Justification Memo FDIC Ready Reserve Survey

Federal Deposit Insurance Corporation

550 17th Street NW, Washington, D.C. 20429-9990

550 17th Street NW, Washington, D.C. 20429-9990

April 08, 2020

 

Memorandum to:        William E. Bestani

                                    Policy Analyst 

                                    Office of Information and Regulatory Affairs

                                    Office of Management and Budget

 

From:                Manny Cabeza

Regulatory Counsel

                                    Federal Deposit Insurance Corporation

Legal Division

 

RE: FDIC Ready Reserve Survey

Under the generic clearance entitled, “Information Collection for Qualitative Research” (3064-0198), the FDIC hereby submits for OMB review the generic survey “FDIC Ready Reserve Survey.” This survey will be available to certain former Federal Deposit Insurance Corporation employees who, during their exit interview, expressed interest in possibly returning to work in a financial crisis. The survey will be administered electronically once per year and on occasion, if requested by a former employee. The purpose of the survey is to gauge continued interest and to maintain current contact information of former employees that may be called upon in the event of a financial crisis.

Former Employees will be asked if they are still interested in possibly returning to work in the event of a financial crisis, to provide current contact information, former employment status, and their past FDIC experience. The FDIC’s current list of former employees who potentially could qualify to return to work in the event of a crisis consists of 4,880 individuals. After a review of separation records from the FDIC Division of Resolutions and Receiverships, we determined that 1,000 individuals out 1,400 separations (71.5%) expressed an interest in returning to work in the event of a financial crisis. FDIC is assuming that 71.5% of the 4,880 qualified individuals (3,489) will respond to the survey. The survey consists of 9 questions and it is estimated to take approximately 10 minutes per response.

Annual Estimated Number of respondents: 3,489

Estimated Time per response: 10 minutes

Total Estimated Annual Burden: 581 hours

Total estimated annual burden for this collection of this information is 581 hours.

If you have any questions, please let me know. Thank you for your consideration