Notice2022-27591
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Guidance on Sound Incentive Compensation Policies
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 20, 2022
Issuing agencies
Treasury DepartmentComptroller of the Currency
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites 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 Policies." The OCC also is giving notice that it has sent the collection to OMB for review.
Full Text
<html>
<head>
<title>Federal Register, Volume 87 Issue 243 (Tuesday, December 20, 2022)</title>
</head>
<body><pre>
[Federal Register Volume 87, Number 243 (Tuesday, December 20, 2022)]
[Notices]
[Pages 77952-77953]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-27591]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Guidance on Sound Incentive
Compensation Policies
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites 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 Policies.'' The OCC
also is giving notice that it has sent the collection to OMB for
review.
DATES: Written comments should be submitted by January 19, 2023.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
<bullet> Email: <a href="/cdn-cgi/l/email-protection#a4d4d6c5cdcac2cbe4cbc7c78ad0d6c1c5d78ac3cbd2"><span class="__cf_email__" data-cfemail="a1d1d3c0c8cfc7cee1cec2c28fd5d3c4c0d28fc6ced7">[email protected]</span></a>.
<bullet> Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0245, Office of the Comptroller of the Currency, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
<bullet> Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
<bullet> Fax: (571) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0245'' in your comment. In general, the OCC will publish
comments on <a href="http://www.reginfo.gov">www.reginfo.gov</a> without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. 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.
Written comments and recommendations for the proposed information
collection should also be sent within 30 days of publication of this
notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. You can find this
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
You may review comments and other related materials that pertain to
this information collection following the close of the 30-day comment
period for this notice by the method set forth in the next bullet.
<bullet> Viewing Comments Electronically: Go to <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' from the drop-down menu. From the
``Currently under Review'' drop-down menu, select ``Department of
Treasury'' and then click ``submit.'' This information collection can
be located by searching by OMB control number ``1557-0245'' or
``Guidance on Sound Incentive Compensation Policies.'' Upon finding the
appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
<bullet> For assistance in navigating <a href="http://www.reginfo.gov">www.reginfo.gov</a>, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
If you are deaf, hard of hearing, or have a speech disability, please
dial 7-1-1 to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from OMB for each collection of
information 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 and/or requirements that members of the public submit reports,
keep records, or provide information to a third party. The OCC asks the
OMB to extend its approval of the collection in this notice.
Title: Guidance on Sound Incentive Compensation Policies.
OMB Number: 1557-0245.
Abstract: The guidance states that each large national bank and
Federal savings association should: (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. The
principles discussed in the guidance will vary with the size and
complexity of a banking organization, and monitoring methods for small
banks are not directly addressed by these four policies and procedures
in the guidance.
Type of Review: Regular.
Affected Public: Business or other for-profit.
Estimated Number of Respondents for Yearly Maintenance: 1,093 (38
large banks; 1,055 small banks).
Estimated Number of Respondents for Setup: 1 large bank; 1 small
bank.
Estimated Burden per Respondent: 520 hours for large banks (480
hours for set up; 40 hours for yearly maintenance); 90 hours for small
banks (60 hours for set up; 30 hours for yearly maintenance).
Total Annual Burden: 33,710 hours.
Frequency of Response: Annually.
[[Page 77953]]
On September 20, 2022, the OCC published a notice for 60 days of
comments concerning this collection, 87 FR 57555. No comments were
received. Comments continue to be solicited 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.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-27591 Filed 12-19-22; 8:45 am]
BILLING CODE 4810-33-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on December 20, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.