Overview
Title
Agency Information Collection Activities: Proposed Collection Renewal; Comment Request
Agencies
ELI5 AI
The FDIC is asking people to share their thoughts through a survey to help them understand how much people know about deposit insurance, which is like a safety net for your money in the bank. They want to use this information to talk to people in a better way about keeping their money safe.
Summary AI
The Federal Deposit Insurance Corporation (FDIC) is inviting comments from the public and federal agencies on a proposed information collection related to deposit insurance awareness. This initiative is part of the FDIC's responsibilities under the Paperwork Reduction Act of 1995. They will conduct a survey to evaluate public awareness and understanding of deposit insurance and its effects on financial decisions. The survey aims to gather input that will help enhance the FDIC's communication, education, and outreach efforts, ensuring the financial system's stability and public confidence.
Abstract
The FDIC, as part of its obligations under the Paperwork Reduction Act of 1995, invites the public and other Federal agencies to take this opportunity to comment on the request to obtain OMB approval for a new information collection described below. The notice of proposed new information collection was previously published in the Federal Register on September 25, 2024, allowing for a 60-day comment period.
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AnalysisAI
This document from the Federal Deposit Insurance Corporation (FDIC) is a public notice inviting comments on a proposed survey about deposit insurance awareness. The FDIC aims to collect information to improve public understanding of deposit insurance and how it influences financial decisions. This effort is part of the agency's broader mission to maintain stability and instill public confidence in the nation's financial system.
Summary of the Document
The FDIC plans to conduct a survey titled "2025 FDIC Survey of Deposit Insurance Awareness." This survey is intended to assess the public's knowledge of, and attitudes towards, deposit insurance. Such information is crucial for the FDIC to tailor its communication, education, and outreach programs effectively. By understanding how the public interacts with and perceives deposit insurance and banking in general, the FDIC hopes to identify gaps in awareness that could be addressed through its initiatives. The survey will be carried out in the spring of 2025 using a probability-based online panel.
Significant Issues and Concerns
Several issues arise from the document as currently drafted:
Utility of information: While the FDIC outlines the general purpose of the survey, the document lacks specific details on how the collected data will tangibly influence FDIC initiatives, leading to questions about its practical utility.
Methodology: The document mentions using a probability-based panel but does not delve into the demographic considerations that might ensure that the sample is truly representative. This absence of detailed sampling methodology might undermine confidence in the survey's findings.
Clarity for the General Public: There is a significant amount of technical jargon related to FDIC operations, which might not be easily understood by a general audience, potentially limiting the ability of non-experts to engage meaningfully with the notice.
Burden Estimate Justification: The document lists the burden estimate of the survey but does not provide a breakdown or justification for these estimates, which leaves room for skepticism regarding the accuracy of these numbers.
Implementation of Minimization Strategies: Although alternative methods to reduce respondent burden are mentioned, there is no explanation of how these methods will be deployed or assessed.
Feedback on Survey Design: The document states that a draft questionnaire is available online for public viewing, but how stakeholder feedback will be used to refine the survey is not mentioned.
Impact on the Public
The survey aims to gather insights that could potentially enhance FDIC's public outreach and educational efforts, benefiting individuals by increasing their understanding of financial products and insurance. However, the document's lack of clarity and specific methodological details might hinder public engagement and confidence in the survey's outcomes.
Impact on Specific Stakeholders
For financial institutions and policy makers, the survey results could shape regulatory and educational policies that affect how deposit insurance is communicated and implemented. Positive impacts could include more targeted and effective consumer education programs, leading to enhanced public trust in financial systems. Conversely, inadequately representative survey methodologies or unclear utility of collected data might result in misaligned policy decisions that do not fully address the public's needs or concerns.
In conclusion, while the FDIC's effort to assess deposit insurance awareness is commendable, the proposed survey's effectiveness hinges on clear communication, robust methodology, and demonstrated utility of the collected information. Addressing these areas of concern would likely enhance the benefits to the public and key stakeholders alike.
Issues
• The document does not provide detailed information on how the survey data will be specifically used beyond general descriptions of improving consumer awareness and FDIC's efforts, which could lead to concerns over the practical utility of the information.
• The survey's sample size and methodology, while using a probability-based panel, might not be adequately representative if detailed demographic considerations are not included and described.
• The document contains technical terminology related to FDIC operations that might not be easily understood by laypersons without additional explanatory information.
• The burden estimate includes average time per response and total burden in minutes and hours, but there is no specific justification or breakdown for these estimates, which could raise questions about accuracy.
• While alternate methods for minimizing respondent burden are mentioned, there is no specific mention of how these will be implemented or evaluated.
• The document mentions a proposed survey questionnaire to be available online, but there is no mention of how feedback on this questionnaire will be incorporated into the final survey design.