Notice2022-24642
Agency Information Collection Activities: Proposed Revision of Information Collection; FDIC National Survey of Unbanked and Underbanked Households; Comment Request (3064-0215)
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Published
November 14, 2022
Issuing agencies
Federal Deposit Insurance Corporation
Abstract
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 eighth biennial survey of households, which has been renamed the FDIC National Survey of Unbanked and Underbanked Households (Household Survey). This survey was previously named the Survey of Household Use of Banking and Financial Services and is assigned OMB Control No. 3064-0215. The 2023 Household Survey is scheduled to be conducted in partnership with the U.S. Census Bureau as a supplement to its June 2023 Current Population Survey (CPS). The survey collects information on U.S. households' use of bank accounts, prepaid cards, nonbank online payment services and other nonbank financial transaction services, and bank and nonbank credit. The results of these biennial surveys will be published by the FDIC, and help inform policymakers, bankers, and researchers about bank account ownership and household use of the banking system and nonbank financial products and services to meet their financial needs.
Full Text
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<title>Federal Register, Volume 87 Issue 218 (Monday, November 14, 2022)</title>
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[Federal Register Volume 87, Number 218 (Monday, November 14, 2022)]
[Notices]
[Pages 68155-68156]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-24642]
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FEDERAL DEPOSIT INSURANCE CORPORATION
Agency Information Collection Activities: Proposed Revision of
Information Collection; FDIC National Survey of Unbanked and
Underbanked Households; Comment Request (3064-0215)
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 eighth biennial survey of households,
which has been renamed the FDIC National Survey of Unbanked and
Underbanked Households (Household Survey). This survey was previously
named the Survey of Household Use of Banking and Financial Services and
is assigned OMB Control No. 3064-0215. The 2023 Household Survey is
scheduled to be conducted in partnership with the U.S. Census Bureau as
a supplement to its June 2023 Current Population Survey (CPS). The
survey collects information on U.S. households' use of bank accounts,
prepaid cards, nonbank online payment services and other nonbank
financial transaction services, and bank and nonbank credit. The
results of these biennial surveys will be published by the FDIC, and
help inform policymakers, bankers, and researchers about bank account
ownership and household use of the banking system and nonbank financial
products and services to meet their financial needs.
DATES: Comments must be submitted on or before January 13, 2023.
ADDRESSES: Interested parties are invited to submit written comments to
the FDIC by any of the following methods:
<bullet> Agency Website: <a href="https://www.fdic.gov/resources/regulations/federal-register-publications/">https://www.fdic.gov/resources/regulations/federal-register-publications/</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#92f1fdfffff7fce6e1d2f4f6fbf1bcf5fde4"><span class="__cf_email__" data-cfemail="30535f5d5d555e444370565459531e575f46">[email protected]</span></a>. Include the name and number of
the collection in the subject line of the message.
<bullet> Mail: Manny Cabeza (202-898-3767), Regulatory Counsel, MB-
3128, Federal Deposit Insurance Corporation, 550 17th Street NW,
Washington, DC 20429.
<bullet> Hand Delivery: Comments may be hand-delivered to the guard
station at the rear of the 17th Street NW building (located on F Street
NW) on business days between 7:00 a.m. and 5:00 p.m.
[[Page 68156]]
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, <a href="/cdn-cgi/l/email-protection#83eee0e2e1e6f9e2c3e5e7eae0ade4ecf5"><span class="__cf_email__" data-cfemail="0c616f6d6e69766d4c6a68656f226b637a">[email protected]</span></a>, 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: FDIC National Survey of Unbanked and Underbanked Households.
OMB Number: 3064-0215.
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 FDIC is committed to
expanding Americans' access to safe, secure, and affordable banking
services, which is integral to the FDIC's mission of maintaining the
stability of and public confidence in the U.S. financial system. The
FDIC National Survey of Unbanked and Underbanked Households (Household
Survey) is one contribution to this end. 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 financial
needs. Consequently, the Household Survey collects information on
whether and how households use a wide range of bank and nonbank
financial products and 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 Current Population
Survey (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: <a href="http://fdic.gov/analysis/household-survey">http://fdic.gov/analysis/household-survey</a>.
Consistent with the statutory mandate to conduct the surveys on an
ongoing basis, the FDIC already has in place arrangements for
conducting the eighth Household Survey as a supplement to the June 2023
CPS. Prior to finalizing the 2023 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: <a href="https://www.fdic.gov/resources/regulations/federal-register-publications/2023/2023-household-survey-questionnaire.pdf">https://www.fdic.gov/resources/regulations/federal-register-publications/2023/2023-household-survey-questionnaire.pdf</a>.
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 7, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-24642 Filed 11-10-22; 8:45 am]
BILLING CODE 6714-01-P
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