The FDIC will review and implement,as appropriate the prior terms of clearance.
Previous Terms of Clearance/Comments: LENDING INSTITUTION USAGE AND LENDING INSTITUTION RELATIONSHIPS (QUESTIONS 70-71). For the next year, FDIC will consider any material distinctions between the ways in which respondents use/don't use traditional banks and lending institutions (the current purpose of Questions 70-71) and what it means for the targeted population to have a relationship with these institutions. In considering these distinctions, FDIC will consider whether additional questions related to relationships will serve the collection's overarching purpose (statutory and specific to the information collection) in attempting to understand banking behavior and banking needs among banked, unbanked, and underbanked households. FDIC will conduct cognitive testing on any new questions prior to OMB review. FDIC will provide OMB with an update on this process one year from the approval date for this collection. EFINITION OF ALTERNATIVE FINANCING SERVICES (AFS) (QUESTION 127 AND ANY QUESTIONS RELATED TO ALTERNATIVE FINANCIAL SERVICES). As soon as possible, FDIC must update the definition of "Alternative Financing Services" to reflect all material characteristics of services within this category. Specifically, if the collection of information for this category intends to capture usage of only high risk (and thus high interest rate or fee) services, the definition should reflect this criteria and should provide an explanation of how it serves both the underlying statutory mandate and the overall goals of this information collection. FDIC is currently applying the high risk criteria in collecting AFS information. This definition update must be published prior to the renewal of the collection since FDIC is currently applying this criteria. SCOPE OF AFS. For next year, FDIC will consider whether peer to peer lending, including lending circles, should be added to the definition of AFS and whether new questions should be added to collect information on the use of such services. FDIC will conduct cognitive testing on any new questions prior to OMB review. FDIC will provide OMB with an update on this process one year from the approval date for this collection.
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
04/30/2020
04/30/2020
04/30/2020
40,000
0
40,000
6,000
0
6,000
0
0
0
This survey will be administered by the Bureau of the Census in June 2019 in response to a statutory mandate in section 7 of the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Pub. L. 109-1730). The survey will collect data on unbanked (those who do not have an account at a bank or credit union) and underbanked (those who have a deposit account but who also rely on alternative, non-bank financial service providers for transaction or credit services)individuals.
PL:
Pub.L. 109 - 173 7
Name of Law: Federal Deposit Insurance Reform Conforming Amendments Act of 2005
PL: Pub.L. 109 - 173 7 Name of Law: Federal Deposit Insurance Reform Conforming Amendments Act of 2005
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
National Survey of Unbanked and Underbanked Households (English Version)