United States
and the cultural, language and
identification issues as well as
transaction costs that appear to most
prevent unbanked individuals from
establishing conventional accounts. To
obtain this information, the FDIC
partnered with the U.S. Census Bureau,
which administered the Household
Survey supplement (‘‘FDIC
Supplement’’) to about 86 percent of the
households that participated in the
January 2009 CPS. The FDIC
supplement has yielded significant data
on the extent and demographic
characteristics of the population that is
unbanked or underbanked, the use by
this population of alternative financial
services (‘‘AFS’’), and the reasons why
some households do not make greater
use of traditional banking services. The
Household Survey was the first survey
of its kind to be conducted at the
national level. An executive summary of
the results of the Household Survey, the
full report, and the survey instrument
can be accessed through the following
link: http://
www.economicinclusion.gov/
about_survey.html.
Consistent with the statutory mandate
to conduct the surveys on an ongoing
basis, the FDIC already has in place
arrangements for conduct of its second
Household Survey as a supplement to
the June 2011 CPS. However, prior to
finalizing the survey instrument, the
FDIC sought public comment on
whether changes to the existing
instrument were desirable and, if so, to
what extent.
Comment Discussion
On April 19, 2010 (75 FR 20357), the
FDIC issued a request for comment on
possible revisions to the proposed
National Survey of Unbanked and
Underbanked Households. One
comment was received from a nonprofit
organization. The commenter offered a
number of suggestions based on its own
study of banked and unbanked groups
in eight low-income neighborhoods in
the City of Los Angeles. The suggestions
fell into one of two categories:
Suggestions on ways to enhance the
quality, utility, and clarity of the
information to be collected and
suggestions on 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.
Included among ways to enhance the
quality, utility, and clarity of the
information were suggestions that the
FDIC estimate the number of wage
earners in a given household by asking
how many householders earn income
and how many of those earners have
either a checking or savings account.
The FDIC agrees that the survey would
yield more useful data by inclusion of
a question designed to obtain
information on the banking status of
each member of the household.
Therefore, the revised FDIC supplement
will gather information from all
members of the household (16 years of
age or older) about whether they have a
checking or savings account, which will
provide a basis for estimating the
number of unbanked individuals. In
addition, the CPS contains a vast
amount of information for individual
household members, including
information about their employment
status, number of jobs held, hours
worked, and industry/occupation,
which can be cross-referenced with the
individual’s banking status.
The commenter also suggested that
the FDIC document the transaction
medium by which household income is
received (e.g., cash, check, ACH, direct
deposit, stored value card, etc.), savings
behavior, and usage of AFS, with
specific questions offered for gathering
information on each topic. With regard
to documenting form of income, the
FDIC understands that there may be a
high correlation between banking status
and the form in which income is
received and agrees that it would be
useful to document the correlation at a
national level. The FDIC further
understands that there may be a
correlation between banking status and
savings behavior and agrees that it
would be useful to document any such
correlation at a national level. However,
given constraints on the length of the
FDIC supplement, the FDIC’s primary
focus is on gathering information about
banking status and use of AFS products,
consistent with its statutory mandate.
Therefore, the FDIC is unable at this
time to include general questions about
the form in which income is received,
use of direct deposit, and household
financial behavior. However, the CPS
does provide detailed information about
labor force participation, including
wage and salary income that could be
combined with the FDIC supplement
results to provide some of the
recommended information. With respect
to the commenter’s suggestion that the
FDIC modify AFS usage questions, the
revised survey does include questions
designed to gather information about the
use of specific AFS products, both
within the previous 12 months and the
previous 30 days. In addition,
respondents will be asked if they have
every used certain AFS credit products,
i.e., payday loans, pawn shop loans,
refund anticipation loans, and rent-to-
own agreements, and, if yes, whether
they have used it during the previous 12
months.
Another suggestion to enhance the
quality, utility, and clarity of the
information to be collected was for the
FDIC to document the lost opportunity
of the unbanked by asking about the
frequency and size of remittance
transfers and whether respondents have
recently filed income taxes, or requested
the earned income tax credit. The
revised survey instrument does include
questions about household use of
remittances, including the frequency
with which nonbank remittance services
are used and why. This information
along with data on household use of
other specific AFS products will
measure services obtained from
nonbank financial services providers.
However, due to time and size
constraints on the survey, the survey
will not include questions on the size of
remittance transfers, income tax filings,
or requests for the earned income tax
credit.
The commenter also suggested that
the FDIC measure the subsets of the
unbanked by asking questions designed
to determine whether they were never
banked, abandoned banking, or were
expelled from banking. The FDIC
VerDate Mar<15>2010 18:02 Nov 22, 2010 Jkt 223001 PO 00000 Frm 00027 Fmt 4703 Sfmt 4703 E:\FR\FM\23NON1.SGM 23NON1
mstockstill on DSKH9S0YB1PROD with NOTICES
Survey on the following Web page:
http://www.fdic.gov/regulations/laws/
federal/index.html. 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 Leneta
Gregorie at the address identified above,
or by calling (202) 898–3719.
SUPPLEMENTARY INFORMATION: Proposal
to seek OMB approval for the following
new collection of information:
Title: National Unbanked and
Underbanked Household Survey.
OMB Number: New collection.
Frequency of Response: Once.
Affected Public: U.S. Households.
Estimated Number of Respondents:
46,500.
Average time per response: 10
minutes (0.167 hours) per respondent.
Estimated Total Annual Burden:
0.167 hours × 46,500 respondents =
7,766 hours.
General Description of Collection
A mandate in section 7 of the Reform
Act requires the FDIC to conduct
ongoing surveys on efforts by banks to
bring unbanked and underbanked
individuals and families into the
conventional finance system. Section 7
further instructs the FDIC to consider
several factors in its conduct of the
surveys, including the size of the
unbanked market in the United States
and the cultural, language and
identification issues as well as
transaction costs that appear to most
prevent unbanked individuals from
establishing conventional accounts. To
obtain this information, the FDIC
partnered with the U.S. Census Bureau,
which administered the Household
Survey supplement (‘‘FDIC
Supplement’’) to about 86 percent of the
households that participated in the
January 2009 CPS. The FDIC
supplement has yielded significant data
on the extent and demographic
characteristics of the population that is
unbanked or underbanked, the use by
this population of alternative financial
services (‘‘AFS’’), and the reasons why
some households do not make greater
use of traditional banking services. The
Household Survey was the first survey
of its kind to be conducted at the
national level. An executive summary of
the results of the Household Survey, the
full report, and the survey instrument
can be accessed through the following
link: http://
www.economicinclusion.gov/
about_survey.html.
Consistent with the statutory mandate
to conduct the surveys on an ongoing
basis, the FDIC already has in place
arrangements for conduct of its second
Household Survey as a supplement to
the June 2011 CPS. However, prior to
finalizing the survey instrument, the
FDIC sought public comment on
whether changes to the existing
instrument were desirable and, if so, to
what extent.
Comment Discussion
On April 19, 2010 (75 FR 20357), the
FDIC issued a request for comment on
possible revisions to the proposed
National Survey of Unbanked and
Underbanked Households. One
comment was received from a nonprofit
organization. The commenter offered a
number of suggestions based on its own
study of banked and unbanked groups
in eight low-income neighborhoods in
the City of Los Angeles. The suggestions
fell into one of two categories:
Suggestions on ways to enhance the
quality, utility, and clarity of the
information to be collected and
suggestions on 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.
Included among ways to enhance the
quality, utility, and clarity of the
information were suggestions that the
FDIC estimate the number of wage
earners in a given household by asking
how many householders earn income
and how many of those earners have
either a checking or savings account.
The FDIC agrees that the survey would
yield more useful data by inclusion of
a question designed to obtain
information on the banking status of
each member of the household.
Therefore, the revised FDIC supplement
will gather information from all
members of the household (16 years of
age or older) about whether they have a
checking or savings account, which will
provide a basis for estimating the
number of unbanked individuals. In
addition, the CPS contains a vast
amount of information for individual
household members, including
information about their employment
status, number of jobs held, hours
worked, and industry/occupation,
which can be cross-referenced with the
individual’s banking status.
The commenter also suggested that
the FDIC document the transaction
medium by which household income is
received (e.g., cash, check, ACH, direct
deposit, stored value card, etc.), savings
behavior, and usage of AFS, with
specific questions offered for gathering
information on each topic. With regard
to documenting form of income, the
FDIC understands that there may be a
high correlation between banking status
and the form in which income is
received and agrees that it would be
useful to document the correlation at a
national level. The FDIC further
understands that there may be a
correlation between banking status and
savings behavior and agrees that it
would be useful to document any such
correlation at a national level. However,
given constraints on the length of the
FDIC supplement, the FDIC’s primary
focus is on gathering information about
banking status and use of AFS products,
consistent with its statutory mandate.
Therefore, the FDIC is unable at this
time to include general questions about
the form in which income is received,
use of direct deposit, and household
financial behavior. However, the CPS
does provide detailed information about
labor force participation, including
wage and salary income that could be
combined with the FDIC supplement
results to provide some of the
recommended information. With respect
to the commenter’s suggestion that the
FDIC modify AFS usage questions, the
revised survey does include questions
designed to gather information about the
use of specific AFS products, both
within the previous 12 months and the
previous 30 days. In addition,
respondents will be asked if they have
every used certain AFS credit products,
i.e., payday loans, pawn shop loans,
refund anticipation loans, and rent-to-
own agreements, and, if yes, whether
they have used it during the previous 12
months.
Another suggestion to enhance the
quality, utility, and clarity of the
information to be collected was for the
FDIC to document the lost opportunity
of the unbanked by asking about the
frequency and size of remittance
transfers and whether respondents have
recently filed income taxes, or requested
the earned income tax credit. The
revised survey instrument does include
questions about household use of
remittances, including the frequency
with which nonbank remittance services
are used and why. This information
along with data on household use of
other specific AFS products will
measure services obtained from
nonbank financial services providers.
However, due to time and size
constraints on the survey, the survey
will not include questions on the size of
remittance transfers, income tax filings,
or requests for the earned income tax
credit.
The commenter also suggested that
the FDIC measure the subsets of the
unbanked by asking questions designed
to determine whether they were never
banked, abandoned banking, or were
expelled from banking. The FDIC
VerDate Mar<15>2010 18:02 Nov 22, 2010 Jkt 223001 PO 00000 Frm 00027 Fmt 4703 Sfmt 4703 E:\FR\FM\23NON1.SGM 23NON1
mstockstill on DSKH9S0YB1PROD with NOTICES