SPST - Prize Competitions Generic Clearance - 9-12-19

SUPPORTING STATEMENT
GENERIC CLEARANCE FOR PRIZE COMPETITION PARTICIPATION
(OMB Control No. 3064-NEW)

INTRODUCTION
The Federal Deposit Insurance Corporation (FDIC) seeks to obtain OMB approval of a generic
clearance to periodically conduct prize competitions under authority of Section 24 of the
Stevenson-Wydler Technology Innovation Act of 1980 and the Federal Deposit Insurance Act.
These prize competitions usually do not involve more than 300 respondents, generally do not
require more than 20 hours per respondent, and are always completely voluntary in nature. It is
not contemplated that more than 5 such prize competitions will be conducted in any given year.
A. JUSTIFICATION
1.

Circumstances and Need
The FDIC intends to collect qualitative information from potential participants (including
innovators; technologists, coders, engineers and developers; consumers of financial
services; consumer advocates; academics; members of trade groups and other
associations; individuals connected to financial institutions, community banks, and
financial and bank service and technology providers; software, data, and technology
firms; and other members of the public) with respect to solicitations for expressions of
interest to participate in FDIC-sponsored or co-sponsored prize competitions of various
types, including point solution competitions (designed to spur the development of
solutions for a particular problem) and exposition (designed competitions to identify and
promote a broad range of ideas and practices to facilitate further development by third
parties).
The purpose of the prize competitions is, in general terms, to obtain information
involving a variety of topics and challenges associated with: underserved communities
and financial inclusion; consumer protection; the FDIC’s use of information technology
and data (including artificial intelligence and machine learning); and financial and
technologically-driven innovation in banking.
Collection in the form of an application will be conducted primarily online with
alternative methods made available. The FDIC will consult with OMB regarding each
specific information collection during the approval period. Prize competitions and the
opportunity to submit applications to participate will be announced on the agency’s
publicly accessible government website, as well as possibly through other forms of public
communication, such as publication in the Federal Register, issuance of Financial
Institution Letters, use of challenge.gov website maintained by the U.S. General Services
Administration, or social media advertisement.

In order for the FDIC to determine which applicants will be eligible and selected to
participate in FDIC prize competitions, the FDIC will request that potential participants
provide their name, contact information, address, and such other information that may be
necessary to evaluate applicants’ qualifications and ability to participate in the event as
well as to match the applicants’ anticipated role to the needs of the competition.
Applicants will also be asked to acknowledge the terms and conditions of participating in
the prize competition. Information will be collected during prize competitions through the
solutions to the challenges or problems presented.
2.

Use of Information Collected
The information is used to improve the way FDIC relates to the industry and the public,
to develop agendas for regulatory or statutory change, and in some cases to simply learn
how particular policies or programs are working, or are perceived in particular cases.

3.

Use of Technology to Reduce Burden
Appropriate technology is used to minimize burden whenever possible. Collection during
the events will be in-person or electronic.

4.

Efforts to Identify Duplication
Every effort will be made to avoid duplication.

5.

Minimizing the Burden on Small Entities
Small businesses or other small entities may be involved in these efforts but the FDIC
will take efforts to minimize the burden on them. Additionally, all collections will be
voluntary.

6.

Consequence of Less Frequent Collections
The frequency of collection is held to the absolute minimum.

7.

Special Circumstances
None.

8.

Consultation with Persons Outside the FDIC
The FDIC published a 60-day notice in the Federal Register on June 25, 2019 (84 FR
29861) seeking comments on this proposed information collection. The FDIC received
one comment that was supportive of the FDIC’s forthcoming prize competitions but did
not suggest any changes to the burden calculations associated with the generic
information collection.

9.

Payment or Gift to Respondents
None.

10.

Confidentiality
Any information deemed to be of a confidential nature would be exempt from public
disclosure in accordance with the provisions of the Freedom of Information Act (5 U.S.C.
552).

11.

Information of a Sensitive Nature
No questions of a sensitive nature are included in this collection.

12.

Estimate of Annual Burden
300 respondents x 5 prize competitions x 20 hours = 30,000 hours.

13.

Capital, Start-up, Operating and Maintenance Costs
None.

14.

Estimates of Annualized Cost to the Federal Government
None.

15.

Reason for Change in Burden
Not applicable. This is a new request for a generic information collection.

16.

Publication
Information gathered during the prize competitions may be published by the FDIC.

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17.

Display of Expiration Date
Not applicable.

18.

Exceptions to Certification
None.

B. STATISTICAL METHODS
Not applicable.

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