Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Guidance on Sound Incentive Compensation Practices, 87126-87127 [2016-28903]
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87126
Federal Register / Vol. 81, No. 232 / Friday, December 2, 2016 / Notices
Title: Merchant Marine Medals and
Awards.
OMB Control Number: 2133–0506.
Type of Request: Renewal of a
Previously Approved Information
Collection.
Abstract: This information collection
of information provides a method of
awarding merchant marine medals and
decorations to masters, officers, and
crew members of U.S. ships in
recognition of their service in areas of
danger during the operations by the
Armed Forces of the United States in
World War II, Korea, Vietnam, and
Operation Desert Storm and Operations
Restore Hope and United Shield.
Affected Public: Master, officers and
crew members of U.S. ships.
Estimated Number of Respondents:
550.
Estimated Number of Responses: 550.
Annual Estimated Total Annual
Burden Hours: 550.
Frequency of Response: Annually.
Send comments regarding
the burden estimate, including
suggestions for reducing the burden, to
the Office of Management and Budget,
Attention: Desk Officer for the Office of
the Secretary of Transportation, 725
17th Street NW., Washington, DC 20503.
Comments are invited on: whether the
proposed collection of information is
necessary for the proper performance of
the functions of the Department,
including whether the information will
have practical utility; the accuracy of
the Department’s estimate of the burden
of the proposed information collection;
ways to enhance the quality, utility and
clarity of the information to be
collected; and ways to minimize the
burden of the collection of information
on respondents, including the use of
automated collection techniques or
other forms of information technology.
ADDRESSES:
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Authority: The Paperwork Reduction Act
of 1995; 44 U.S.C. Chapter 35, as amended;
and 49 CFR 1.93.
By order of the Maritime Administrator.
Dated: November 21, 2016.
Gabriel Chavez,
Acting Secretary, Maritime Administration.
[FR Doc. 2016–29001 Filed 12–1–16; 8:45 am]
BILLING CODE 4910–81–P
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17:55 Dec 01, 2016
Jkt 241001
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 Practices
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for comment.
AGENCY:
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.’’ The
OCC also is giving notice that it has sent
the collection to OMB for review.
DATES: Written comments should be
submitted by January 3, 2017.
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 prainfo@occ.treas.gov.
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
SUMMARY:
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comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
Additionally, please send a copy of
your comments by mail to: OCC Desk
Officer, 1557–0245, U.S. Office of
Management and Budget, 725 17th
Street NW., #10235, Washington, DC
20503 or by email to: oira submission@
omb.eop.gov.
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: The OCC
requests that OMB extend its approval
of the following information collection:
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) For a large
national bank or Federal savings
association, 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) for a
large national bank or Federal savings
association, 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 (480 for setup; 40 for yearly
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asabaliauskas on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 81, No. 232 / Friday, December 2, 2016 / Notices
maintenance) for large banks; 120 hours
(80 for setup; 40 for yearly maintenance)
for small banks.
Frequency of Response: Annually.
Total Annual Burden: 187,040 hours.
On July 27, 2016, the OCC issued a
60-day notice soliciting comment on the
information collection, 81 FR 49356.
One comment was received from an
individual.
The commenter stated that the burden
estimates are low, unrealistic, and
unsupported by empirical evidence. The
commenter requested that the next
notice explain how the burden estimates
were calculated and the empirical
evidence used in the calculation.
The commenter believes that the
requirements in the guidance requiring
institutions to have policies,
procedures, appropriate controls, and
sufficient documentation to permit an
audit of the incentive compensation
arrangements and for the board of
directors to review, at least annually, an
assessment of the effectiveness of the
design and operation of the bank’s
incentive compensation system to
ensure safety and soundness would
likely be met by having the internal
audit department examine incentive
compensation systems and provide
reports to the board audit committee.
The commenter estimates that, in
institutions with $20 billion or more in
total assets, a minimum of four internal
auditors customarily spend three or four
weeks auditing the effectiveness of the
design and operation of incentive
compensation systems, resulting in an
annual assessment of the effectiveness
of the design and operation of the bank’s
incentive compensation system at large
banks taking a minimum of 640 hours
to complete. The commenter also stated
that this estimate would not include
additional hours needed every year to:
(i) Update policies; (ii) revise
procedures; (iii) adjust controls; and (iv)
document annual incentive payments
and document approvals. The
commenter believes that, in large,
systemically important institutions,
internal auditors can spend one to two
thousand hours auditing the many
incentive compensation plans for
compliance with OCC requirements.
The commenter also believes that the
estimate for ‘‘small banks’’ is also
grossly underestimated and that, in a
small bank ($50 million in total assets),
it would take one person at least one
week to assess the effectiveness of the
design and operation of the
compensation systems and format the
results to be submitted to the board of
directors. This would be in addition to
the 40 hours needed to update written
policies and procedures, document
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17:55 Dec 01, 2016
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annual incentive payments, and
document approvals.
The OCC uses the legal standard for
estimating burden hours under the PRA
(44 U.S.C. 3502(2)). The term ‘‘burden’’
means time, effort, or financial
resources expended by persons to
generate, maintain, or provide
information to or for a Federal agency,
including the resources expended for:
(a) Reviewing instructions; (b)
acquiring, installing, and utilizing
technology and systems; (c) adjusting
the existing ways to comply with any
previously applicable instructions and
requirements; (d) searching data
sources; (e) completing and reviewing
the collection of information; and (f)
transmitting, or otherwise disclosing the
information. The OCC believes that its
burden estimates are accurate, given
that institutions already have the
required arrangements in place,
including any required systems and
procedures.
The banking agencies 1 estimated in
their original notice 2 that large
institutions would spend 480 hours to
modify their policies and procedures to
monitor incentive compensation. Small
institutions would spend 80 hours to
establish or modify policies and
procedures to monitor incentive
compensation. Forty hours would be
required to maintain an incentive
compensation program.
In the experience of the banking
agencies, two months is typically
required for a large institution to set up
a program of this complexity and one
business week is required for yearly
maintenance. The banking agencies
generated these estimates based on their
experience with other information
collections.
Comments continue to be 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,
1 OCC, Board of Governors of the Federal Reserve
System, and Federal Deposit Insurance Corporation.
2 75 FR 36395 (June 25, 2010).
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87127
and purchase of services to provide
information.
Dated: November 28, 2016.
Karen Solomon,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2016–28903 Filed 12–1–16; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 8974
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
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 take this
opportunity to comment on proposed
and/or continuing information
collections, as required by the
Paperwork Reduction Act of 1995,
Public Law 104–13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is
soliciting comments concerning Form
8974, Qualified Small Business Payroll
Tax Credit for Increasing Research
Activities.
SUMMARY:
Written comments should be
received on or before January 31, 2017
to be assured of consideration.
ADDRESSES: Direct all written comments
to Tuawana Pinkston, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form and instructions
should be directed to Sara Covington,
Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW.,
Washington, DC 20224, or through the
internet at Sara.L.Covington@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Qualified Small Business
Payroll Tax Credit for Increasing
Research Activities.
OMB Number: 1545–XXXX.
Form Number: 8974.
Abstract: The law allows a qualified
small business to elect a portion (up to
$250,000) of the research credit against
payroll taxes. Section 3111(f) allows the
elected amount as a credit for the
quarter up to the total amount of the
employer’s share of social security tax.
Any unused credit can be carried
forward to the next quarter. Form 8974
is used by businesses and individuals
DATES:
E:\FR\FM\02DEN1.SGM
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]]>Agencies
[Federal Register Volume 81, Number 232 (Friday, December 2, 2016)]
[Notices]
[Pages 87126-87127]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-28903]
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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 Practices
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 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.'' The OCC also is giving notice that it has sent the
collection to OMB for review.
DATES: Written comments should be submitted by January 3, 2017.
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 prainfo@occ.treas.gov. 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.
Additionally, please send a copy of your comments by mail to: OCC
Desk Officer, 1557-0245, U.S. Office of Management and Budget, 725 17th
Street NW., #10235, Washington, DC 20503 or by email to: oira
submission@omb.eop.gov.
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: The OCC requests that OMB extend its
approval of the following information collection:
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) For a large national bank or
Federal savings association, 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) for a large
national bank or Federal savings association, 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 (480 for setup; 40 for
yearly
[[Page 87127]]
maintenance) for large banks; 120 hours (80 for setup; 40 for yearly
maintenance) for small banks.
Frequency of Response: Annually.
Total Annual Burden: 187,040 hours.
On July 27, 2016, the OCC issued a 60-day notice soliciting comment
on the information collection, 81 FR 49356. One comment was received
from an individual.
The commenter stated that the burden estimates are low,
unrealistic, and unsupported by empirical evidence. The commenter
requested that the next notice explain how the burden estimates were
calculated and the empirical evidence used in the calculation.
The commenter believes that the requirements in the guidance
requiring institutions to have policies, procedures, appropriate
controls, and sufficient documentation to permit an audit of the
incentive compensation arrangements and for the board of directors to
review, at least annually, an assessment of the effectiveness of the
design and operation of the bank's incentive compensation system to
ensure safety and soundness would likely be met by having the internal
audit department examine incentive compensation systems and provide
reports to the board audit committee. The commenter estimates that, in
institutions with $20 billion or more in total assets, a minimum of
four internal auditors customarily spend three or four weeks auditing
the effectiveness of the design and operation of incentive compensation
systems, resulting in an annual assessment of the effectiveness of the
design and operation of the bank's incentive compensation system at
large banks taking a minimum of 640 hours to complete. The commenter
also stated that this estimate would not include additional hours
needed every year to: (i) Update policies; (ii) revise procedures;
(iii) adjust controls; and (iv) document annual incentive payments and
document approvals. The commenter believes that, in large, systemically
important institutions, internal auditors can spend one to two thousand
hours auditing the many incentive compensation plans for compliance
with OCC requirements.
The commenter also believes that the estimate for ``small banks''
is also grossly underestimated and that, in a small bank ($50 million
in total assets), it would take one person at least one week to assess
the effectiveness of the design and operation of the compensation
systems and format the results to be submitted to the board of
directors. This would be in addition to the 40 hours needed to update
written policies and procedures, document annual incentive payments,
and document approvals.
The OCC uses the legal standard for estimating burden hours under
the PRA (44 U.S.C. 3502(2)). The term ``burden'' means time, effort, or
financial resources expended by persons to generate, maintain, or
provide information to or for a Federal agency, including the resources
expended for: (a) Reviewing instructions; (b) acquiring, installing,
and utilizing technology and systems; (c) adjusting the existing ways
to comply with any previously applicable instructions and requirements;
(d) searching data sources; (e) completing and reviewing the collection
of information; and (f) transmitting, or otherwise disclosing the
information. The OCC believes that its burden estimates are accurate,
given that institutions already have the required arrangements in
place, including any required systems and procedures.
The banking agencies \1\ estimated in their original notice \2\
that large institutions would spend 480 hours to modify their policies
and procedures to monitor incentive compensation. Small institutions
would spend 80 hours to establish or modify policies and procedures to
monitor incentive compensation. Forty hours would be required to
maintain an incentive compensation program.
---------------------------------------------------------------------------
\1\ OCC, Board of Governors of the Federal Reserve System, and
Federal Deposit Insurance Corporation.
\2\ 75 FR 36395 (June 25, 2010).
---------------------------------------------------------------------------
In the experience of the banking agencies, two months is typically
required for a large institution to set up a program of this complexity
and one business week is required for yearly maintenance. The banking
agencies generated these estimates based on their experience with other
information collections.
Comments continue to be 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: November 28, 2016.
Karen Solomon,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2016-28903 Filed 12-1-16; 8:45 am]
BILLING CODE 4810-33-P
