[Federal Register Volume 81, Number 144 (Wednesday, July 27, 2016)]
[Notices]
[Pages 49356-49357]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-17754]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Comment Request; Guidance on Sound Incentive Compensation
Practices
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
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SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites the general public and other Federal
agencies to comment on the renewal of an information collection as
required by the Paperwork Reduction Act of 1995 (PRA).
An agency may not conduct or sponsor, and a respondent is not
required to respond to, an information collection unless it displays a
currently valid Office of Management and Budget (OMB) control number.
The OCC is soliciting comment concerning renewal of an information
collection titled, ``Guidance on Sound Incentive Compensation
Practices.''
DATES: Written comments should be submitted by September 26, 2016.
ADDRESSES: Because paper mail in the Washington, DC area and at the OCC
is subject to delay, commenters are encouraged to submit comments by
email, if possible. Comments may be sent to: Legislative and Regulatory
Activities Division, Office of the Comptroller of the Currency,
Attention: 1557-0245, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-
11, Washington, DC 20219. In addition, comments may be sent by fax to
(571) 465-4326 or by electronic mail to [email protected]. You may
personally inspect and photocopy comments at the OCC, 400 7th Street
SW., Washington, DC 20219. For security reasons, the OCC requires that
visitors make an appointment to inspect comments. You may do so by
calling (202) 649-6700 or, for persons who are deaf or hard of hearing,
TTY, (202) 649-5597. Upon arrival, visitors will be required to present
valid government-issued photo identification and submit to security
screening in order to inspect and photocopy comments.
All comments received, including attachments and other supporting
materials, are part of the public record and subject to public
disclosure. Do not include any information in your comment or
supporting materials that you consider confidential or inappropriate
for public disclosure.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490 or, for persons who are deaf or hard of
hearing, TTY, (202) 649-5597, Legislative and Regulatory Activities
Division, Office of the Comptroller of the Currency, 400 7th Street
SW., Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520),
Federal agencies must obtain approval from OMB for each collection of
information that they conduct or sponsor. ``Collection of information''
is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests or requirements that members of the public submit reports,
keep records, or provide information to a third party. Section
3506(c)(2)(A) of the PRA (44 U.S.C. 3506(c)(2)(A)) requires Federal
agencies
[[Page 49357]]
to provide a 60-day notice in the Federal Register concerning each
proposed collection of information, including each proposed extension
of an existing collection of information, before submitting the
collection to OMB for approval. To comply with this requirement, the
OCC is publishing notice of the proposed collection of information set
forth in this document.
Title: Guidance on Sound Incentive Compensation Policies.
OMB Number: 1557-0245.
Abstract: Under the guidance, each national bank and Federal
savings association is required to: (i) Have policies and procedures
that identify and describe the role(s) of the personnel and units
authorized to be involved in developing and administering incentive
compensation arrangements, identify the source of significant risk-
related factors, establish appropriate controls governing these factors
to help ensure their reliability, and identify the individual(s) and
unit(s) whose approval is necessary for the establishment or
modification of incentive compensation arrangements; (ii) create and
maintain sufficient documentation to permit an audit of the
organization's processes for developing and administering incentive
compensation arrangements; (iii) have any material exceptions or
adjustments to the incentive compensation arrangements established for
senior executives approved and documented by its board of directors;
and (iv) have its board of directors receive and review, on an annual
or more frequent basis, an assessment by management of the
effectiveness of the design and operation of the organization's
incentive compensation system in providing risk-taking incentives that
are consistent with the organization's safety and soundness.
Type of Review: Regular.
Affected Public: Businesses or other for-profit.
Estimated Number of Respondents: 41 large banks; 1,381 small banks.
Estimated Burden per Respondent: 520 hours for large banks; 52
hours for small banks.
Frequency of Response: Annually.
Total Annual Burden: 93,132 hours.
All comments will be considered in formulating the subsequent
submission and become a matter of public record. Comments are invited
on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the information
collection burden;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the collection on respondents,
including through the use of automated collection techniques or other
forms of information technology; and
(e) Estimates of capital or startup costs and costs of operation,
maintenance, and purchase of services to provide information.
Dated: July 21, 2016.
Karen Solomon,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2016-17754 Filed 7-26-16; 8:45 am]
BILLING CODE 4810-33-P