Agency Information Collection Activities: Renewal of Currently Approved Collection (3064-0175); Submission for OMB Review; Comment Request, 80498-80499 [2010-32158]

Agencies

• FEDERAL DEPOSIT INSURANCE CORPORATION

[Federal Register Volume 75, Number 245 (Wednesday, December 22, 2010)]
[Notices]
[Pages 80498-80499]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-32158]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Renewal of Currently 
Approved Collection (3064-0175); Submission for OMB Review; Comment 
Request

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice of information collection to be submitted to OMB for 
review and approval under the Paperwork Reduction Act, and Request for 
Comment.

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SUMMARY: The FDIC, 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, as required by the Paperwork Reduction Act of 
1995 (44 U.S.C. chapter 35). On September 27, 2010 (75 FR 59263), the 
FDIC solicited public comment for a 60-day period on renewal of the 
following information collection: Interagency Guidance on Sound 
Incentive Compensation Practices. (3064-0175). No comments were 
received. Therefore, the FDIC hereby gives notice of its submission of 
its request for renewal to OMB for review.

DATES: Comments must be submitted on or before January 21, 2011.

ADDRESSES: Interested parties are invited to submit written comments. 
All comments should refer to the name and number of the collection. 
Comments may be submitted by any of the following methods:
     https://www.FDIC.gov/regulations/laws/federal/notices.html.
     E-mail: comments@fdic.gov.
     Mail: Gary A. Kuiper (202.898.3877), Federal Deposit 
Insurance Corporation, 550 17th Street NW., F-1086, Washington, DC 
20429.
     Hand Delivery: Comments may be hand-delivered to the guard 
station at the rear of the 550 17th Street Building (located on F 
Street), on business days between 7 a.m. and 5 p.m.
    A copy of the comments may also be submitted to the OMB Desk 
Officer for the FDIC, Office of Information and Regulatory Affairs, 
Office of Management and Budget, New Executive Office Building, 
Washington, DC 20503.

FOR FURTHER INFORMATION CONTACT: Gary A. Kuiper (at the FDIC address 
above).

SUPPLEMENTARY INFORMATION: The FDIC is proposing to renew this 
information collection.
    Title: Interagency Guidance on Sound Incentive Compensation 
Practices.
    OMB Number: 3064-0175.
    Form Number: None.
    Frequency of Response: Implementation: Once.
    Maintenance: Annual.
    Affected Public: Insured state nonmember banks.
    Estimated Number of Responses: Implementation: Large Banks: 20. 
Small Banks: 4870.

[[Page 80499]]

    Maintenance: All Banks: 4890.
    Estimated Time per Response: Implementation: Large Banks: 480 
hours. Small Banks: 80 hours.
    Maintenance: Large Banks: 40 hours. Small Banks: 40 hours.
    Total Annual Burden: Large Banks: 20 x 480 + 20 x 40 = 10,400 
hours. Small Banks: 4870 x 80 + 4870 x 40 = 389,600 hours.
    Total: 594,800 hours (399,200 hours for implementing policies and 
procedures is a one-time burden).
    General Description of Collection: The Guidance would help ensure 
that incentive compensation policies at insured state non-member banks 
do not encourage excessive risk-taking and are consistent with the 
safety and soundness of the organization. Under the Guidance, banks 
would be required to: (i) Have policies and procedures that identify 
and describe the role(s) of the personnel and units authorized to be 
involved in incentive compensation arrangements, identify the source of 
significant risk-related inputs, establish appropriate controls 
governing these inputs to help ensure their integrity, 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 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.

Request for Comment

    Comments are invited on: (a) Whether this collection of information 
is necessary for the proper performance of the FDIC's functions, 
including whether the information has practical utility; (b) the 
accuracy of the estimate of the burden of the information collection, 
including the validity of the methodology and assumptions used; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the information 
collection on respondents, including through the use of automated 
collection techniques or other forms of information technology. All 
comments will become a matter of public record.

    Dated at Washington, DC, this 17th day of December, 2010.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2010-32158 Filed 12-21-10; 8:45 am]
BILLING CODE 6714-01-P