Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Guidance on Sound Incentive Compensation Policies, 15032-15033 [2020-05329]
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15032
Federal Register / Vol. 85, No. 51 / Monday, March 16, 2020 / Notices
Issued in Washington, DC, on March 10,
2020.
Morteza Farajian,
Executive Director, The Build America
Bureau.
[FR Doc. 2020–05282 Filed 3–13–20; 8:45 am]
BILLING CODE 4910–9X–P
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
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 take this opportunity 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 Policies.’’ The OCC also
is giving notice that it has sent the
collection to OMB for review.
DATES: Written comments should be
submitted by April 15, 2020.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• 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.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 465–4326.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0245’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email addresses, or
lotter on DSKBCFDHB2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
18:29 Mar 13, 2020
Jkt 250001
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.
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.
You may review comments and other
related materials that pertain to this
information collection 1 following the
close of the 30-day comment period for
this notice by any of the following
methods:
• Viewing Comments Electronically:
Go to www.reginfo.gov. Click on the
‘‘Information Collection Review’’ tab.
Underneath the ‘‘Currently under
Review’’ section heading, from the dropdown 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.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
• Viewing Comments Personally: You
may personally inspect comments at the
OCC, 400 7th Street SW, Washington,
DC. 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 hearing
impaired, 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 comments.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, OCC Clearance
Officer, (202) 649–5490 or, for persons
who are deaf or hearing impaired, TTY,
(202) 649–5597, Chief Counsel’s Office,
Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219.
1 On December 12, 2019, the OCC published a 60day notice for this information collection, 84 FR
68012.
PO 00000
Frm 00161
Fmt 4703
Sfmt 4703
Under the
PRA (44 U.S.C. 3501 et seq.), 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. The OCC
asks OMB to renew its approval of the
collection of information in this notice.
The requirements of this collection have
not changed.
Title: Guidance on Sound Incentive
Compensation Policies.
OMB Number: 1557–0245.
Description: Under the guidance, 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 the design,
implementation, and monitoring of
incentive compensation arrangements,
identify the source of significant riskrelated inputs into these processes and
establish appropriate controls governing
the development and approval of these
inputs to help ensure their integrity, and
identify the individual(s) and unit(s)
whose approval is necessary for the
establishment of new incentive
compensation arrangements or
modification of incentive compensation
arrangements; (ii) have any material
exceptions or adjustments to the
incentive compensation arrangements
established for senior executives
approved and documented by its board
of directors; and (iii) 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 risktaking incentives that are consistent
with the organization’s safety and
soundness. Application of the guidance
to banking organizations will vary with
their size and complexity, and
monitoring methods for small banks are
not directly tied to these three policies
and procedures. In addition, the
guidance states that all banks should
create and maintain sufficient
documentation to permit an audit of the
organization’s processes for developing
and administering incentive
compensation arrangements.
Type of Review: Regular.
Affected Public: Business or other forprofit.
Estimated Number of Respondents: 41
large banks; 1,105 small banks.
Total Annual Burden: 35,330 hours.
This estimate has been adjusted from
SUPPLEMENTARY INFORMATION:
E:\FR\FM\16MRN1.SGM
16MRN1
Federal Register / Vol. 85, No. 51 / Monday, March 16, 2020 / Notices
the estimate in the 60-day notice to
reflect that the requirement that banks
should create and maintain sufficient
documentation to permit an audit of the
organization’s processes for developing
and administering incentive
compensation arrangements applies to
all banks.
Frequency of Response: Annually. On
December 12, 2019, the OCC published
a notice for 60 days of comment
concerning this collection, 84 FR 68012.
No comments were received. 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: March 10, 2020.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2020–05329 Filed 3–13–20; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Submission for OMB Review;
Extensions of Credit to Insiders and
Transactions With Affiliates
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 take this opportunity to
comment on a continuing information
collection, as required by the Paperwork
Reduction Act of 1995 (PRA). In
accordance with the requirements of the
PRA, the OCC may not conduct or
sponsor, and the 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
lotter on DSKBCFDHB2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
18:29 Mar 13, 2020
Jkt 250001
soliciting comment concerning its
information collection titled,
‘‘Extensions of Credit to Insiders and
Transactions with Affiliates.’’ The OCC
also is giving notice that it has sent the
collection to OMB for review.
DATES: You should submit comments by
April 15, 2020.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, 1557–
0336, Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 465–4326.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0336’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov 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.
Additionally, please send a copy of
your comments by mail to: OCC Desk
Officer, 1557–0336, U.S. Office of
Management and Budget, 725 17th
Street NW, #10235, Washington, DC
20503 or by email to oira_submission@
omb.eop.gov.
You may review comments and other
related materials that pertain to this
information collection 1 following the
close of the 30-day comment period for
this notice by any of the following
methods:
• Viewing Comments Electronically:
Go to www.reginfo.gov. Click on the
‘‘Information Collection Review’’ tab.
Underneath the ‘‘Currently under
Review’’ section heading, from the dropdown menu select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0336’’ or ‘‘Extensions of Credit to
Insiders and Transactions with
Affiliates.’’ Upon finding the
appropriate information collection, click
1 On December 12, 2019, the OCC published a 60day notice for this information collection, 84 FR
68010.
PO 00000
Frm 00162
Fmt 4703
Sfmt 4703
15033
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.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
• Viewing Comments Personally: You
may personally inspect comments at the
OCC, 400 7th Street SW, Washington,
DC. 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 hearing
impaired, 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 comments.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, OCC Clearance
Officer, (202) 649–5490, for persons
who are deaf or hearing impaired, TTY,
(202) 649–5597, Chief Counsel’s Office,
Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), Federal
agencies must obtain approval from the
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. OCC asks
that OMB extend its approval of the
information collection contained in this
document.
Title: Extensions of Credit to Insiders
and Transactions with Affiliates.
OMB Control No.: 1557–0336.
Description: National banks and
Federal savings associations must
comply with rules of the Federal
Reserve Board (Board) regarding
extensions of credit to insiders
(Regulation O) 2 and transactions with
affiliates (Regulation W),3 which
implement section 22 and sections 23A
and 23B, respectively, of the Federal
Reserve Act (FRA).4 Twelve CFR part 31
addresses these transactions for national
banks and Federal savings associations.
Specifically, 12 CFR 31.2 requires
2 12
CFR part 215.
CFR part 223.
4 12 U.S.C. 371c, 371c–1, 375a, and 375b. In
addition, section 11 of the Home Owners’ Loan Act,
12 U.S.C. 1468, includes certain restrictions on
transactions with affiliates that are not included in
FRA section 23A.
3 12
E:\FR\FM\16MRN1.SGM
16MRN1
]]>Agencies
[Federal Register Volume 85, Number 51 (Monday, March 16, 2020)]
[Notices]
[Pages 15032-15033]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05329]
=======================================================================
-----------------------------------------------------------------------
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 the general public and other Federal
agencies to take this opportunity 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 Policies.'' The OCC also is giving notice that it has sent
the collection to OMB for review.
DATES: Written comments should be submitted by April 15, 2020.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
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.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 465-4326.
Instructions: You must include ``OCC'' as the agency name and
``1557-0245'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov 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.
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
[email protected].
You may review comments and other related materials that pertain to
this information collection \1\ following the close of the 30-day
comment period for this notice by any of the following methods:
---------------------------------------------------------------------------
\1\ On December 12, 2019, the OCC published a 60-day notice for
this information collection, 84 FR 68012.
---------------------------------------------------------------------------
Viewing Comments Electronically: Go to www.reginfo.gov.
Click on the ``Information Collection Review'' tab. Underneath the
``Currently under Review'' section heading, from the 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.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
Viewing Comments Personally: You may personally inspect
comments at the OCC, 400 7th Street SW, Washington, DC. 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 hearing impaired, 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
comments.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490 or, for persons who are deaf or hearing
impaired, TTY, (202) 649-5597, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
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. The OCC asks OMB
to renew its approval of the collection of information in this notice.
The requirements of this collection have not changed.
Title: Guidance on Sound Incentive Compensation Policies.
OMB Number: 1557-0245.
Description: Under the guidance, 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 the design, implementation, and monitoring
of incentive compensation arrangements, identify the source of
significant risk-related inputs into these processes and establish
appropriate controls governing the development and approval of these
inputs to help ensure their integrity, and identify the individual(s)
and unit(s) whose approval is necessary for the establishment of new
incentive compensation arrangements or modification of incentive
compensation arrangements; (ii) have any material exceptions or
adjustments to the incentive compensation arrangements established for
senior executives approved and documented by its board of directors;
and (iii) 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.
Application of the guidance to banking organizations will vary with
their size and complexity, and monitoring methods for small banks are
not directly tied to these three policies and procedures. In addition,
the guidance states that all banks should create and maintain
sufficient documentation to permit an audit of the organization's
processes for developing and administering incentive compensation
arrangements.
Type of Review: Regular.
Affected Public: Business or other for-profit.
Estimated Number of Respondents: 41 large banks; 1,105 small banks.
Total Annual Burden: 35,330 hours. This estimate has been adjusted
from
[[Page 15033]]
the estimate in the 60-day notice to reflect that the requirement that
banks should create and maintain sufficient documentation to permit an
audit of the organization's processes for developing and administering
incentive compensation arrangements applies to all banks.
Frequency of Response: Annually. On December 12, 2019, the OCC
published a notice for 60 days of comment concerning this collection,
84 FR 68012. No comments were received. 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: March 10, 2020.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2020-05329 Filed 3-13-20; 8:45 am]
BILLING CODE 4810-33-P
