Sound Incentive Compensation Guidance, 22679-22680 [2010-9916]

Download as PDF Federal Register / Vol. 75, No. 82 / Thursday, April 29, 2010 / Notices DEPARTMENT OF THE TREASURY Submission for OMB Review; Comment Request April 23, 2010. The Department of the Treasury will submit the following public information collection requirement to OMB for review and clearance under the Paperwork Reduction Act of 1995, Public Law 104–13 on or after the publication date of this notice. A copy of the submission may be obtained by calling the Treasury Departmental Office Clearance Officer listed. Comments regarding this information collection should be addressed to the OMB reviewer listed and to the Treasury PRA Clearance Officer, Department of the Treasury, 1750 Pennsylvania Avenue, NW., Suite 11010, Washington, DC 20220. Dates: Written comments should be received on or before June 1, 2010 to be assured of consideration. mstockstill on DSKH9S0YB1PROD with NOTICES Community Development Financial Institutions (CDFI) Fund OMB Number: 1559–0035. Type of Review: Extension of a currently approved collection. Title: NMTC Recovery Act Allocatee Quarterly Report. Form No.: CDFI 0031. Description: The CDFI Fund is requiring American Recovery and Reinvestment Act (ARRA) New Markets Tax Credit Allocatees to complete, on a quarterly basis, a much shorter version of the CDFI Fund’s Transactional Level Report (TLR), which Allocatees currently report through the Community Investment Impact System (CIIS). The Quarterly New Markets Report (QNMR) will help the CDFI Fund meet its own ARRA agency reporting requirement per agreement with OMB that New Markets Tax Credit Allocatees provide quarterly reports. Respondents: Private Sector: businesses or other for-profits. Estimated Total Burden Hours: 960 hours. OMB Number: 1559–0024. Type of Review: Revision of a currently approved collection. Title: New Markets Tax Credit (NMTC) Program Allocation Tracking System (ATS) Description: The purpose of the NMTC Program ATS is to obtain information on investors making qualified investments in community development entities that receive a New Markets Tax Credit allocation. Respondents: Private Sector: businesses or other for-profits, not-forprofit institutions. VerDate Mar<15>2010 16:19 Apr 28, 2010 Jkt 220001 Estimated Total Burden Hours: 5,940 hours. OMB Number: 1559–0034. Type of Review: Financial Education & Counseling Pilot Program Application. Title: Revision of a currently approved collection. Form No.: CDFI 0033. Description: The CDFI Fund is implementing a Financial Education and Counseling (FEC) Pilot Program to provide financial assistance awards to eligible organizations to provide a range of financial education and counseling services to prospective home buyers. Respondents: Private Sector: businesses or other for-profits, not-forprofit institutions. Estimated Total Burden Hours: 8,000 hours. CDFI Fund Clearance Officer: Ashanti McCallum, Community Development Financial Institutions Fund, Department of the Treasury, 601 13th Street, NW., Suite 200 South, Washington, DC 20005; (202) 622–9018. OMB Reviewer: Shagufta Ahmed, Office of Management and Budget, New Executive Office Building, Room 10235, Washington, DC 20503; (202) 395–7873. Celina Elphage, Treasury PRA Clearance Officer. [FR Doc. 2010–9885 Filed 4–28–10; 8:45 am] BILLING CODE 4810–70–P DEPARTMENT OF THE TREASURY Office of the Secretary List of Countries Requiring Cooperation With an International Boycott In accordance with section 999(a)(3) of the Internal Revenue Code of 1986, the Department of the Treasury is publishing a current list of countries which require or may require participation in, or cooperation with, an international boycott (within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986). On the basis of the best information currently available to the Department of the Treasury, the following countries require or may require participation in, or cooperation with, an international boycott (within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986). Kuwait Lebanon Libya Qatar Saudi Arabia Syria PO 00000 Frm 00130 Fmt 4703 Sfmt 4703 22679 United Arab Emirates Yemen, Republic of Iraq is not included in this list, but its status with respect to future lists remains under review by the Department of the Treasury. Dated: April 23, 2010. Manal Corwin, International Tax Counsel (Tax Policy). [FR Doc. 2010–9903 Filed 4–28–10; 8:45 am] BILLING CODE 4810–25–M DEPARTMENT OF THE TREASURY Office of Thrift Supervision Sound Incentive Compensation Guidance AGENCY: Office of Thrift Supervision (OTS), Treasury. ACTION: Notice and request for comment. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on proposed and continuing information collections, as required by the Paperwork Reduction Act of 1995, 44 U.S.C. 3507. The Office of Thrift Supervision within the Department of the Treasury will submit the proposed information collection requirement described below to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. Today, OTS is soliciting public comments on its proposal to extend this information collection. DATES: Submit written comments on or before June 28, 2010. ADDRESSES: Send comments, referring to the collection by title of the proposal or by OMB approval number, to Information Collection Comments, Chief Counsel’s Office, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552; send a facsimile transmission to (202) 906–6518; or send an e-mail to infocollection.comments@ots.treas.gov. OTS will post comments and the related index on the OTS Internet Site at http://www.ots.treas.gov. In addition, interested persons may inspect comments at the Public Reading Room, 1700 G Street, NW., Washington DC 20552 by appointment. To make an appointment, call (202) 906–5922, send an e-mail to public.info@ots.treas.gov, or send a facsimile transmission to (202) 906–7755. FOR FURTHER INFORMATION CONTACT: You can request additional information about this proposed information E:\FR\FM\29APN1.SGM 29APN1 22680 Federal Register / Vol. 75, No. 82 / Thursday, April 29, 2010 / Notices collection from Richard B. Gaffin (202) 906–6181, Office of Thrift Supervision, 1700 G Street, NW., Washington, DC 20552. OTS may not conduct or sponsor an information collection, and respondents are not required to respond to an information collection, unless the information collection displays a currently valid OMB control number. As part of the approval process, we invite comments on the following information collection. Comments should address one or more of the following points: a. Whether the proposed collection of information is necessary for the proper performance of the functions of OTS; b. The accuracy of OTS’s estimate of the burden of the proposed information collection; c. Ways to enhance the quality, utility, and clarity of the information to be collected; d. Ways to minimize the burden of the information collection on respondents, including through the use of information technology. We will summarize the comments that we receive and include them in the OTS request for OMB approval. All comments will become a matter of public record. In this notice, OTS is soliciting comments concerning the following information collection. Title of Proposal: Sound Incentive Compensation Guidance. OMB Number: 1550–0NEW. Form Number: N/A. Description: The guidance is based on three key principles that are designed to ensure that incentive compensation arrangements at a financial institution do not encourage employees to take excessive risks. These principles provide that incentive compensation arrangements should: • Provide employees incentives that do not encourage excessive risk-taking beyond the organization’s ability to effectively identify and manage risk; • Be compatible with effective controls and risk management; and • Be supported by strong corporate governance, including active and effective oversight by the organization’s board of directors. These principles and the guidance are consistent with the Principles for Sound Compensation Practices adopted by the Financial Stability Board (FSB) in April 2009, as well as the Implementation Standards for those principles issued by the FSB in September 2009. This guidance will promote the prompt improvement of incentive compensation practices in the banking industry by providing a common mstockstill on DSKH9S0YB1PROD with NOTICES SUPPLEMENTARY INFORMATION: VerDate Mar<15>2010 16:19 Apr 28, 2010 Jkt 220001 prudential foundation for incentive compensation arrangements across banking organizations and promoting the overall movement of the industry towards better practices. Supervisory action could play a critical role in addressing misaligned compensation incentives, especially where issues of competition may make it difficult for individual firms to act alone. Through their actions, supervisors could help to better align the interests of managers and other employees with organizations’ long-term health and reduce concerns that making prudent modifications to incentive compensation arrangements might have adverse competitive consequences. Type of Review: New Collection. Affected Public: Businesses or other for-profit. Estimated Number of Respondents: 765. Estimated Burden Hours per Responses: 40 hours. Estimated Frequency of Response: On occasion. Estimated Total Burden: 30,600 hours. Dated: April 23, 2010. Ira L. Mills, Paperwork Clearance Officer, Office of Chief Counsel, Office of Thrift Supervision. [FR Doc. 2010–9916 Filed 4–28–10; 8:45 am] BILLING CODE 6720–01–P DEPARTMENT OF THE TREASURY Fiscal Service Financial Management Service; Proposed Collection of Information: Annual Financial Statement of Surety Companies—Schedule F AGENCY: Financial Management Service, Fiscal Service, Treasury. ACTION: Notice and Request for comments. SUMMARY: The Financial Management Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection. By this notice, the Financial Management Service solicits comments concerning the Form FMS–6314 ‘‘Annual Financial Statement of Surety Companies— Schedule F.’’ DATES: Written comments should be received on or before June 28, 2010. ADDRESSES: Direct all written comments to Financial Management Service, Records and Information Management PO 00000 Frm 00131 Fmt 4703 Sfmt 4703 Branch, Room 135, 3700 East-West Highway, Hyattsville, Maryland 20782. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form(s) and instructions should be directed to Robert Cline, Surety Bond Branch, Room 600F, 3700 East-West Highway, Hyattsville, MD 20782, (202) 874–6507. Pursuant to the Paperwork Reduction Act of 1995, (44 U.S.C. 3506(c)(2)(A)), the Financial Management Service solicits comments on the collection of information described below: Title: Annual Financial Statement of Surety Companies—Schedule F. OMB Number: 1510–0012. Form Number: FMS–6314. Abstract: This form provides information that is used to determine the amount of unauthorized reinsurance of a Treasury Certified Company, and to compute its underwriting limitations. This computation is necessary to ensure the solvency of companies certified by Treasury, and their ability to carry out contractual surety requirements. Current Actions: Extension of currently approved collection. Type of Review: Regular. Affected Public: Business or other forprofit. Estimated Number of Respondents: 341. Estimated Time per Respondent: Varies from 8 hours to 80 hours. Estimated Total Annual Burden Hours: 14,458. Comments: Comments submitted in response to this notice will be summarized and/or included in the request for Office of Management and Budget approval. All comments will 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 agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance and purchase of services to provide information. SUPPLEMENTARY INFORMATION: E:\FR\FM\29APN1.SGM 29APN1

Agencies

[Federal Register Volume 75, Number 82 (Thursday, April 29, 2010)]
[Notices]
[Pages 22679-22680]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-9916]


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DEPARTMENT OF THE TREASURY

Office of Thrift Supervision


Sound Incentive Compensation Guidance

AGENCY: Office of Thrift Supervision (OTS), Treasury.

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to comment on proposed and continuing 
information collections, as required by the Paperwork Reduction Act of 
1995, 44 U.S.C. 3507. The Office of Thrift Supervision within the 
Department of the Treasury will submit the proposed information 
collection requirement described below to the Office of Management and 
Budget (OMB) for review, as required by the Paperwork Reduction Act. 
Today, OTS is soliciting public comments on its proposal to extend this 
information collection.

DATES: Submit written comments on or before June 28, 2010.

ADDRESSES: Send comments, referring to the collection by title of the 
proposal or by OMB approval number, to Information Collection Comments, 
Chief Counsel's Office, Office of Thrift Supervision, 1700 G Street, 
NW., Washington, DC 20552; send a facsimile transmission to (202) 906-
6518; or send an e-mail to infocollection.comments@ots.treas.gov. OTS 
will post comments and the related index on the OTS Internet Site at 
http://www.ots.treas.gov. In addition, interested persons may inspect 
comments at the Public Reading Room, 1700 G Street, NW., Washington DC 
20552 by appointment. To make an appointment, call (202) 906-5922, send 
an e-mail to public.info@ots.treas.gov">public.info@ots.treas.gov, or send a facsimile 
transmission to (202) 906-7755.

FOR FURTHER INFORMATION CONTACT: You can request additional information 
about this proposed information

[[Page 22680]]

collection from Richard B. Gaffin (202) 906-6181, Office of Thrift 
Supervision, 1700 G Street, NW., Washington, DC 20552.

SUPPLEMENTARY INFORMATION: OTS may not conduct or sponsor an 
information collection, and respondents are not required to respond to 
an information collection, unless the information collection displays a 
currently valid OMB control number. As part of the approval process, we 
invite comments on the following information collection.
    Comments should address one or more of the following points:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the functions of OTS;
    b. The accuracy of OTS's estimate of the burden of the proposed 
information collection;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of the information collection on 
respondents, including through the use of information technology.
    We will summarize the comments that we receive and include them in 
the OTS request for OMB approval. All comments will become a matter of 
public record. In this notice, OTS is soliciting comments concerning 
the following information collection.
    Title of Proposal: Sound Incentive Compensation Guidance.
    OMB Number: 1550-0NEW.
    Form Number: N/A.
    Description: The guidance is based on three key principles that are 
designed to ensure that incentive compensation arrangements at a 
financial institution do not encourage employees to take excessive 
risks. These principles provide that incentive compensation 
arrangements should:
     Provide employees incentives that do not encourage 
excessive risk-taking beyond the organization's ability to effectively 
identify and manage risk;
     Be compatible with effective controls and risk management; 
and
     Be supported by strong corporate governance, including 
active and effective oversight by the organization's board of 
directors.
    These principles and the guidance are consistent with the 
Principles for Sound Compensation Practices adopted by the Financial 
Stability Board (FSB) in April 2009, as well as the Implementation 
Standards for those principles issued by the FSB in September 2009.
    This guidance will promote the prompt improvement of incentive 
compensation practices in the banking industry by providing a common 
prudential foundation for incentive compensation arrangements across 
banking organizations and promoting the overall movement of the 
industry towards better practices. Supervisory action could play a 
critical role in addressing misaligned compensation incentives, 
especially where issues of competition may make it difficult for 
individual firms to act alone. Through their actions, supervisors could 
help to better align the interests of managers and other employees with 
organizations' long-term health and reduce concerns that making prudent 
modifications to incentive compensation arrangements might have adverse 
competitive consequences.
    Type of Review: New Collection.
    Affected Public: Businesses or other for-profit.
    Estimated Number of Respondents: 765.
    Estimated Burden Hours per Responses: 40 hours.
    Estimated Frequency of Response: On occasion.
    Estimated Total Burden: 30,600 hours.

    Dated: April 23, 2010.
Ira L. Mills,
Paperwork Clearance Officer, Office of Chief Counsel, Office of Thrift 
Supervision.
[FR Doc. 2010-9916 Filed 4-28-10; 8:45 am]
BILLING CODE 6720-01-P