Federal Register / Vol. 75, No. 225 / Tuesday, November 23, 2010 / Notices 71437 

(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 FDICinsured 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 mid2007, 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 

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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-toown 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 

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Federal Register / Vol. 75, No. 225 / Tuesday, November 23, 2010 / Notices 71439 

supplement does include questions 

about the previous banking status of 

unbanked households and why the 

previously banked became unbanked. 

One possible response is that the bank 

closed the account. Other responses 

include dissatisfaction with bank fees or 

services. The FDIC report on the 2009 

Household Survey includes estimates of 

the number and share of unbanked 

households that were previously 

banked; how recently they were banked; 

and the reasons why they no longer 

have bank accounts. 

The commenter’s final 

recommendation for enhancing the 

quality, utility, and clarity of the 

information collection was that the 

FDIC measure the extent to which 

overdraft fees are a barrier to stable 

banking relationships by asking about 

the amount of overdraft fees incurred by 

the respondent in the preceding year 

and whether the respondent would like 

to be warned of potential overdrafts 

before they occur. The FDIC 

understands that overdraft fees may be 

viewed as a barrier to stable banking 

relationships, but constraints on the 

length of the survey preclude the 

addition of general questions on 

household bank overdraft activity, 

overdraft/NSF fees incurred by 

households, and the information 

provided to households by banks about 

overdraft policies and fees. 

Nevertheless, the FDIC supplement does 

include ‘‘high account fees’’ as a possible 

reason for not having a checking or 

savings account. In addition, the revised 

survey instrument will specifically ask 

households that have had accounts 

closed by their bank, whether the 

closure was due to the number of 

overdrafts or bounced checks. 

With respect to ways to minimize 

burden, the commenter offered two 

suggestions: that the FDIC document 

technology and language divides by 

asking respondents about their comfort 

reading and writing in English, access to 

and comfort using computers, and cell 

phone capabilities to access e-mail, 

Internet, and other data online, and that 

the FDIC adjust its methodology and/or 

results to reflect the difficulty of 

counting the unbanked and 

underbanked using the current 

methodology. Regarding the suggestion 

to document technology and language 

divides, the FDIC agrees that it is 

important to be mindful of any language 

barriers and limitations on access to 

technology when developing policy 

interventions for certain populations. 

The CPS does include information about 

whether English is the primary language 

spoken at home, but it is not feasible to 

include in the FDIC supplement more 

general questions about household use 

of computers or cell phones or access to 

the Internet, given current constraints 

on the length of the survey. Regarding 

the suggestion to adjust methodology 

and/or results to account for those who 

are hard to count, the FDIC is confident 

in the reliability of its state-level 

estimates of the unbanked and 

underbanked for all states. The CPS 

sample is a scientifically designed 

sample of approximately 72,000 

physical housing units from 824 sample 

areas that is designed to accurately 

measure demographic and labor force 

characteristics of the U.S. noninstitutionalized civilian population 

that is 16 years old or older. The CPS 

samples housing units from lists of 

addresses obtained from the decennial 

census that are updated continuously 

for housing units built after the Census. 

Furthermore, the response rate for basic 

CPS is very high (about 92 percent). As 

an add-on to the CPS, the FDIC 

supplement incorporates the 

methodology used to gather monthly 

employment data for the U.S. 

population. In addition, the public 

release of the Household Survey data 

permits users to make statistical 

adjustments based on additional 

information available for a particular 

locality. 

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 17th day of 

November, 2010. 

Robert E. Feldman, 

Executive Secretary. 

[FR Doc. 2010–29417 Filed 11–22–10; 8:45 am] 

BILLING CODE 6714–01–P 

FEDERAL RESERVE SYSTEM 

Agency Information Collection 

Activities: Announcement of Board 

Approval Under Delegated Authority 

and Submission to OMB 

SUMMARY: Background. Notice is hereby 

given of the final approval of proposed 

information collections by the Board of 

Governors of the Federal Reserve 

System (Board) under OMB delegated 

authority, as per 5 CFR 1320.16 (OMB 

Regulations on Controlling Paperwork 

Burdens on the Public). Board-approved 

collections of information are 

incorporated into the official OMB 

inventory of currently approved 

collections of information. Copies of the 

Paperwork Reduction Act Submission, 

supporting statements and approved 

collection of information instrument(s) 

are placed into OMB’s public docket 

files. The Federal Reserve may not 

conduct or sponsor, and the respondent 

is not required to respond to, an 

information collection that has been 

extended, revised, or implemented on or 

after October 1, 1995, unless it displays 

a currently valid OMB control number. 

FOR FURTHER INFORMATION CONTACT: 

Acting Federal Reserve Board Clearance 

Officer—Cindy Ayouch—Division of 

Research and Statistics, Board of 

Governors of the Federal Reserve 

System, Washington, DC 20551 (202– 

452–3829). 

OMB Desk Officer—Shagufta Ahmed 

—Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, New Executive Office Building, 

Room 10235, Washington, DC 20503. 

Final approval under OMB delegated 

authority of the extension for three 

years, with revision, of the following 

report: 

Report title: Domestic Finance 

Company Report of Consolidated Assets 

and Liabilities. 

Agency form number: FR 2248. 

OMB control number: 7100–0005. 

DATES: Effective Date: December 31, 

2010. 

Frequency: Monthly, Quarterly, and 

Semi-annually. 

Reporters: Domestic finance 

companies and mortgage companies. 

Estimated annual reporting hours: 

350 hours. 

Estimated average hours per response: 

Monthly, 20 minutes; Quarterly, 30 

minutes; Semi-annually, 10 minutes. 

Number of respondents: 70. 

General description of report: This 

information collection is authorized 

pursuant the Federal Reserve Act (12 

U.S.C. 225(a)). Obligation to respond to 

this information collection is voluntary. 

Individual respondent data are 

mstockstill on DSKH9S0YB1PROD with NOTICES