83 FR 55532 - Agency Information Collection Activities: Proposed Revision of Information Collection; National Survey of Unbanked and Underbanked Households; Comment Request (3064-0167)

FEDERAL DEPOSIT INSURANCE CORPORATION

Federal Register Volume 83, Issue 215 (November 6, 2018)

Page Range		55532-55533
FR Document		2018-24228

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 sixth 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 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.

Federal Register, Volume 83 Issue 215 (Tuesday, November 6, 2018)

[Federal Register Volume 83, Number 215 (Tuesday, November 6, 2018)]
[Notices]
[Pages 55532-55533]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-24228]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Proposed Revision of 
Information Collection; 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 (PRA), invites the general public and other 
Federal agencies to take this opportunity to comment on the survey 
collection instrument for its sixth 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 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.

DATES: Comments must be submitted on or before January 7, 2019.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     http://www.FDIC.gov/regulations/laws/federal/notices.html.
     Email: comments@fdic.gov. 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 NW, 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, 
mcabeza@fdic.gov, MB-3007, Federal Deposit Insurance Corporation, 550 
17th Street NW, Washington, DC 20429.

SUPPLEMENTARY INFORMATION: The FDIC is considering possible revisions 
to the following 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

[[Page 55533]]

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 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

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.

    Dated at Washington, DC, on November 1, 2018.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2018-24228 Filed 11-5-18; 8:45 am]
 BILLING CODE 6714-01-P

Federal Register / Vol. 83, No. 215 / Tuesday, November 6, 2018 / Notices 55533

component of the FDIC’s efforts to not make greater use of mainstream FEDERAL TRADE COMMISSION
comply with a Congressional mandate banking services.
[File No. 171 0068]
contained in section 7 of the Federal To obtain this information, the FDIC
Deposit Insurance Reform Conforming partners with the U.S. Census Bureau, Linde AG and Praxair, Inc.; Analysis To
Amendments Act of 2005 (‘‘Reform which administers the Household Aid Public Comment
Act’’) (Pub. L. 109–173), which calls for
Survey supplement (‘‘FDIC AGENCY: Federal Trade Commission.
the FDIC to conduct ongoing surveys
Supplement’) to households that
‘‘on efforts by insured depository ACTION: Proposed Consent Agreement.
institutions to bring those individuals participate in the CPS. The supplement
and families who have rarely, if ever, has been administered every other year SUMMARY: The consent agreement in this
held a checking account, a savings since January 2009. The previous survey matter settles alleged violations of
account or other type of transaction or questionnaires and survey results can be federal law prohibiting unfair methods
check cashing account at an insured accessed through the following link: of competition. The attached Analysis to
depository institution (hereafter in this http://www.economicinclusion.gov/ Aid Public Comment describes both the
section referred to as the ‘unbanked’) surveys/. allegations in the complaint and the
into the conventional finance system.’’ Consistent with the statutory mandate terms of the consent orders—embodied
Section 7 further instructs the FDIC to in the consent agreement—that would
to conduct the surveys on an ongoing
consider several factors in its conduct of settle these allegations.
basis, the FDIC already has in place
the surveys, including: (1) ‘‘What DATES: Comments must be received on
arrangements for conducting the sixth
cultural, language and identification or before November 21, 2018.
Household Survey as a supplement to
issues as well as transaction costs ADDRESSES: Interested parties may file a
the June 2019 CPS.
appear to most prevent ‘unbanked’ comment online or on paper, by
individuals from establishing However, prior to finalizing the next following the instructions in the
conventional accounts’’; and (2) ‘‘what survey questionnaire, the FDIC seeks to Request for Comment part of the
is a fair estimate of the size and worth solicit public comment on whether SUPPLEMENTARY INFORMATION section
of the ‘‘unbanked’’ market in the United changes to the existing instrument are below. Write: ‘‘Linde AG and Praxair,
States.’’ The National Survey of desirable and, if so, to what extent. It Inc.; File No. 1710068’’ on your
Unbanked and Underbanked should be noted that, as a supplement comment, and file your comment online
Households is designed to address these of the CPS survey, the Household at https://ftcpublic.commentworks.com/
factors and provide a factual basis on Survey needs to adhere to specific ftc/praxairlindedivest/ by following the
the proportions of unbanked parameters that include limits in the instructions on the web-based form. If
households. Such a factual basis is length and sensitivity of the questions you prefer to file your comment on
necessary to adequately assess banks’ that can be asked of CPS respondents. paper, write ‘‘Linde AG and Praxair,
efforts to serve these households as Interested members of the public may Inc.; File No. 1710068’’ on your
required by the statutory mandate. The obtain a copy of the proposed survey comment and on the envelope, and mail
National Survey of Unbanked and questionnaire on the following web your comment to the following address:
Underbanked Households is the only page: https://www.fdic.gov/regulations/ Federal Trade Commission, Office of the
population-representative survey laws/federal/2018/2019-draft- Secretary, 600 Pennsylvania Avenue
conducted at the national level that household-survey-questionnaire.pdf NW, Suite CC–5610 (Annex D),
provides state-level estimates of the size Washington, DC 20580, or deliver your
and characteristics of unbanked and Request for Comment comment to the following address:
underbanked households for all 50 Federal Trade Commission, Office of the
Comments are invited on: (a) Whether Secretary, Constitution Center, 400 7th
states and the District of Columbia.
the collection of information is Street SW, 5th Floor, Suite 5610 (Annex
The FDIC supplement collects necessary for the proper performance of
nationally-representative data, not D), Washington, DC 20024.
the FDIC’s functions, including whether
otherwise available, to measure and FOR FURTHER INFORMATION CONTACT:
the information has practical utility; (b) Jordan S. Andrew (202–326–3678),
track economic inclusion, and assess the
the accuracy of the estimates of the Bureau of Competition, 600
accessibility and sustainability of
burden of the information collections, Pennsylvania Avenue NW, Washington,
banking relationships. The survey
including the validity of the DC 20580.
identifies different banking status
methodology and assumptions used; (c)
groups, including unbanked and SUPPLEMENTARY INFORMATION: Pursuant
underbanked consumers. In identifying ways to enhance the quality, utility, and to Section 6(f) of the Federal Trade
underbanked consumers, the FDIC clarity of the information to be Commission Act, 15 U.S.C. 46(f), and
considers households that have bank collected; and (d) ways to minimize the FTC Rule 2.34, 16 CFR 2.34, notice is
accounts but also substantially rely on burden of the collection of information hereby given that the above-captioned
nonbank financial services to meet basic on respondents, including through the consent agreement containing a consent
financial needs such as receiving use of automated collection techniques order to cease and desist, having been
income, paying bills, saving and storing or other forms of information filed with and accepted, subject to final
money, and accessing basic consumer technology. All comments will become approval, by the Commission, has been
credit. There is an emphasis on services a matter of public record. placed on the public record for a period
that are disproportionately relied on by of thirty (30) days. The following
khammond on DSK30JT082PROD with NOTICES

Dated at Washington, DC, on November 1,
the unbanked, and are provided by a 2018. Analysis to Aid Public Comment
company or firm, as opposed to those Federal Deposit Insurance Corporation. describes the terms of the consent
accessed informally through agreement, and the allegations in the
Robert E. Feldman,
individuals. The survey captures the use complaint. An electronic copy of the
of a range of bank and nonbank Executive Secretary. full text of the consent agreement
products, and other data to help assess [FR Doc. 2018–24228 Filed 11–5–18; 8:45 am] package can be obtained from the FTC
the reasons why some households do BILLING CODE 6714–01–P Home Page (for October 22, 2018), on

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Document Created: 2018-11-06 00:18:31
Document Modified: 2018-11-06 00:18:31

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice and request for comment.
Dates		Comments must be submitted on or before January 7, 2019.
Contact		Manny Cabeza, Counsel, (202) 898-3767, [email protected], MB-3007, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
FR Citation		83 FR 55532