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.
may be submitted by any of the following methods: http://www.FDIC.gov/regulations/laws/federal/propose.html. E-mail: email@example.com.
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
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.
Proposal to seek OMB approval for the following new
Title: National Survey on Banks' Efforts to Serve the
OMB Number: 3064-NEW.
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 +
2. Case Studies
Frequency of Response: Exploratory interview--once; in-depth
Affected Public: 25 to 30 FDIC-insured depository
Estimated Number of Respondents: 25 to 30 FDIC-insured
Estimated Time per Response: Exploratory interview--1 hour;
depth interview--2.5 hours.
Estimated Total Burden: 30 hours + 75 hours = 105 hours.
Total burden for this collection: 432.5 hours + 105 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
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
`unbanked' money order, wire transfer, and international remittance
customers into conventional account holders?
``(D) What cultural, language and identification issues 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
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
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]