Survey of Household Use of Banking and Financial Services

ICR 202102-3064-006

OMB:

Federal Form Document

ICR Details
202102-3064-006
Received in OIRA
FDIC
Survey of Household Use of Banking and Financial Services
New collection (Request for a new OMB Control Number)   No
Regular 02/18/2021
  Requested Previously Approved
36 Months From Approved
40,000 0
6,000 0
0 0

The Federal Deposit Insurance Corporation (FDIC) is requesting approval from the Office of Management and Budget (OMB) of a new information collection entitled “Survey of Household Use of Banking and Financial Services” (“Household Survey”). This survey was previously named the FDIC National Survey of Unbanked and Underbanked Households and was approved under OMB Control No. 3064-0167 (the “Predecessor Surveys”). The Household Survey and the Predecessor Surveys are hereinafter referred to as the “Financial Services Household Survey.” The Financial Services Household Survey is a key component of the FDIC’s efforts to comply with a Congressional mandate that the FDIC conduct biennial surveys to provide “a fair estimate of the size and worth of the unbanked market in the United States” and to answer additional related questions. The Financial Services Household Survey is the only nationally- and state-representative survey of this type for the United States.

PL: Pub.L. 109 - 173 7 Name of Law: Federal Deposit Insurance Conforming Amendments Act of 2005
  
PL: Pub.L. 109 - 173 7 Name of Law: Federal Deposit Insurance Conforming Amendments Act of 2005

Not associated with rulemaking

  85 FR 77462 12/02/2020
86 FR 9934 02/17/2021
No

1
IC Title Form No. Form Name
Survey of Household Use of Banking and Financial Services

  Total Request Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 40,000 0 40,000 0 0 0
Annual Time Burden (Hours) 6,000 0 6,000 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The Financial Services Household Survey is a key component of the FDIC’s efforts to comply with a Congressional mandate codified in section 7 of the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (“the Act”), Pub. L. 109-173, which requires the FDIC to conduct biennial surveys on “efforts by insured financial 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 (the “unbanked”) into the conventional finance system.” The mandate further requires the FDIC to estimate the size and worth of the unbanked market in the United States and to identify the cultural, language and identification issues and transaction costs that prevent unbanked individuals from establishing conventional accounts

$435,000
Yes Part B of Supporting Statement
    No
    No
No
No
No
No
Manuel Cabeza 202 898-3781 [email protected]

  No

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.
02/18/2021


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