FDIC Federal Register Citations
Register: August 17, 2007 (Volume 72, Number 159)]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
Agency Information Collection Activities: Proposed Information
Collection; Comment Request
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Notice and request for comment.
The FDIC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to comment on a proposed new collection of information, as
required by the Paperwork Reduction Act of 1995 (44 U.S.C. chapter 35).
The collection is mandated by 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.'' The FDIC is initiating work on the first of these surveys and
intends to survey FDIC-insured depository institutions 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 nonbank alternative financial service
providers for transaction services or high cost credit products.
DATES: Comments must be submitted on or before October 16, 2007.
ADDRESSES: Interested parties are invited to submit written comments by
any of the following methods. All comments should refer to ``National
Survey on Banks' Efforts to Serve the Unbanked and Underbanked'': http://www.FDIC.gov/regulations/laws/federal/..
Include the name and number of
the collection in the subject line of the message. Mail: Leneta Gregorie (202-898-3719), Counsel, 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 a.m. and 5 p.m.
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 Gregorie at the address identified above, or by
calling (202) 898-3719.
SUPPLEMENTARY INFORMATION: The proposed National Survey on Banks'
Efforts to Serve the Unbanked and Underbanked collection of information
consists of two components: (1) A questionnaire survey of banks'
efforts to serve unbanked and underbanked populations; and (2) a
limited number of case studies of innovative approaches employed by
banks to serve these same unbanked and underbanked populations:
OMB Number: New collection.
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 = 432.5
2. Case Studies
OMB Number: New collection.
Frequency of Response: Exploratory interview--once;
Affected Public: 25 to 30 FDIC-insured depository
Estimated Number of Respondents: 25 to 30 FDIC-insured
Estimated Time per Response: Exploratory interview--1
depth interview--2.5 hours.
Estimated Total Burden: 30 hours + 75 hours = 105
Total burden for this collection: 432.5 hours + 105
hours = 537.5
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
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 the collection of
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
The FDIC will consider all comments to determine the extent
which the proposed information collection should be modified prior to
submission to OMB for review and approval. After the comment period
closes, comments will be summarized 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 13th day of August, 2007.
Federal Deposit Insurance Corporation.
Robert E. Feldman,
[FR Doc. E7-16218 Filed 8-16-07; 8:45 am]